PART 2Amendments to the Act
CHAPTER 22Schedule 12 to the Act: transfer schemes: certificates
Introduction104
Schedule 12 to the Act (transfer schemes: certificates) is amended as follows.
Paragraph 1 (insurance business transfer schemes)105
For paragraph 1164 (insurance business transfer schemes) substitute—
1
For the purposes of section 111(2) the appropriate certificate, in relation to an insurance business transfer scheme, is a certificate under paragraph 2.
Paragraph 2 (certificates as to margin of solvency)106
1
Paragraph 2 (certificates as to margin of solvency) is amended as follows.
3
In sub-paragraph (6)—
a
omit paragraphs (a) and (aa)167;
b
in paragraph (c)168 omit “(a), (aa) or”;
c
in paragraph (c)(i) and (ii)169 omit, in each place it occurs, “or with permission under Schedule 4”.
4
Omit sub-paragraphs (7A) and (9)170.
Paragraphs 3 to 6 (further provisions on certificates)107
Omit paragraphs 3 to 6171 (further provisions on certificates).
Paragraph 7 (banking business transfer schemes)108
For paragraph 7172 (banking business transfer schemes) substitute—
7
For the purposes of section 111(2) the appropriate certificate, in relation to a banking business transfer scheme, is a certificate under paragraph 8.
Paragraph 8 (certificates as to financial resources)109
In paragraph 8 (certificates as to financial resources) in sub-paragraph (2)173—
a
in sub-paragraphs (a) and (aa) omit “or with permission under Schedule 4”;
b
omit paragraph (b);
c
in paragraph (c) for “(a), (aa) or (b)” substitute “(a) or (aa)”.
Paragraph 9 (certificates as to consent of home state regulator)110
Omit paragraph 9174 (certificates as to consent of home state regulator).
Paragraph 9B (ring-fencing transfer schemes)111
For paragraph 9B175 (ring-fencing transfer schemes) substitute—
9B
For the purposes of section 111(2) the appropriate certificates, in relation to a ring-fencing transfer scheme, are—
a
a certificate given by the PRA certifying its approval of the application, and
b
a certificate under paragraph 9C.
Paragraph 9C (certificate as to financial resources)112
In paragraph 9C (certificate as to financial resources) in sub-paragraph (2)176—
a
in paragraph (a) omit “or with permission under Schedule 4”;
b
omit paragraph (b);
c
in paragraph (c) omit “or (b)”.
Paragraph 9D (certificate as to consent of home state regulator)113
Omit paragraph 9D177 (certificate as to consent of home state regulator).
Paragraph 10 (insurance business transfers effected outside the United Kingdom)114
In paragraph 10 (insurance business transfers effected outside the United Kingdom)—
a
in sub-paragraph (1) for “any of the conditions in sub-paragraphs (2), (3) or (4)” substitute “the condition in sub-paragraph (4)”;
b
omit sub-paragraphs (2) and (3)178;
c
in sub-paragraph (4)179 for “a UK authorised person” to the end substitute “a UK authorised person as defined in section 105(8)”.