The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Insurers (Reorganisation and Winding Up) Regulations 2004

88.  In the Insurers (Reorganisation and Winding Up) Regulations 2004(1)—

(a) in regulation 2(1) (interpretation)—

(i) omit the definition of “the Authority”;

(ii) at the appropriate places insert—

““the FCA” means the Financial Conduct Authority;

“the PRA” means the Prudential Regulation Authority;

“PRA-authorised person” has the meaning given in section 2B of the 2000 Act;”

(b) in regulation 2(5), for “Authority” substitute “FCA or the PRA”;

(c) in the heading to regulation 9 (notification of relevant decision to Authority) and in regulation 9(1) to (4), for “Authority” in each place it appears substitute “FCA and, if the insurer is a PRA-authorised person, the PRA”;

(d) for regulation 9(6) substitute—

“(6) Paragraphs (1), (2) and (3) do not require the FCA to be informed in any case where the FCA was represented at all hearings in connection with the application in relation to which the decision, order or appointment is made.

(6A) Paragraphs (1), (2) and (3) do not require the PRA to be informed in any case where the PRA was represented at all hearings in connection with the application in relation to which the decision, order or appointment is made.”;

(e) in regulation 10(1) and (2) (notification of relevant decision to EEA regulators), for “the Authority”—

(i) in the first place it appears, substitute “the FCA or the PRA”;

(ii) in the second place it appears, substitute “that authority”;

(f) in regulation 12(11) (notification to creditors: winding up proceedings), for “and the Authority” in both places it appears substitute “, the FCA and, if the insurer is a PRA-authorised person, the PRA”;

(g) in regulation 16 (disclosure of confidential information received from an EEA regulator), for “Authority” substitute “FCA or the PRA”;

(h) in regulation 50 (disclosure of confidential information: third country insurers), for “Authority” substitute “FCA or the PRA”.

(1)

S.I. 2004/353, to which there are amendments not relevant to this Order.