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The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013

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Insurers effecting or carrying out long-term contracts of insurance

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52.—(1) Paragraph (2) applies if, before the commencement date—

(a)the Authority gave consent to the voluntary winding-up of an insurer for the purposes of section 366(1)(1) (insurers effecting or carrying out long-term contracts of insurance); and

(b)the insurer had not been wound up.

(2) The consent is to be treated as if it had been given by the PRA.

(3) Paragraph (4) applies where, before the commencement date—

(a)the Authority had been notified under section 366(2) that notice had been given of a general meeting of an insurer specifying the intention to propose a resolution for voluntary winding up of the insurer; and

(b)the insurer had not been wound up.

(4) The notice is to be treated as if it had been received by the PRA.

(5) Paragraph (6) applies where, before the commencement date—

(a)a copy of a winding-up resolution was forwarded to the registrar of companies in accordance with section 30 of the Companies Act 2006(2) (copies of resolutions or agreements to be forwarded to registrar) accompanied by a certificate issued by the Authority stating that it consents to the voluntary winding up of the insurer, in accordance with section 366(5); and

(b)the registrar had not recorded the information contained in the resolution.

(6) The certificate is to be treated as if it had been issued by the PRA.

(7) This article does not apply in the event that the activity of effecting or carrying out long-term contracts of insurance as principal is not to any extent a PRA-regulated activity.

(1)

Section 366 was amended by S.I. 2007/2194 and is further amended by the 2012 Act, Schedule 14, paragraph 13.

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