105 Insurance business transfer schemes
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”);

(b)     the whole or part of the business, so far as it consists of reinsurance, carried on in the United Kingdom through an establishment there by an EEA firm [falling within paragraph 5(d) of Schedule 3 and qualifying for authorisation under that Schedule] (“[the transferor concerned]”) is to be transferred to another body (“the transferee”);