This section has no associated Explanatory Notes
13(1)Section 366 (insurers effecting or carrying out long-term contracts of insurance) is amended as follows.
(2)In subsections (1), (2) and (5), for “Authority” substitute “PRA”.
(3)At the end insert—
“(9)Before giving or refusing consent under subsection (1), the PRA must consult the FCA.
(10)In the event that the activity of effecting or carrying out long-term contracts of insurance as principal is not to any extent a PRA-regulated activity—
(a)references to the PRA in subsections (1), (2) and (5) are to be read as references to the FCA, and
(b)subsection (9) does not apply.”