16(1)Section 369 (insurers: service of petition etc. on Authority) is amended as follows.U.K.
(2)In subsection (1)—
(a)for “the Authority” substitute “ a regulator ”, and
(b)for “on the Authority” substitute “ on the appropriate regulator ”.
(3)In subsection (2)—
(a)for “the Authority” substitute “ a regulator ”, and
(b)for “on the Authority” substitute “ on the appropriate regulator ”.
(4)After that subsection insert—
“(3)The appropriate regulator” means—
(a)in relation to a PRA-authorised person, the FCA and the PRA, and
(b)in any other case, the FCA.
(4)If either regulator—
(a)presents a petition for the winding up of a PRA-authorised person with permission to effect or carry out contracts of insurance, or
(b)applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of a PRA-authorised person with permission to effect or carry out contracts of insurance,
that regulator must serve a copy of the petition or application (as the case requires) on the other regulator.”
(5)In the heading, for “Authority” substitute “ FCA and PRA ”.
Commencement Information
I1Sch. 14 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.