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Financial Services and Markets Act 2000

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Financial Services and Markets Act 2000, SCHEDULE 12 is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects yet to be applied to Schedule 12:

  • Sch. 12 para. 2(3) omitted by S.I. 2019/632 reg. 106(2)(b) (This amendment not applied to legislation.gov.uk. Reg. 106(2) omitted immediately before IP completion day by virtue of S.I. 2019/680, regs. 1(3), 9(6))
  • Sch. 12 para. 2(1)(b) and word substituted by S.I. 2019/632 reg. 106(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 106(2) omitted immediately before IP completion day by virtue of S.I. 2019/680, regs. 1(3), 9(6))

Changes and effects yet to be applied to the whole Act associated Parts and Chapters:

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Sections 111(2) and 115.

SCHEDULE 12U.K. Transfer schemes: certificates

This Atodlen has no associated Nodiadau Esboniadol

Part IU.K. Insurance Business Transfer Schemes

Modifications etc. (not altering text)

C1Sch. 12 Pt. I (paras. 1-6) applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(c)

[F11U.K.For the purposes of section 111(2) the appropriate certificate, in relation to an insurance business transfer scheme, is a certificate under paragraph 2.]

Textual Amendments

Modifications etc. (not altering text)

Certificates as to margin of solvencyU.K.

2(1)A certificate under this paragraph is to be given—U.K.

(a)by the relevant authority; or

(b)in a case in which there is no relevant authority, by the [F2appropriate regulator].

(2)A certificate given under sub-paragraph (1)(a) is one certifying that, taking the proposed transfer into account—

(a)the transferee possesses, or will possess before the scheme takes effect, the necessary margin of solvency; or

(b)there is no necessary margin of solvency applicable to the transferee.

(3)A certificate under sub-paragraph (1)(b) is one certifying that the [F3appropriate regulator] has received from the authority which it considers to be the authority responsible for supervising persons who effect or carry out contracts of insurance in the place to which the business is to be transferred [F4certification] that, taking the proposed transfer into account—

(a)the transferee possesses or will possess before the scheme takes effect the margin of solvency required under the law applicable in that place; or

(b)there is no such margin of solvency applicable to the transferee .

(4)“Necessary margin of solvency” means the margin of solvency required in relation to the transferee, taking the proposed transfer into account, under the law which it is the responsibility of the relevant authority to apply.

(5)“Margin of solvency” means the excess of the value of the assets of the transferee over the amount of its liabilities.

(6)“Relevant authority” means—

F5(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6(aa). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)if the transferee is a Swiss general insurer, the authority responsible in Switzerland for supervising persons who effect or carry out contracts of insurance;

(c)if the transferee is an authorised person not falling within [F7paragraph F8... ] (b) [F9—

(i)the PRA, if the transferee is a PRA-authorised person with a Part 4A permission F10...;

(ii)the FCA, if the transferee is a person with a Part 4A permission F11... but is not a PRA-authorised person.]

(7)In sub-paragraph (6), any reference to a transferee of a particular description includes a reference to a transferee who will be of that description if the proposed scheme takes effect.

F12(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8)“Swiss general insurer” means a body—

(a)whose head office is in Switzerland;

(b)which has permission to carry on regulated activities consisting of the effecting and carrying out of contracts of general insurance; and

(c)whose permission is not restricted to the effecting or carrying out of contracts of reinsurance.

F13(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2Words in Sch. 12 para. 2(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 11(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F3Words in Sch. 12 para. 2(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 11(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F4Word in Sch. 12 para. 2(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 11(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F9Sch. 12 para. 2(6)(c)(i)(ii) substituted for words (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 11(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)

C3Sch. 12 paras. 2, 3 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))

Certificates as to [F14consultation] U.K.

Textual Amendments

F14Word in Sch. 12 para. 3 heading substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 18(4)

F153U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Certificates as to consentU.K.

F153A.U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Certificates as to long-term businessU.K.

F154U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Certificates as to general businessU.K.

F155U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Certificates as to legality and as to consentU.K.

F155AU.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Interpretation of Part IU.K.

F156U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Part IIU.K. Banking Business Transfer Schemes

[F167U.K.For the purposes of section 111(2) the appropriate certificate, in relation to a banking business transfer scheme, is a certificate under paragraph 8.]

Textual Amendments

Certificates as to financial resourcesU.K.

8(1)A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.U.K.

(2)“Relevant authority” means—

[F17(a)if the transferee is a PRA-authorised person with a Part 4A permission F18..., the PRA;

(aa)if the transferee is a person with Part 4A permission F19... but is not a PRA-authorised person, the FCA;]

F20(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)if the transferee does not fall within paragraph [F21(a) or (aa)], the authority responsible for the supervision of the transferee’s business in the place in which the transferee has its head office.

(3)In sub-paragraph (2), any reference to a transferee of a particular description of person includes a reference to a transferee who will be of that description if the proposed banking business transfer scheme takes effect.

Textual Amendments

F17Sch. 12 para. 8(2)(a)(aa) substituted for Sch. 12 para. 8(2)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 16(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Certificates as to consent of home state regulatorU.K.

F229U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F23Part 2AU.K.Reclaim fund business transfer schemes

Textual Amendments

Certificate as to financial resourcesU.K.

9A[F24(1)]For the purposes of section 111(2) the appropriate certificate, in relation to a reclaim fund business transfer scheme, is a certificate given by the [F25relevant regulator] certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.

[F26(2)In this paragraph the “relevant regulator” means—

(a)if the transferee is a PRA-authorised person, the PRA;

(b)in any other case, the FCA.]]

Textual Amendments

F24 Sch. 12 para. 9A renumbered as Sch. 12 para. 9A(1) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 18(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F25Words in Sch. 12 para. 9A(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 18(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

[F27PART 2BU.K.Ring-fencing transfer schemes

Textual Amendments

Appropriate certificatesU.K.

[F289BFor the purposes of section 111(2) the appropriate certificates, in relation to a ring-fencing transfer scheme, are—

(a)a certificate given by the PRA certifying its approval of the application, and

(b)a certificate under paragraph 9C.]

Textual Amendments

Certificate as to financial resourcesU.K.

9C(1)A certificate under this paragraph is one given by the relevant authority and certifying that, taking the proposed transfer into account, the transferee possesses, or will possess before the scheme takes effect, adequate financial resources.

(2)“Relevant authority” means—

(a)if the transferee is a PRA-authorised person with a Part 4A permission F29..., the PRA;

F30(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)if the transferee does not fall within paragraph (a) F31... but is subject to regulation in a country or territory outside the United Kingdom, the authority responsible for the supervision of the transferee's business in the place in which the transferee has its head office;

(d)in any other case, the FCA.

(3)In sub-paragraph (2), any reference to a transferee of a particular description includes a reference to a transferee who will be of that description if the proposed ring-fencing transfer scheme takes effect.]

Textual Amendments

Certificate as to consent of home state regulatorU.K.

F329D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Part IIIU.K. Insurance business transfers effected outside the United Kingdom

10(1)This paragraph applies to a proposal to execute under provisions corresponding to Part VII in a country or territory other than the United Kingdom an instrument transferring all the rights and obligations of the transferor under general or long-term insurance policies, or under such descriptions of such policies as may be specified in the instrument, to the transferee if [F33the condition in sub-paragraph (4)] is met in relation to it.U.K.

F34(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F35(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F36(4)The transferor is a Swiss general insurer and the transferee is [F37a UK authorised person as defined in section 105(8)].]

(5)In relation to a proposed transfer to which this paragraph applies, the [F38regulator which supervises the transferee's margin of solvency] may, if it is satisfied that the transferee possesses the necessary margin of solvency, issue a certificate to that effect.

(6)“Necessary margin of solvency” means the margin of solvency which the transferee, taking the proposed transfer into account, is required by the [F39FCA or the PRA] to maintain.

(7)“Swiss general insurer” has the same meaning as in paragraph 2.

(8)“General policy” means a policy evidencing a contract which, if it had been effected by the transferee, would have constituted the carrying on of a regulated activity consisting of the effecting of contracts of general insurance.

(9)“Long-term policy” means a policy evidencing a contract which, if it had been effected by the transferee, would have constituted the carrying on of a regulated activity consisting of the effecting of contracts of long-term insurance.

Textual Amendments

F38Words in Sch. 12 para. 10(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 19(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F39Words in Sch. 12 para. 10(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 19(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

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