SCHEDULES
C1SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary
Part II Confirmation by F12appropriate 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;
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F8iii
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F18v
an insurance company whose head office is in Switzerland, which has permission under F15Part 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 F14supervised in accordance with rule 3.1 to 3.3 and rule 6.4 and 6.5 of the Third Country Branches Part of the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.
F161A
For the purposes of sub-paragraph (1)(c)(vi), references to rules made by the Prudential Regulation Authority are to those rules as they have effect on IP completion day.
2
The F7appropriate authority shall not confirm the transfer unless–
F4a
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b
c
the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; F10...
F6d
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F133
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F24
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F35
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F176
In this paragraph “the relevant authority" means—
F11a
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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 F7appropriate authority or other supervisory body responsible for the supervision;
d
in any other case, the F7 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