SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
16
1
Section 369 (insurers: service of petition etc. on Authority) is amended as follows.
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”.