The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001

Transfer of an insurance business

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; and

(iii) where, as regards any policy 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

(b) sent to every policyholder of the parties.

(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 paragraph 6(1) of Schedule 15B to the Companies Act 1985(1) or in paragraph 6(1) of Schedule 15B to the Companies (Northern Ireland) Order 1986(2) (application of provisions about compromises and arrangements to mergers and divisions of public companies) must be given to the Authority by the beginning of the period referred to in paragraph 3(e) of that Schedule.

(1)

1985 c. 6. Schedule 15B was inserted by S.I. 1987/1991 and amended by the Companies Act 1989 (c. 40), Schedule 10, para. 22.

(2)

S.I. 1986/1032 (N.I. 6). Schedule 15B was inserted by S.R. 1987/442, reg. 3(c) and renumbered by the Companies (No.2) (Northern Ireland) Order 1990 (N.I. 10), article 49(2).