The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Transfer of engagements: general business

207.—(1) In Schedule 15 to the Friendly Societies Act 1992, paragraph 15(1) is amended as follows.

(2) In sub-paragraph (1)(c)—

(a) for paragraph (ii) substitute—

“(ii) a UK firm which has an EEA right deriving from any of the insurance directives;”;

(b) for paragraph (iii) substitute—

“(iii) an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;”;

(c) paragraph (iv) is repealed;

(d) for paragraph (v) substitute—

“(v) an insurance company whose head office is in Switzerland, which has permission under Part IV of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, which permission is not limited to reinsurance business;”.

(3) For sub-paragraph (6), substitute—

“(6) In this paragraph “the relevant authority” means—

(a) if the transferee falls within paragraph (1)(c)(iii), its home state regulator;

(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 Authority or other supervisory body responsible for the supervision;

(d) in any other case, the Authority.”.

(1)

Paragraph 15 was substituted by S.I. 1994/1984, Schedule 4, paragraph 3 and amended by S.I. 1997/2849 regulations 3, 5, and Schedule and by S.I. 2001/2617.