Friendly Societies Act 1992

[F1 15A (1) This paragraph applies to any transfer of engagements (other than contracts of reinsurance) where– U.K.

(a) the effecting of the engagements constituted the carrying on of long term business;

(b) the transferor is a friendly society to which section 37(3) above applies; and

(c) the transferee is–

(i) a friendly society to which section 37(2) or (3) above applies;

F2 (ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iv) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(v) an insurance company whose margin of solvency is [F3 supervised in accordance with rule 3.1 to 3.3 and rule 6.4 and 6.5 of the Third Country Branches Part of the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.]

[F4 (1A) For the purposes of sub-paragraph (1)(c)(v), references to rules made by the Prudential Regulation Authority are to those rules as they have effect on IP completion day.]

(2) The [F5 appropriate authority] shall not confirm the transfer unless–

F6 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; F7 ...

F8 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

F11 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

[F12 (6) In this paragraph “the relevant authority" means—

F13 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) if the transferee falls within paragraph (1)(c)(v), the [F5 appropriate authority] or other supervisory body responsible for the supervision;

(c) in any other case, the [F5 appropriate authority].]]

Textual Amendments

F1 Sch. 15 para 15A substituted (1.9.1994) by S.I. 1994/1984, reg. 25, Sch. 4 para. 4

F2 Sch. 15 para. 15A(1)(c)(ii)(iii) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Sch. 15 para. 15A(1)(c)(v) substituted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(b); 2020 c. 1, Sch. 5 para. 1(1)

F4 Sch. 15 para. 15A(1A) inserted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(c) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 1(b)(ii)); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Sch. 15 para. 15A substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(15) (with Sch. 12)

F6 Sch. 15 para. 15A(2)(a) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F7 Word in Sch. 15 para. 15A(2)(b) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(d); 2020 c. 1, Sch. 5 para. 1(1)

F8 Sch. 15 para. 15A(2)(c) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(d); 2020 c. 1, Sch. 5 para. 1(1)

F9 Sch. 15 para. 15A(3) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(e); 2020 c. 1, Sch. 5 para. 1(1)

F10 Sch. 15 Pt. II para. 15A(4) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F11 Sch. 15 Pt. II para. 15A(5) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F12 Sch. 15 para. 15A(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(3)

F13 Sch. 15 para. 15A(6)(a) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(f); 2020 c. 1, Sch. 5 para. 1(1)