- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
31. Part 7 of the Act (control of business transfers) is amended as follows.
32.—(1) Section 105 (insurance business transfer schemes) is amended as follows.
(2) In subsection (1)—
(a)in paragraph (a) for “one of the conditions” substitute “the condition”;
(b)in paragraph (b) for “an EEA State” substitute “the United Kingdom”.
(3) For subsection (2)(1) substitute—
“(2) The condition is that the whole or part of the business carried on in the United Kingdom by an authorised person who has permission to effect or carry out contracts of insurance (“the transferor concerned”) is to be transferred to another body (“the transferee”).”.
(4) In subsection (3)(2)—
(a)omit Case 2;
(b)in Case 3—
(i)in paragraph (b) for “(none of which is an EEA State)” substitute “outside the United Kingdom”;
(ii)in paragraph (b) for “an EEA State”, in the second place it occurs, substitute “the United Kingdom”;
(iii)in paragraph (c) for “other than an EEA State” substitute “outside the United Kingdom”.
(5) In subsection (4)(3) omit “2,”.
33.—(1) In section 111 (sanction of the court for business transfer schemes) in subsection (2)(a)(4) for “certificates have” substitute “certificate has”.
(2) In section 112 (effect of order sanctioning business transfer scheme) omit subsection (9)(5).
(3) Omit sections 114 (rights of certain policyholders), 114A(6) (notice of transfer of reinsurance contracts) and 116 (effect of insurance business transfers authorised in other EEA States).
Subsection (2) was amended by S.I. 2007/3253 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
Subsection (3) was amended by S.I. 2007/3253 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
Subsection (4) was amended by S.I. 2007/3253.
Subsection (2)(a) was amended by paragraph 4(3)(a) of Schedule 1 to the Dormant Bank and Building Society Accounts Act 2008 (c.31)
Subsection (9) was amended by S.I. 2008/1468 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.
Section 114A was inserted by S.I. 2007/3253.
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: