Part VII Control of Business Transfers (ss [103A-117)
Part VII Control of Business Transfers (ss [103A-117)

[103A Meaning of “the appropriate regulator”]

[(1)     In this Part “the appropriate regulator” means—

(a)     in relation to [a ring-fencing transfer scheme or a scheme (other than a ring-fencing transfer scheme)] in respect of which [the transferor concerned] is a PRA-authorised person, the PRA;

(b)     in any other case, the FCA.

(2)     In this Part, “[the transferor concerned]”—

(a)     in the case of an insurance business transfer scheme, is to be read in accordance with section 105(2);

(b)     in the case of a banking business transfer scheme, is to be read in accordance with section 106(2);

(c)     in the case of a reclaim fund business transfer scheme, means the reclaim fund to whose business the scheme relates;

[(d)     in the case of a ring-fencing transfer scheme, means the body to whose business the scheme relates].]


104 Control of business transfers

No insurance business transfer scheme . . . is to have effect unless an order has been made in relation to it under section 111(1).


105 Insurance business transfer schemes

(1)     A scheme is an insurance business transfer scheme if it—

(a)     satisfies one of the conditions set out in subsection (2);

(b)     results in the business transferred being carried on from an establishment of the transferee in an EEA State; and

(c)     is not an excluded scheme.

(2)     The conditions are that—

(a)     the whole or part of the business carried on in one or more member States by a UK authorised person who has permission to effect or carry out contracts of insurance (“[the transferor concerned]”) is to be transferred to another body (“the transferee”);

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