Friendly Societies Act 1992

[F115A(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)a UK firm which has an EEA right deriving from any of the insurance directives;]

[F3(iii)an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;]

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

(v)an insurance company whose margin of solvency is required to be supervised in accordance with [F4Article 55 or 56 of the life assurance consolidation Directive].

(2)The [F5Authority] 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; and

(c)where the establishment from which the policies are to be transferred is situated in [F7an EEA State] other than the United Kingdom, the [F5Authority] is satisfied–

(i)that the supervisory authority in that [F7 EEA State] has been consulted about the proposed scheme; and

(ii)either that the authority has responded or that the period of three months beginning with the consultation has elapsed.

(3)Where, as regards any policy F8. . . which is included in the proposed transfer, [F7an EEA State] other than the United Kingdom, is the State in which the commitment is situated, the [F5Authority] shall not confirm the transfer unless it is satisfied–

(a)that the supervisory authority in that [F7an EEA State] has been notified of the proposed scheme; and

(b)either that the authority has consented to the scheme or that the authority has not refused its consent to the scheme within the period of three months beginning with the notification.

F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

F10(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

[F11(6)In this paragraph “the relevant authority" means—

(a)if the transferee falls within paragraph (1)(c)(iii), its home state regulator;

(b)if the transferee falls within paragraph (1)(c)(v), the Authority or other supervisory body responsible for the supervision;

(c)in any other case, the Authority.]]

Textual Amendments

F1Sch. 15 para 15A substituted (1.9.1994) by S.I. 1994/1984, reg. 25, Sch. 4 para. 4

F2Sch. 15 para. 15A(1)(c)(ii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(2)(a)

F3Sch. 15 para. 15A(1)(c)(iii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(2)(b)

F4Words in Sch. 15 para. 15A(1)(c)(v) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), regs. 1, 3(5)

F5Words in Sch. 15 para. 15A substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13(1), Sch. 3 para. 128(s) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)