Part VII

Control of Business Transfers

Appointment of actuary in relation to reduction of benefits.
113
1
This section applies if an order has been made under section 111(1).
2
The court making the order may, on the application of either regulator, appoint an independent actuary—
a
to investigate the business transferred under the scheme; and
b
to report to the regulator which made the application on any reduction in the benefits payable under policies entered into by the transferor concerned that, in the opinion of the actuary, ought to be made.
3
An application under subsection (2) may be made by the PRA only if—
a
the transferor concerned
or the transferee is a PRA-authorised person, or
b
the transferor concerned
or the transferee has as a member of its immediate group a PRA-authorised person.
S. 113 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)
S. 113(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Pt. 7: power to amend conferred (1.9.2023) by Financial Services Act 2021 (c. 22), ss. 22(8)(a), 49(5); S.I. 2023/934, reg. 2(c)
Words in s. 113(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Words in Pt. VII substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
Words in s. 113(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.