PART 2Amendments to the Act
CHAPTER 22Schedule 12 to the Act: transfer schemes: certificates
IntroductionI11104
Schedule 12 to the Act (transfer schemes: certificates) is amended as follows.
Paragraph 1 (insurance business transfer schemes)I1105
For paragraph 1 M1 (insurance business transfer schemes) substitute—
1
For the purposes of section 111(2) the appropriate certificate, in relation to an insurance business transfer scheme, is a certificate under paragraph 2.
Paragraph 2 (certificates as to margin of solvency)I2106
1
Paragraph 2 (certificates as to margin of solvency) is amended as follows.
F12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
In sub-paragraph (6)—
a
omit paragraphs (a) and (aa) M2;
b
in paragraph (c) M3 omit “(a), (aa) or”;
c
in paragraph (c)(i) and (ii) M4 omit, in each place it occurs, “or with permission under Schedule 4”.
4
Omit sub-paragraphs (7A) and (9) M5.
Paragraphs 3 to 6 (further provisions on certificates)I3107
Omit paragraphs 3 to 6 M6 (further provisions on certificates).
Paragraph 7 (banking business transfer schemes)I4108
For paragraph 7 M7 (banking business transfer schemes) substitute—
7
For the purposes of section 111(2) the appropriate certificate, in relation to a banking business transfer scheme, is a certificate under paragraph 8.
Paragraph 8 (certificates as to financial resources)I5109
In paragraph 8 (certificates as to financial resources) in sub-paragraph (2) M8—
a
in sub-paragraphs (a) and (aa) omit “or with permission under Schedule 4”;
b
omit paragraph (b);
c
in paragraph (c) for “(a), (aa) or (b)” substitute “
(a) or (aa)
”
.
Paragraph 9 (certificates as to consent of home state regulator)I6110
Omit paragraph 9 M9 (certificates as to consent of home state regulator).
Paragraph 9B (ring-fencing transfer schemes)I7111
For paragraph 9B M10 (ring-fencing transfer schemes) substitute—
9B
For the purposes of section 111(2) the appropriate certificates, in relation to a ring-fencing transfer scheme, are—
a
a certificate given by the PRA certifying its approval of the application, and
b
a certificate under paragraph 9C.
Paragraph 9C (certificate as to financial resources)I8112
In paragraph 9C (certificate as to financial resources) in sub-paragraph (2) M11—
a
in paragraph (a) omit “or with permission under Schedule 4”;
b
omit paragraph (b);
c
in paragraph (c) omit “or (b)”.
Paragraph 9D (certificate as to consent of home state regulator)I9113
Omit paragraph 9D M12 (certificate as to consent of home state regulator).
Paragraph 10 (insurance business transfers effected outside the United Kingdom)I10114
In paragraph 10 (insurance business transfers effected outside the United Kingdom)—
a
in sub-paragraph (1) for “any of the conditions in sub-paragraphs (2), (3) or (4)” substitute “
the condition in sub-paragraph (4)
”
;
b
omit sub-paragraphs (2) and (3) M13;
c
in sub-paragraph (4) M14 for “a UK authorised person” to the end substitute “
a UK authorised person as defined in section 105(8)
”
.