Friendly Societies Act 1992

[F1 15 (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 general 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (iv) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F4 (v) an insurance company whose head office is in Switzerland, which has permission under [F5 Part 4A] of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, which permission is not limited to reinsurance business;]

(vi) an insurance company whose margin of solvency is [F6 supervised in accordance with rule 3.1 to 3.3 and rule 6.4 and 6.5 of the Third Country Branches Part of the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.]

[F7 (1A) For the purposes of sub-paragraph (1)(c)(vi), references to rules made by the Prudential Regulation Authority are to those rules as they have effect on IP completion day.]

(2) The [F8 appropriate authority] shall not confirm the transfer unless–

F9 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) it is F10 . . . satisfied that every policy included in the transfer evidences a contract which was entered into before the date of the application; [F11 and]

(c) the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; F12 ...

F13 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

F16 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

[F17 (6) In this paragraph “the relevant authority" means—

F18 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) if the transferee falls within paragraph (1)(c)(v), the supervisory authority in Switzerland;

(c) if the transferee falls within paragraph (1)(c)(vi), the [F8 appropriate authority] or other supervisory body responsible for the supervision;

(d) in any other case, the [F8 appropriate authority].]]

Textual Amendments

F1 Sch. 15 para. 15 substituted (1.9.1994) by S.I. 1994/1984 reg. 25, Sch. 4 para. 3

F2 Sch. 15 para. 15(1)(c)(ii)(iii) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Sch. 15 para. 15(1)(c)(iv) repealed (1.12.2001) by virtue of S.I. 2001/3649, arts. 1, 207(2)(c)

F4 Sch. 15 para. 15(1)(c)(v) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(2)(d)

F5 Words in Sch. 15 para. 15(1)(v) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(14)(a) (with Sch. 12)

F6 Words in Sch. 15 para. 15(1)(c)(vi) substituted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(b); 2020 c. 1, Sch. 5 para. 1(1)

F7 Sch. 15 para. 15(1A) inserted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(c) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 1(b)(i)); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in Sch. 15 para. 15 substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(14)(b) (with Sch. 12)

F9 Sch. 15 para. 15(2)(a) repealed (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13, Sch. 3 para. 128(t)(i); Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F10 Word in Sch. 15 para. 15(2)(b) repealed (17.8.2001 for specified purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8(1), 13, Sch. 3 para. 128(t)(ii); Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F11 Word in Sch. 15 para. 15(2)(b) inserted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(d)(i); 2020 c. 1, Sch. 5 para. 1(1)

F12 Word in Sch. 15 para. 15(2)(c) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(d)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F13 Sch. 15 para. 15(2)(d) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(d)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F14 Sch. 15 para. 15(3) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(e); 2020 c. 1, Sch. 5 para. 1(1)

F15 Sch. 15 para. 15(4) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F16 Sch. 15 para. 15(5) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.

F17 Sch. 15 para. 15(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 207(3)

F18 Sch. 15 para. 15(6)(a) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(4)(f); 2020 c. 1, Sch. 5 para. 1(1)