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SCHEDULES

SCHEDULE 15U.K. Amalgamations, Transfers of Engagements and Conversion: Supplementary

Modifications etc. (not altering text)

Part IIU.K. Confirmation by [F1appropriate authority]

Textual Amendments

Confirmation of transfers of engagementsU.K.

[F215(1)This paragraph applies to any transfer of engagements (other than contracts of reinsurance) where–U.K.

(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;

[F3(ii)a UK firm which has an EEA right deriving from any of the insurance directives;]

[F4(iii)an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;]

F5(iv). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F6(v)an insurance company whose head office is in Switzerland, which has permission under [F7Part 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–

F9(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)it is F10. . . 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 [F11an EEA State] other than the United Kingdom, the [F8appropriate authority] is satisfied–

(i)that the supervisory authority in that [F11EEA 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 F12. . . which is included in the proposed transfer, the risk is situated in a [F11an 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 [F11an 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.

F13(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

F14(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

[F15(6)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].]]

Textual Amendments

F2Sch. 15 para. 15 substituted (1.9.1994) by S.I. 1994/1984 reg. 25, Sch. 4 para. 3

F3Sch. 15 para. 15(1)(c)(ii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(a)

F4Sch. 15 para. 15(1)(c)(iii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(b)

F5Sch. 15 para. 15(1)(c)(iv) repealed (1.12.2001) by virtue of S.I. 2001/3649, arts. 1, 207(2)(c)

F6Sch. 15 para. 15(1)(c)(v) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(d)

F9Sch. 15 para. 15(2)(a) repealed (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13, Sch. 3 para. 128(t)(i); Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F10Word in Sch. 15 para. 15(2)(b) repealed (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13, Sch. 3 para. 128(t)(ii); Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F11Words in Sch. 15 Pt. II para. 15 substituted (1.1.1998) by S.I. 1997/2849, reg. 3

F12Words in Sch. 15 para. 15(3) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F15Sch. 15 para. 15(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(3)