http://www.legislation.gov.uk/ukpga/1982/50/part/II/crossheading/transfers-of-general-business/1998-07-01Insurance Companies Act 1982 (repealed)An Act to consolidate the Insurance Companies Acts 1974 and 1981.1982-11-01texttext/xmlenStatute Law Database2024-05-171998-07-01 Part II Regulation of Insurance Companies Transfers of general business Approval of transfers of general business.511Where it is proposed to execute an instrument by which an insurance company to which this Part of this Act applies (“the transferor”) is to transfer to another body (“the transferee") all its rights and obligations under such general policies, or general policies of such descriptions, as may be specified in the instrument, the transferor may apply to the Secretary of State for his approval of the transfer.2The Secretary of State shall not determine an application made under subsection (1) above unless he is satisfied that—aa notice approved by him for the purpose has been published in the London, Edinburgh and Belfast Gazettes and, if he thinks fit, in two national newspapers which have been so approved; andbexcept in so far as he has otherwise directed, a copy of the notice has been sent to every affected policy holder and every other person who claims an interest in a policy included in the transfer and has given written notice of his claim to the transferor; andccopies of a statement setting out particulars of the transfer and approved by him for the purpose have been available for inspection at one or more places in the United Kingdom for a period of not less than thirty days beginning with the date of the first publication of the notice in accordance with paragraph (a) above.3The notice referred to in subsection (2) above shall include a statement that written representations concerning the transfer may be sent to the Secretary of State before a specified day, which shall not be earlier than sixty days after the day of the first publication of the notice in accordance with paragraph (a) above; and the Secretary of State shall not determine the application until after considering any representations made to him before the specified day.4The Secretary of State shall not approve a transfer on an application under subsection (1) above unless he is satisfied that—aevery policy included in the transfer evidences a contract which—iwas entered into before the date of the application; andiiimposes on the insurer obligations the performance of which will constitute the carrying on of insurance business in the United Kingdom; andbthe transferee is, or immediately after the approval will be, authorised under section 3 or 4 above to carry on in the United Kingdom insurance business of the appropriate class or classes;and unless in his opinion the transferee’s financial resources and the other circumstances of the case justify the giving of his approval.4AWithout prejudice to the generality of subsection (4) above, the Secretary of State shall not approve a transfer on an application under subsection (1) above to an insurance company whose head office is situated in another member State or to a Swiss general insurance companyunless—athe supervisory authorities of that State or, as the case may be, of Switzerland certify that it possesses the necessary margin of solvency after taking the proposed transfer into account; orbevery policy included in the proposed transfer evidences a contract of reinsurance.4BNotwithstanding the provisions of subsection (4)(a)(ii) and (b) above, the Secretary of State may approve a transfer on an application under subsection (1) above to an insurance company established in another member State, where he is satisfied that–athe transfer relates to policies covering risks situated in the United Kingdom,bthe transferee is entitled in accordance with section 81B below to provide insurance in the United Kingdom in respect of those risks through that establishment, andcthe supervisory authorities of the member State of that establishment agree to the transfer.5On determining an application made under subsection (1) above, the Secretary of State shall—apublish a notice of his decision in the London, Edinburgh and Belfast Gazettes and in such other manner as he may think fit, andbsend a copy of that notice to the transferor, the transferee and every person who made representations in accordance with the notice referred to in subsection (2) above;and if he refuses the application he shall inform the transferor and the transferee in writing of the reasons for his refusal.6Any notice or other document authorised or required to be given or served under this section or section 52 below may, without prejudice to any other method of service, be served by post; and a letter containing the notice or other document shall be deemed to be properly addressed if it is addressed to that person at his last known residence or last known place of business in the United Kingdom.7In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business; and for the purposes of this section a policy holder is an “affected policy holder” in relation to a proposed transfer if—ahis policy is included in the transfer, orbhis policy is with the transferor and the Secretary of State has certified, after consulting the transferor, that in the opinion of the Secretary of State the policy holder’s rights and obligations under the policy will or may be materially affected by the transfer. Effect of approval under section 51.521Subject to subsection (2) below, an instrument giving effect to a transfer approved by the Secretary of State under section 51 above shall be effectual in law—ato transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument, andbif the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations.notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.2Except in so far as the Secretary of State may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>52A1Where it is proposed to execute an instrument by which—aan EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—ito a UK company; oriito a non-EC company whose solvency is supervised by the Treasury in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; oraaa company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; orba Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,the Treasurymay, if they are satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.2In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; 'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance.<Addition ChangeId="d30p18808" CommentaryRef="c1482567"> Effect of transfers authorised in other <Acronym Expansion="European Economic Area">EEA</Acronym> States.</Addition>52B1This section applies where—aan EC company transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in its home State in accordance with—iArticle 11 of the third long term insurance Directive, oriiArticle 12 of the third general insurance Directive;ba non-EC company whose head office is in an EFTA State transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in an EEA State other than the United Kingdom in accordance with—iArticle 6 of the second long term insurance Directive, oriiArticle 11 of the second general insurance Directive; orca company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in a member State other than the United Kingdom in accordance with—iArticle 31a of the first long term insurance Directive (as amended by Article 49 of the third long term insurance Directive), oriiArticle 28a of the first general insurance Directive (as amended by Article 53 of the third general insurance Directive).2If notice of the execution of the instrument giving effect to the transfer is published in such manner as the Treasury may from time to time direct, the instrument shall be effectual in law—ato transfer to the transferee all the transferor’s rights and obligations under the UK policies included in the instrument, andbif the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations,notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.3Directions under this section may make different provision for different cases or descriptions of case.4A policy which evidences a contract of . . . insurance is a UK policy for the purposes of this section if the law applicable to it is the law of any part of the United Kingdom. Transfers of general business Approval of transfers of general business.511Where it is proposed to execute an instrument by which an insurance company to which this Part of this Act applies (“the transferor”) is to transfer to another body (“the transferee") all its rights and obligations under such general policies, or general policies of such descriptions, as may be specified in the instrument, the transferor may apply to the Secretary of State for his approval of the transfer.2The Secretary of State shall not determine an application made under subsection (1) above unless he is satisfied that—aa notice approved by him for the purpose has been published in the London, Edinburgh and Belfast Gazettes and, if he thinks fit, in two national newspapers which have been so approved; andbexcept in so far as he has otherwise directed, a copy of the notice has been sent to every affected policy holder and every other person who claims an interest in a policy included in the transfer and has given written notice of his claim to the transferor; andccopies of a statement setting out particulars of the transfer and approved by him for the purpose have been available for inspection at one or more places in the United Kingdom for a period of not less than thirty days beginning with the date of the first publication of the notice in accordance with paragraph (a) above.3The notice referred to in subsection (2) above shall include a statement that written representations concerning the transfer may be sent to the Secretary of State before a specified day, which shall not be earlier than sixty days after the day of the first publication of the notice in accordance with paragraph (a) above; and the Secretary of State shall not determine the application until after considering any representations made to him before the specified day.4The Secretary of State shall not approve a transfer on an application under subsection (1) above unless he is satisfied that—aevery policy included in the transfer evidences a contract which—iwas entered into before the date of the application; andiiimposes on the insurer obligations the performance of which will constitute the carrying on of insurance business in the United Kingdom; andbthe transferee is, or immediately after the approval will be, authorised under section 3 or 4 above to carry on in the United Kingdom insurance business of the appropriate class or classes;and unless in his opinion the transferee’s financial resources and the other circumstances of the case justify the giving of his approval.4AWithout prejudice to the generality of subsection (4) above, the Secretary of State shall not approve a transfer on an application under subsection (1) above to an insurance company whose head office is situated in another member State or to a Swiss general insurance companyunless—athe supervisory authorities of that State or, as the case may be, of Switzerland certify that it possesses the necessary margin of solvency after taking the proposed transfer into account; orbevery policy included in the proposed transfer evidences a contract of reinsurance.4BNotwithstanding the provisions of subsection (4)(a)(ii) and (b) above, the Secretary of State may approve a transfer on an application under subsection (1) above to an insurance company established in another member State, where he is satisfied that–athe transfer relates to policies covering risks situated in the United Kingdom,bthe transferee is entitled in accordance with section 81B below to provide insurance in the United Kingdom in respect of those risks through that establishment, andcthe supervisory authorities of the member State of that establishment agree to the transfer.5On determining an application made under subsection (1) above, the Secretary of State shall—apublish a notice of his decision in the London, Edinburgh and Belfast Gazettes and in such other manner as he may think fit, andbsend a copy of that notice to the transferor, the transferee and every person who made representations in accordance with the notice referred to in subsection (2) above;and if he refuses the application he shall inform the transferor and the transferee in writing of the reasons for his refusal.6Any notice or other document authorised or required to be given or served under this section or section 52 below may, without prejudice to any other method of service, be served by post; and a letter containing the notice or other document shall be deemed to be properly addressed if it is addressed to that person at his last known residence or last known place of business in the United Kingdom.7In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business; and for the purposes of this section a policy holder is an “affected policy holder” in relation to a proposed transfer if—ahis policy is included in the transfer, orbhis policy is with the transferor and the Secretary of State has certified, after consulting the transferor, that in the opinion of the Secretary of State the policy holder’s rights and obligations under the policy will or may be materially affected by the transfer. Effect of approval under section 51.521Subject to subsection (2) below, an instrument giving effect to a transfer approved by the Secretary of State under section 51 above shall be effectual in law—ato transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument, andbif the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations.notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.2Except in so far as the Secretary of State may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>52A1Where it is proposed to execute an instrument by which—aan EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—ito a UK company; oriito a non-EC company whose solvency is supervised by the Treasury in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; oraaa company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; orba Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,the Treasurymay, if they are satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.2In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; 'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance.Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)S. 49 substituted for ss. 49-52 (1.7.1994) by S.I. 1994/1696, reg. 28(1)(3)S. 51(4A)(4B) inserted by S.I. 1990/1333, reg. 9(1)Words in s. 51(4A) inserted (5.1.1994) by S.I. 1993/3127, reg. 3(8)Words in s. 51(4A) substituted (19.11.1992) by S.I. 1992/2890, reg. 3S. 49 substituted for ss. 49-52 (1.7.1994) by S.I. 1994/1696, reg. 28(1)(3)S. 52A inserted by S.I. 1990/1333, reg. 9(2)S. 52A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 36S. 52A(1) inserted (1.7.1994) by S.I. 1994/1696, reg. 29Words in s. 52A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt.I para. 36(a)(with art. 7)S. 52A(1)(aa) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(7)Words in s. 52A(1) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 36(b)(with art. 7)Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)S. 52B inserted (1.7.1994) by S.I. 1994, reg. 30S. 52B: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 37Words in s. 52B(1)(C) substituted (30.12.1994) by S.I. 1994/3132, reg. 7(8)(a)Words in s. 52B(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 37 (with art. 7)Words in s. 52B(4) omitted (30.12.1994) by virtue of S.I. 1994/3132, reg. 7(8)(b)
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</Number>
<Title> Regulation of Insurance Companies</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/part/II/crossheading/transfers-of-general-business/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/II/crossheading/transfers-of-general-business" NumberOfProvisions="4" AltVersionRefs="v00193" RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-07-01" RestrictEndDate="2001-12-01" id="part-II-crossheading-transfers-of-general-business">
<Title> Transfers of general business</Title>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-01-05" RestrictEndDate="1994-07-01" Match="false">
<Title> Approval of transfers of general business.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51" id="section-51">
<Pnumber>
<CommentaryRef Ref="c1482534"/>
51
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/1" id="section-51-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Where it is proposed to execute an instrument by which an insurance company to which this Part of this Act applies (“
<Term id="term-the-transferor">the transferor</Term>
”) is to transfer to another body (“the transferee") all its rights and obligations under such general policies, or general policies of such descriptions, as may be specified in the instrument, the transferor may apply to the Secretary of State for his approval of the transfer.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2" id="section-51-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The Secretary of State shall not determine an application made under subsection (1) above unless he is satisfied that—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2/a" id="section-51-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>a notice approved by him for the purpose has been published in the London, Edinburgh and Belfast Gazettes and, if he thinks fit, in two national newspapers which have been so approved; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2/b" id="section-51-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>except in so far as he has otherwise directed, a copy of the notice has been sent to every affected policy holder and every other person who claims an interest in a policy included in the transfer and has given written notice of his claim to the transferor; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/c/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2/c" id="section-51-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>copies of a statement setting out particulars of the transfer and approved by him for the purpose have been available for inspection at one or more places in the United Kingdom for a period of not less than thirty days beginning with the date of the first publication of the notice in accordance with paragraph (a) above.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/3/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/3" id="section-51-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The notice referred to in subsection (2) above shall include a statement that written representations concerning the transfer may be sent to the Secretary of State before a specified day, which shall not be earlier than sixty days after the day of the first publication of the notice in accordance with paragraph (a) above; and the Secretary of State shall not determine the application until after considering any representations made to him before the specified day.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4" id="section-51-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>The Secretary of State shall not approve a transfer on an application under subsection (1) above unless he is satisfied that—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/a" id="section-51-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>every policy included in the transfer evidences a contract which—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/a/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/a/i" id="section-51-4-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>was entered into before the date of the application; and</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/a/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/a/ii" id="section-51-4-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>imposes on the insurer obligations the performance of which will constitute the carrying on of insurance business in the United Kingdom; and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/b" id="section-51-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the transferee is, or immediately after the approval will be, authorised under section 3 or 4 above to carry on in the United Kingdom insurance business of the appropriate class or classes;</Text>
</P3para>
</P3>
<Text>and unless in his opinion the transferee’s financial resources and the other circumstances of the case justify the giving of his approval.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4A/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A" id="section-51-4A">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">4A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">Without prejudice to the generality of subsection (4) above, the Secretary of State shall not approve a transfer on an application under subsection (1) above to an insurance company whose head office is situated in another member State </Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18151" CommentaryRef="c1482536">or to a Swiss general insurance company</Addition>
</Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">unless—</Addition>
</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4A/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A/a" id="section-51-4A-a">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">a</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">the supervisory authorities of that State </Addition>
</Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">
<Addition ChangeId="d30p18162" CommentaryRef="c1482536">or, as the case may be, of Switzerland</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537"> certify that it possesses the necessary margin of solvency after taking the proposed transfer into account; or</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4A/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A/b" id="section-51-4A-b">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">b</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">every policy included in the proposed transfer evidences a contract of reinsurance.</Addition>
</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B" id="section-51-4B">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">4B</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">Notwithstanding the provisions of subsection (4)(a)(ii) and (b) above, the Secretary of State may approve a transfer on an application under subsection (1) above to an insurance company established in another member State, where he is satisfied that–</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B/a" id="section-51-4B-a">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">the transfer relates to policies covering risks situated in the United Kingdom,</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B/b" id="section-51-4B-b">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">the transferee is entitled in accordance with section 81B below to provide insurance in the United Kingdom in respect of those risks through that establishment, and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/c/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B/c" id="section-51-4B-c">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">c</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">the supervisory authorities of the member State of that establishment agree to the transfer.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/5/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/5" id="section-51-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>On determining an application made under subsection (1) above, the Secretary of State shall—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/5/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/5/a" id="section-51-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>publish a notice of his decision in the London, Edinburgh and Belfast Gazettes and in such other manner as he may think fit, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/5/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/5/b" id="section-51-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>send a copy of that notice to the transferor, the transferee and every person who made representations in accordance with the notice referred to in subsection (2) above;</Text>
</P3para>
</P3>
<Text>and if he refuses the application he shall inform the transferor and the transferee in writing of the reasons for his refusal.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/6/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/6" id="section-51-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Any notice or other document authorised or required to be given or served under this section or section 52 below may, without prejudice to any other method of service, be served by post; and a letter containing the notice or other document shall be deemed to be properly addressed if it is addressed to that person at his last known residence or last known place of business in the United Kingdom.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/7/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/7" id="section-51-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-general-policy">general policy</Term>
” means a policy evidencing a contract the effecting of which constituted the carrying on of general business; and for the purposes of this section a policy holder is an “
<Term id="term-affected-policy-holder">affected policy holder</Term>
” in relation to a proposed transfer if—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/7/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/7/a" id="section-51-7-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>his policy is included in the transfer, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/7/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/7/b" id="section-51-7-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>his policy is with the transferor and the Secretary of State has certified, after consulting the transferor, that in the opinion of the Secretary of State the policy holder’s rights and obligations under the policy will or may be materially affected by the transfer.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="1994-07-01" Match="false">
<Title> Effect of approval under section 51.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52" id="section-52">
<Pnumber>
<CommentaryRef Ref="c1482539"/>
52
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/1" id="section-52-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Subject to subsection (2) below, an instrument giving effect to a transfer approved by the Secretary of State under section 51 above shall be effectual in law—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/1/a" id="section-52-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>to transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/1/b" id="section-52-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations.</Text>
</P3para>
</P3>
<Text>notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/2" id="section-52-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Except in so far as the Secretary of State may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01">
<Title>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A" id="section-52A">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<CommentaryRef Ref="c1482556"/>
52A
</Addition>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" id="section-52A-1">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<CommentaryRef Ref="c1482557"/>
1
</Addition>
</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">Where it is proposed to execute an instrument by which—</Addition>
</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a" id="section-52A-1-a">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">a</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
an
<Acronym Expansion="European Community">EC</Acronym>
company, or a non-EC company whose head office is in an
<Acronym Expansion="European Free Trade Area">EFTA</Acronym>
State, is to transfer—
</Addition>
</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a/i" id="section-52A-1-a-i">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">i</Addition>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
to a
<Acronym Expansion="United Kingdom">UK</Acronym>
company; or
</Addition>
</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a/ii" id="section-52A-1-a-ii">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">ii</Addition>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">to a non-EC company whose solvency is supervised by the </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18545" CommentaryRef="c1482558">Treasury</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519"> in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,</Addition>
</Addition>
</Text>
</P4para>
</P4>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/aa/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/aa" id="section-52A-1-aa">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18551" CommentaryRef="c1482559">aa</Addition>
</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18551" CommentaryRef="c1482559">a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; or</Addition>
</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/b" id="section-52A-1-b">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">b</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">a Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,</Addition>
</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">the </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18567" CommentaryRef="c1482558">Treasury</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">may, if </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18571" CommentaryRef="c1482561">they are</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519"> satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.</Addition>
</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/2" id="section-52A-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance;
<Addition ChangeId="d30p18583" CommentaryRef="c1482562">'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance</Addition>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01">
<Title>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">
Effect of transfers authorised in other
<Acronym Expansion="European Economic Area">EEA</Acronym>
States.
</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B" id="section-52B">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">
<CommentaryRef Ref="c1482568"/>
52B
</Addition>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1" id="section-52B-1">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">1</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">This section applies where—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/a" id="section-52B-1-a">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">an EC company transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in its home State in accordance with—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/a/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/a/i" id="section-52B-1-a-i">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Article 11 of the third long term insurance Directive, or</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/a/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/a/ii" id="section-52B-1-a-ii">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Article 12 of the third general insurance Directive;</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/b" id="section-52B-1-b">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">a non-EC company whose head office is in an EFTA State transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in an EEA State other than the United Kingdom in accordance with—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/b/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/b/i" id="section-52B-1-b-i">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Article 6 of the second long term insurance Directive, or</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/b/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/b/ii" id="section-52B-1-b-ii">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Article 11 of the second general insurance Directive; or</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/c/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/c" id="section-52B-1-c">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">c</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">
<Addition ChangeId="d30p18863" CommentaryRef="c1482569">a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive</Addition>
</Addition>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567"> transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in a member State other than the United Kingdom in accordance with—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/c/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/c/i" id="section-52B-1-c-i">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Article 31a of the first long term insurance Directive (as amended by Article 49 of the third long term insurance Directive), or</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/1/c/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/c/ii" id="section-52B-1-c-ii">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Article 28a of the first general insurance Directive (as amended by Article 53 of the third general insurance Directive).</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/2" id="section-52B-2">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">2</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">If notice of the execution of the instrument giving effect to the transfer is published in such manner as the </Addition>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">
<Addition ChangeId="d30p18885" CommentaryRef="c1482570">Treasury</Addition>
</Addition>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567"> may from time to time direct, the instrument shall be effectual in law—</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/2/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/2/a" id="section-52B-2-a">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">to transfer to the transferee all the transferor’s rights and obligations under the UK policies included in the instrument, and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/2/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/2/b" id="section-52B-2-b">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations,</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/3/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/3" id="section-52B-3">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">3</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">Directions under this section may make different provision for different cases or descriptions of case.</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52B/4/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/4" id="section-52B-4">
<Pnumber>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">4</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">A policy which evidences a contract of </Addition>
<Addition ChangeId="d30p18808" CommentaryRef="c1482567">
<CommentaryRef Ref="c1482571"/>
. . . insurance is a UK policy for the purposes of this section if the law applicable to it is the law of any part of the United Kingdom.
</Addition>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Part>
</Body>
</Primary>
<Versions>
<Version id="v00193" Description="E+W+S+N.I.">
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/part/II/crossheading/transfers-of-general-business/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/II/crossheading/transfers-of-general-business" NumberOfProvisions="3" RestrictExtent="E+W+S+N.I." RestrictEndDate="2001-12-01" id="part-II-crossheading-transfers-of-general-business">
<Title> Transfers of general business</Title>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1994-01-05" RestrictEndDate="1994-07-01" Match="false">
<Title> Approval of transfers of general business.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51" id="section-51">
<Pnumber>
<CommentaryRef Ref="c1482534"/>
51
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/1" id="section-51-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Where it is proposed to execute an instrument by which an insurance company to which this Part of this Act applies (“
<Term id="term-the-transferor">the transferor</Term>
”) is to transfer to another body (“the transferee") all its rights and obligations under such general policies, or general policies of such descriptions, as may be specified in the instrument, the transferor may apply to the Secretary of State for his approval of the transfer.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2" id="section-51-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The Secretary of State shall not determine an application made under subsection (1) above unless he is satisfied that—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2/a" id="section-51-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>a notice approved by him for the purpose has been published in the London, Edinburgh and Belfast Gazettes and, if he thinks fit, in two national newspapers which have been so approved; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2/b" id="section-51-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>except in so far as he has otherwise directed, a copy of the notice has been sent to every affected policy holder and every other person who claims an interest in a policy included in the transfer and has given written notice of his claim to the transferor; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/2/c/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/2/c" id="section-51-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>copies of a statement setting out particulars of the transfer and approved by him for the purpose have been available for inspection at one or more places in the United Kingdom for a period of not less than thirty days beginning with the date of the first publication of the notice in accordance with paragraph (a) above.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/3/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/3" id="section-51-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The notice referred to in subsection (2) above shall include a statement that written representations concerning the transfer may be sent to the Secretary of State before a specified day, which shall not be earlier than sixty days after the day of the first publication of the notice in accordance with paragraph (a) above; and the Secretary of State shall not determine the application until after considering any representations made to him before the specified day.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4" id="section-51-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>The Secretary of State shall not approve a transfer on an application under subsection (1) above unless he is satisfied that—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/a" id="section-51-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>every policy included in the transfer evidences a contract which—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/a/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/a/i" id="section-51-4-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>was entered into before the date of the application; and</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/a/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/a/ii" id="section-51-4-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>imposes on the insurer obligations the performance of which will constitute the carrying on of insurance business in the United Kingdom; and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4/b" id="section-51-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the transferee is, or immediately after the approval will be, authorised under section 3 or 4 above to carry on in the United Kingdom insurance business of the appropriate class or classes;</Text>
</P3para>
</P3>
<Text>and unless in his opinion the transferee’s financial resources and the other circumstances of the case justify the giving of his approval.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4A/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A" id="section-51-4A">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">4A</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">Without prejudice to the generality of subsection (4) above, the Secretary of State shall not approve a transfer on an application under subsection (1) above to an insurance company whose head office is situated in another member State </Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18151" CommentaryRef="c1482536">or to a Swiss general insurance company</Addition>
</Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">unless—</Addition>
</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4A/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A/a" id="section-51-4A-a">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">a</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">the supervisory authorities of that State </Addition>
</Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">
<Addition ChangeId="d30p18162" CommentaryRef="c1482536">or, as the case may be, of Switzerland</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537"> certify that it possesses the necessary margin of solvency after taking the proposed transfer into account; or</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4A/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A/b" id="section-51-4A-b">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">b</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">
<Addition ChangeId="d30p18154" CommentaryRef="c1482537">every policy included in the proposed transfer evidences a contract of reinsurance.</Addition>
</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B" id="section-51-4B">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">4B</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">Notwithstanding the provisions of subsection (4)(a)(ii) and (b) above, the Secretary of State may approve a transfer on an application under subsection (1) above to an insurance company established in another member State, where he is satisfied that–</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B/a" id="section-51-4B-a">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">a</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">the transfer relates to policies covering risks situated in the United Kingdom,</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B/b" id="section-51-4B-b">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">b</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">the transferee is entitled in accordance with section 81B below to provide insurance in the United Kingdom in respect of those risks through that establishment, and</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/4B/c/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4B/c" id="section-51-4B-c">
<Pnumber>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">c</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18144" CommentaryRef="c1482535">the supervisory authorities of the member State of that establishment agree to the transfer.</Addition>
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/5/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/5" id="section-51-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>On determining an application made under subsection (1) above, the Secretary of State shall—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/5/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/5/a" id="section-51-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>publish a notice of his decision in the London, Edinburgh and Belfast Gazettes and in such other manner as he may think fit, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/5/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/5/b" id="section-51-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>send a copy of that notice to the transferor, the transferee and every person who made representations in accordance with the notice referred to in subsection (2) above;</Text>
</P3para>
</P3>
<Text>and if he refuses the application he shall inform the transferor and the transferee in writing of the reasons for his refusal.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/6/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/6" id="section-51-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Any notice or other document authorised or required to be given or served under this section or section 52 below may, without prejudice to any other method of service, be served by post; and a letter containing the notice or other document shall be deemed to be properly addressed if it is addressed to that person at his last known residence or last known place of business in the United Kingdom.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/7/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/7" id="section-51-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>
In this section “
<Term id="term-general-policy">general policy</Term>
” means a policy evidencing a contract the effecting of which constituted the carrying on of general business; and for the purposes of this section a policy holder is an “
<Term id="term-affected-policy-holder">affected policy holder</Term>
” in relation to a proposed transfer if—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/7/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/7/a" id="section-51-7-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>his policy is included in the transfer, or</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/51/7/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/7/b" id="section-51-7-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>his policy is with the transferor and the Secretary of State has certified, after consulting the transferor, that in the opinion of the Secretary of State the policy holder’s rights and obligations under the policy will or may be materially affected by the transfer.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictEndDate="1994-07-01" Match="false">
<Title> Effect of approval under section 51.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52" id="section-52">
<Pnumber>
<CommentaryRef Ref="c1482539"/>
52
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/1" id="section-52-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Subject to subsection (2) below, an instrument giving effect to a transfer approved by the Secretary of State under section 51 above shall be effectual in law—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/1/a" id="section-52-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>to transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument, and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/1/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/1/b" id="section-52-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations.</Text>
</P3para>
</P3>
<Text>notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52/2" id="section-52-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Except in so far as the Secretary of State may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="1998-01-05" RestrictEndDate="2001-12-01">
<Title>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555"> Issue of certificates by Secretary of State.</Addition>
</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A" id="section-52A">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<CommentaryRef Ref="c1482556"/>
52A
</Addition>
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" id="section-52A-1">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<CommentaryRef Ref="c1482557"/>
1
</Addition>
</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">Where it is proposed to execute an instrument by which—</Addition>
</Addition>
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a" id="section-52A-1-a">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">a</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—</Addition>
</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/i/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a/i" id="section-52A-1-a-i">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">i</Addition>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">to a UK company; or</Addition>
</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/a/ii/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/a/ii" id="section-52A-1-a-ii">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">ii</Addition>
</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">to a non-EC company whose solvency is supervised by the </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18545" CommentaryRef="c1482558">Treasury</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519"> in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,</Addition>
</Addition>
</Text>
</P4para>
</P4>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/aa/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/aa" id="section-52A-1-aa">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18551" CommentaryRef="c1482559">aa</Addition>
</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18551" CommentaryRef="c1482559">a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; or</Addition>
</Addition>
</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/1/b/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/b" id="section-52A-1-b">
<Pnumber>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">b</Addition>
</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">a Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,</Addition>
</Addition>
</Text>
</P3para>
</P3>
<Text>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">the </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18567" CommentaryRef="c1482558">Treasury</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">may, if </Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519">
<Addition ChangeId="d30p18571" CommentaryRef="c1482561">they are</Addition>
</Addition>
</Addition>
<Addition ChangeId="d30p18511" CommentaryRef="c1482555">
<Addition ChangeId="d30p18519"> satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.</Addition>
</Addition>
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1982/50/section/52A/2/1998-07-01" IdURI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/2" id="section-52A-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In this section “general policy” means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance;
<Addition ChangeId="d30p18583" CommentaryRef="c1482562">'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance</Addition>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Pblock>
</Version>
</Versions>
<Commentaries>
<Commentary id="c1481891" Type="C">
<Para>
<Text>
<CitationSubRef id="c00886" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
(ss. 15-71) restricted (1.1.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1992/3218" id="c00887" Class="UnitedKingdomStatutoryInstrument" Year="1992" Number="3218">S.I. 1992/3218</Citation>
,
<CitationSubRef id="c00888" URI="http://www.legislation.gov.uk/id/uksi/1992/3218/regulation/65" Operative="true" CitationRef="c00887" SectionRef="regulation-65">reg65</CitationSubRef>
</Text>
</Para>
<Para>
<Text>
<CitationSubRef id="c00889" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
(ss. 15-71) extended (24.12.1996) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1996/3011" id="c00890" Class="UnitedKingdomStatutoryInstrument" Year="1996" Number="3011">S.I. 1996/3011</Citation>
,
<CitationSubRef id="c00891" URI="http://www.legislation.gov.uk/id/uksi/1996/3011/regulation/3/1/b" Operative="true" CitationRef="c00890" SectionRef="regulation-3-1-b">reg. 3(1)(b)</CitationSubRef>
,
<CitationSubRef id="c00892" URI="http://www.legislation.gov.uk/id/uksi/1996/3011/regulation/10/1" CitationRef="c00890" SectionRef="regulation-10-1">10(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482534" Type="F">
<Para>
<Text>
<CitationSubRef id="c02405" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/49" SectionRef="section-49">S. 49</CitationSubRef>
substituted for ss. 49-52 (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c02406" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c02407" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/28/1/3" Operative="true" CitationRef="c02406" SectionRef="regulation-28-1-3">reg. 28(1)(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482535" Type="F">
<Para>
<Text>
<CitationSubRef id="c02408" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A/4B" SectionRef="section-51-4A-4B">S. 51(4A)(4B)</CitationSubRef>
inserted by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1990/1333" id="c02409" Class="UnitedKingdomStatutoryInstrument" Year="1990" Number="1333">S.I. 1990/1333</Citation>
,
<CitationSubRef id="c02410" URI="http://www.legislation.gov.uk/id/uksi/1990/1333/regulation/9/1" Operative="true" CitationRef="c02409" SectionRef="regulation-9-1">reg. 9(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482536" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02411" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A" SectionRef="section-51-4A">s. 51(4A)</CitationSubRef>
inserted (5.1.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/3127" id="c02412" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="3127">S.I. 1993/3127</Citation>
,
<CitationSubRef id="c02413" URI="http://www.legislation.gov.uk/id/uksi/1993/3127/regulation/3/8" Operative="true" CitationRef="c02412" SectionRef="regulation-3-8">reg. 3(8)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482537" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02414" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/51/4A" SectionRef="section-51-4A">s. 51(4A)</CitationSubRef>
substituted (19.11.1992) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1992/2890" id="c02415" Class="UnitedKingdomStatutoryInstrument" Year="1992" Number="2890">S.I. 1992/2890</Citation>
,
<CitationSubRef id="c02416" URI="http://www.legislation.gov.uk/id/uksi/1992/2890/regulation/3" Operative="true" CitationRef="c02415" SectionRef="regulation-3">reg. 3</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482539" Type="F">
<Para>
<Text>
<CitationSubRef id="c02417" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/49" SectionRef="section-49">S. 49</CitationSubRef>
substituted for ss. 49-52 (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c02418" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c02419" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/28/1/3" Operative="true" CitationRef="c02418" SectionRef="regulation-28-1-3">reg. 28(1)(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482555" Type="F">
<Para>
<Text>
<CitationSubRef id="c02458" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A" SectionRef="section-52A">S. 52A</CitationSubRef>
inserted by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1990/1333" id="c02459" Class="UnitedKingdomStatutoryInstrument" Year="1990" Number="1333">S.I. 1990/1333</Citation>
,
<CitationSubRef id="c02460" URI="http://www.legislation.gov.uk/id/uksi/1990/1333/regulation/9/2" Operative="true" CitationRef="c02459" SectionRef="regulation-9-2">reg. 9(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482556" Type="C">
<Para>
<Text>
<CitationSubRef id="c02461" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A" SectionRef="section-52A">S. 52A</CitationSubRef>
: power to contract out functions conferred (18.11.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/2842" id="c02462" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="2842">S.I. 1998/2842</Citation>
,
<CitationSubRef id="c02463" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/2" CitationRef="c02462" SectionRef="article-2">arts. 2</CitationSubRef>
,
<CitationSubRef id="c02464" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/3" CitationRef="c02462" SectionRef="article-3">3</CitationSubRef>
,
<CitationSubRef id="c02465" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/schedule/part/I/paragraph/36" Operative="true" CitationRef="c02462" SectionRef="schedule-part-I-paragraph-36">Sch. Pt. I para. 36</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482557" Type="F">
<Para>
<Text>
<CitationSubRef id="c02466" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" SectionRef="section-52A-1">S. 52A(1)</CitationSubRef>
inserted (1.7.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/1696" id="c02467" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="1696">S.I. 1994/1696</Citation>
,
<CitationSubRef id="c02468" URI="http://www.legislation.gov.uk/id/uksi/1994/1696/regulation/29" Operative="true" CitationRef="c02467" SectionRef="regulation-29">reg. 29</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482558" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02469" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" SectionRef="section-52A-1">s. 52A(1)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c02470" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c02471" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c02470" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c02472" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/36/a" Operative="true" CitationRef="c02470" SectionRef="schedule-part-I-paragraph-36-a">Sch. Pt.I para. 36(a)</CitationSubRef>
(with art. 7)
</Text>
</Para>
</Commentary>
<Commentary id="c1482559" Type="F">
<Para>
<Text>
<CitationSubRef id="c02473" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1/aa" SectionRef="section-52A-1-aa">S. 52A(1)(aa)</CitationSubRef>
inserted (30.12.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/3132" id="c02474" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="3132">S.I. 1994/3132</Citation>
,
<CitationSubRef id="c02475" URI="http://www.legislation.gov.uk/id/uksi/1994/3132/regulation/7/7" Operative="true" CitationRef="c02474" SectionRef="regulation-7-7">reg. 7(7)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482561" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02476" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52A/1" SectionRef="section-52A-1">s. 52A(1)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c02477" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c02478" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c02477" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c02479" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/36/b" Operative="true" CitationRef="c02477" SectionRef="schedule-part-I-paragraph-36-b">Sch. Pt. I para. 36(b)</CitationSubRef>
(with art. 7)
</Text>
</Para>
</Commentary>
<Commentary id="c1482562" Type="F">
<Para>
<Text>
Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/174" id="c02480" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="174">S.I. 1993/174</Citation>
,
<CitationSubRef id="c02481" URI="http://www.legislation.gov.uk/id/uksi/1993/174/regulation/3/4/b" Operative="true" CitationRef="c02480" SectionRef="regulation-3-4-b">reg. 3(4)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482567" Type="F">
<Para>
<Text>
<CitationSubRef id="c02494" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B" SectionRef="section-52B">S. 52B</CitationSubRef>
inserted (1.7.1994) by S.I. 1994, reg. 30
</Text>
</Para>
</Commentary>
<Commentary id="c1482568" Type="C">
<Para>
<Text>
<CitationSubRef id="c02495" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B" SectionRef="section-52B">S. 52B</CitationSubRef>
: power to contract out functions conferred (18.11.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1998/2842" id="c02496" Class="UnitedKingdomStatutoryInstrument" Year="1998" Number="2842">S.I. 1998/2842</Citation>
,
<CitationSubRef id="c02497" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/2" CitationRef="c02496" SectionRef="article-2">arts. 2</CitationSubRef>
,
<CitationSubRef id="c02498" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/article/3" CitationRef="c02496" SectionRef="article-3">3</CitationSubRef>
,
<CitationSubRef id="c02499" URI="http://www.legislation.gov.uk/id/uksi/1998/2842/schedule/part/I/paragraph/37" Operative="true" CitationRef="c02496" SectionRef="schedule-part-I-paragraph-37">Sch. Pt. I para. 37</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482569" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02500" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/1/C" SectionRef="section-52B-1-C">s. 52B(1)(C)</CitationSubRef>
substituted (30.12.1994) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/3132" id="c02501" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="3132">S.I. 1994/3132</Citation>
,
<CitationSubRef id="c02502" URI="http://www.legislation.gov.uk/id/uksi/1994/3132/regulation/7/8/a" Operative="true" CitationRef="c02501" SectionRef="regulation-7-8-a">reg. 7(8)(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c1482570" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02503" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/2" SectionRef="section-52B-2">s. 52B(2)</CitationSubRef>
substituted (5.1.1998) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1997/2781" id="c02504" Class="UnitedKingdomStatutoryInstrument" Year="1997" Number="2781">S.I. 1997/2781</Citation>
,
<CitationSubRef id="c02505" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/8/1" CitationRef="c02504" SectionRef="article-8-1">art. 8(1)</CitationSubRef>
,
<CitationSubRef id="c02506" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/schedule/part/I/paragraph/37" Operative="true" CitationRef="c02504" SectionRef="schedule-part-I-paragraph-37">Sch. Pt. I para. 37</CitationSubRef>
(with
<CitationSubRef id="c02507" URI="http://www.legislation.gov.uk/id/uksi/1997/2781/article/7" CitationRef="c02504" SectionRef="article-7">art. 7</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="c1482571" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c02508" URI="http://www.legislation.gov.uk/id/ukpga/1982/50/section/52B/4" SectionRef="section-52B-4">s. 52B(4)</CitationSubRef>
omitted (30.12.1994) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/1994/3132" id="c02509" Class="UnitedKingdomStatutoryInstrument" Year="1994" Number="3132">S.I. 1994/3132</Citation>
,
<CitationSubRef id="c02510" URI="http://www.legislation.gov.uk/id/uksi/1994/3132/regulation/7/8/b" Operative="true" CitationRef="c02509" SectionRef="regulation-7-8-b">reg. 7(8)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>