SCHEDULES
C1SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary
Part II Confirmation by F9appropriate authority
Words in Sch. 15 Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(5) (with Sch. 12)
Confirmation of transfers of engagements
F115
1
This paragraph applies to any transfer of engagements (other than contracts of reinsurance) where–
a
the effecting of the engagements constituted the carrying on of general business;
b
the transferor is a friendly society to which section 37(3) above applies; and
c
the transferee is–
i
a friendly society to which section 37(2) or (3) above applies;
F11ii
a UK firm which has an EEA right deriving from any of the insurance directives;
F15iii
an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;
F14iv
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13v
an insurance company whose head office is in Switzerland, which has permission under F10Part 4A of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, which permission is not limited to reinsurance business;
vi
an insurance company whose margin of solvency is required to be supervised in accordance with Article 25 or 26 of the first general insurance Directive.
2
The F8appropriate authority shall not confirm the transfer unless–
F6a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
it is F7. . . satisfied that every policy included in the transfer evidences a contract which was entered into before the date of the application;
c
the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; and
d
where the establishment from which the policies are to be transferred is situated in F2an EEA State other than the United Kingdom, the F8appropriate authority is satisfied–
i
that the supervisory authority in that F2EEA State has been consulted about the proposed transfer; and
ii
either that the authority has responded or that the period of three months beginning with the consultation has elapsed.
3
Where, as regards any policy F3. . . which is included in the proposed transfer, the risk is situated in a F2an EEA State other than the United Kingdom, the F8appropriate authority shall not confirm the transfer unless it is satisfied–
a
that the supervisory authority in that F2an EEA State has been notified of the proposed transfer;
b
either that the authority has consented to the transfer or that the authority has not refused its consent to the transfer within the period of three months beginning with the notification.
F44
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F55
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F126
In this paragraph “the relevant authority" means—
a
if the transferee falls within paragraph (1)(c)(iii), its home state regulator;
b
if the transferee falls within paragraph (1)(c)(v), the supervisory authority in Switzerland;
c
if the transferee falls within paragraph (1)(c)(vi), the F8appropriate authority or other supervisory body responsible for the supervision;
d
in any other case, the F8 appropriate authority.
Sch. 15: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2