- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (12/05/2011)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 01/04/2013
Point in time view as at 12/05/2011. This version of this provision has been superseded.
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There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001, Section 3.
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3.—(1) An applicant under section 107 of the Act for an order sanctioning an insurance business transfer scheme (“the scheme”) must comply with the following requirements.
(2) A notice stating that the application has been made must be—
(a)published—
(i)in the London, Edinburgh and Belfast Gazettes;
(ii)in two national newspapers in the United Kingdom; F1...
(iii)where, as regards any policy [F2(other than a policy which evidences a contract of reinsurance)] included in the proposed transfer, an EEA State other than the United Kingdom is the State of the commitment or the State in which the risk is situated, in two national newspapers in that EEA State; and
[F3(iv)where, as regards any policy included in the proposed transfer which evidences a contract of reinsurance, an EEA State other than the United Kingdom is the State in which the establishment of the policyholder to which the policy relates is situated at the date when the contract was entered into, in one business newspaper which is published or circulated in that EEA State; F4...]
(b)sent to every policyholder of the parties [F5; and
(c)sent—
(i)to every reinsurer of the authorised person concerned (within the meaning of section 105(2) of the Act) any of whose contracts of reinsurance (in whole or part) are to be transferred by the scheme; or
(ii)in a case where such a contract has been placed with or through a person authorised to act on behalf of the reinsurer, then to that person; or
(iii)in a case where such a contract has been placed with more than one reinsurer, then to the person or persons authorised to act on behalf of those reinsurers or groups of reinsurers.]
(3) The notices mentioned in paragraph (2) must—
(a)be approved by the Authority prior to publication (or, as the case may be, being sent); and
(b)contain the address from which the documents mentioned in paragraph (4) may be obtained.
(4) A copy of the report and a statement setting out the terms of the scheme and containing a summary of the report must be given free of charge to any person who requests them.
(5) A copy of the application, the report and the statement mentioned in paragraph (4) must be given free of charge to the Authority.
(6) In the case of any such scheme as is mentioned in section 105(5) of the Act, copies of the documents listed in [F6subsection (3) of section 911 (inspection of documents (merger)) or subsection (3) of section 926 (inspection of documents (division)), as the case may be, of the Companies Act 2006] must be given to the Authority by the beginning of the period referred to in paragraph 3(e) of that Schedule.
Textual Amendments
F1Word in reg. 3(2)(a)(ii) omitted (10.12.2007) by virtue of The Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. 2007/3255), regs. 1, 2(2)(a)
F2Words in reg. 3(2)(a)(iii) inserted (10.12.2007) by The Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. 2007/3255), regs. 1, 2(2)(b)
F3Reg. 3(2)(a)(iv) inserted (10.12.2007) by The Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. 2007/3255), regs. 1, 2(2)(c)
F4Word in reg. 3(2)(a)(iv) omitted (30.6.2008) by virtue of The Financial Services and Markets Act 2000 (Control of Business Transfers)(Requirements on Applicants)(Amendment) Regulations 2008 (S.I. 2008/1467), regs. 1, 2(a)
F5Reg. 3(2)(c) and word added (30.6.2008) by The Financial Services and Markets Act 2000 (Control of Business Transfers)(Requirements on Applicants)(Amendment) Regulations 2008 (S.I. 2008/1467), regs. 1, 2(b)
F6Words in reg. 3(6) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 20
Commencement Information
I1Reg. 3 in force at 1.12.2001, see reg. 1(1)
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