(1) An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).
(2) A scheme report may be made only by a person—
(a) appearing to the [appropriate regulator] to have the skills necessary to enable him to make a proper report; and
(b) nominated or approved for the purpose by the [appropriate regulator].
(3) A scheme report must be made in a form approved by the [appropriate regulator].
[(4) Where the appropriate regulator is the PRA, it must consult the FCA before—
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