113 Appointment of actuary in relation to reduction of benefits
113 Appointment of actuary in relation to reduction of benefits

(1)     This section applies if an order has been made under section 111(1).

(2)     The court making the order may, on the application of [either regulator], appoint an independent actuary—

(a)     to investigate the business transferred under the scheme; and

(b)     to report to the [regulator which made the application] on any reduction in the benefits payable under policies entered into by [the transferor concerned] that, in the opinion of the actuary, ought to be made.

[(3)     An application under subsection (2) may be made by the PRA only if—

(a)     [the transferor concerned] or the transferee is a PRA-authorised person, or