4U.K.A certificate under this paragraph is one given by the [F1appropriate regulator] and certifying that the authority responsible for supervising persons who effect or carry out contracts of insurance in the State of the commitment has been notified of the proposed scheme and that—
(a)that authority has consented to the proposed scheme; or
(b)the period of three months beginning with the notification has elapsed and that authority has not refused its consent.
Textual Amendments
F1Words in Sch. 12 para. 4 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 13 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C1Sch. 12 paras. 4, 5 applied (with modifications) by S.I. 2001/3626, art. 5(2A) (as inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 5(4)(c))