SCHEDULE U.K.Transitional provision: insurance business transfer schemes

7.—(1) Schedule 12 to the Act (transfer schemes: certificates) is modified as follows. U.K.

(2) In paragraph 1 M1 (insurance business transfer schemes)—

(a) sub-paragraphs (2)(a), (2A)(a), (3)(a), (4)(a) and (5)(a) are to be read as is for “has received authorisation” there were substituted “ had, immediately before [F1 IP completion day], received authorisation ”;

(b) sub-paragraphs (2)(b), (2A)(b), (3)(c), (4)(c) and (5)(b) are to be read as if “other than the United Kingdom” were omitted.

(3) In paragraph 2 (certificates as to margin of solvency)—

(a) sub-paragraph (6) M2 is to be read as if for paragraph (a) there were substituted—

“(a) if the transferee is a person who, immediately before [F2 IP completion day], was an EEA firm falling within paragraph 5(d) or (da) of Schedule 3, its home state regulator;”;

(b) sub-paragraph (6)(c) is to be read as if after “Schedule 4”, in both places it occurs, there were inserted “ immediately before [F3 IP completion day] ”;

(c) after sub-paragraph (6), the paragraph is to be read as if there were inserted—

“(6A) In sub-paragraph (6)(a) “home state regulator” means the competent authority of an EEA State in relation to the person concerned; and “competent authority” is to be construed in accordance with the EU instrument by virtue of which, immediately before [F4 IP completion day], the person derived authorisation to carry on a regulated activity in the United Kingdom.”;

(d) sub-paragraph (9) is to be read as if after “agency which” there were inserted “ is not a UK authorised person as defined in section 105(8) and ”.

(4) Paragraph 3 M3 (certificates as to consultation) is to be read as if the paragraph becomes sub-paragraph (1) and after sub-paragraph (1) there is inserted—

“(2) In paragraph (1) “host State regulator” means the host state regulator, as defined in paragraph 11 of Schedule 3, immediately before [F5 IP completion day].”

(5) Paragraph 3A M4 (certificates as to consent) is to be read as if “other than the United Kingdom” were omitted.

Textual Amendments

F1 Words in Sch. para. 7(2)(a) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(iv)

F2 Words in Sch. para. 7(3)(a) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(v)

F3 Words in Sch. para. 7(3)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(vi)

F4 Words in Sch. para. 7(3)(c) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(vii)

F5 Words in Sch. para. 7(4) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(m)(viii)

Commencement Information

I1 Sch. para. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M1 Sub-paragraphs (2)(a), (3)(a) and (4)(a) were amended by paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013 and paragraph 10 of Schedule 6 to the Financial Services Act 2012 (c.21); sub-paragraph (2A) was inserted by S.I. 2015/575; and sub-paragraph (5)(a) was inserted by S.I. 2007/3253 and substituted by S.I. 2015/575.

M2 Sub-paragraph (6) was amended by S.I. 207/3253.

M3 Paragraph 3 was amended by paragraph 12 of Schedule 6 to the Financial Services Act 2012 and S.I. 2015/575.

M4 Paragraph 3A was inserted by S.I. 2015/575.