F1PART 1AThe Regulators
CHAPTER 3Further provisions relating to FCA and PRA
Relationship between FCA and PRA
3FWith-profits insurance policies
1
The regulators must prepare and maintain a memorandum which describes in general terms—
a
the role of each regulator in relation to the exercise of functions conferred by or under this Act so far as they relate to with-profits insurers, and
b
how the regulators intend to comply with section 3D in relation to the exercise of those functions so far as they relate to the effecting or carrying out of with-profits policies by with-profits insurers.
2
The memorandum required by this section may be combined with the memorandum required by section 3E.
3
If the memorandum required by this section is contained in a separate document, the PRA and the FCA must publish the memorandum as currently in force in such manner as they think fit.
4
Subsections (1) to (3) apply only if the effecting or carrying out of with-profits policies is a PRA-regulated activity.
5
For the purposes of this section—
a
a “with-profits policy” is a contract of insurance under which the policyholder is eligible to receive a financial benefit at the discretion of the insurer;
b
a “with-profits insurer” is a PRA-authorised person who has a Part 4A permission, or permission resulting from any other provision of this Act, relating to the effecting or carrying out of with-profits policies (whether or not the permission also relates to contracts of insurance of other kinds).
6
The Treasury may by order amend the definition of “with-profits policy” applying for the purposes of this section.
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.