Modifications etc. (not altering text)
C1Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)
[F7(1)Where it is proposed to execute an instrument by which—
(a)an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—
(i)to a UK company; or
(ii)to a non-EC company whose solvency is supervised by the Secretary of State in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,
all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or
(b)a Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,
the Secretary of State may, if he is satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.]
(2)In this section “general policy" means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; [F8'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance].]
Textual Amendments
F6S. 52A inserted by S.I. 1990/1333, reg. 9(2)
F7S. 52A(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 29
F8Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)
(1)This section applies where—
(a)an EC company transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in its home State in accordance with—
(i)Article 11 of the third long term insurance Directive, or
(ii)Article 12 of the third general insurance Directive;
(b)a non-EC company whose head office is in an EFTA State transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in an EEA State other than the United Kingdom in accordance with—
(i)Article 6 of the second long term insurance Directive, or
(ii)Article 11 of the second general insurance Directive; or
(c)a non-EC company whose head office is not in an EFTA State transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in a member State other than the United Kingdom in accordance with—
(i)Article 31a of the first long term insurance Directive (as amended by Article 49 of the third long term insurance Directive), or
(ii)Article 28a of the first general insurance Directive (as amended by Article 53 of the third general insurance Directive).
(2)If notice of the execution of the instrument giving effect to the transfer is published in such manner as the Secretary of State may from time to time direct, the instrument shall be effectual in law—
(a)to transfer to the transferee all the transferor’s rights and obligations under the UK policies included in the instrument, and
(b)if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations,
notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.
(3)Directions under this section may make different provision for different cases or descriptions of case.
(4)A policy which evidences a contract of direct insurance is a UK policy for the purposes of this section if the law applicable to it is the law of any part of the United Kingdom.]
Textual Amendments
F9S. 52B inserted (1.7.1994) by S.I. 1994/1696, reg. 30
[F7(1)Where it is proposed to execute an instrument by which—
(a)an EC company, or a non-EC company whose head office is in an EFTA State, is to transfer—
(i)to a UK company; or
(ii)to a non-EC company whose solvency is supervised by the Secretary of State in accordance with Article 29 or 30 of the first long term insurance Directive or Article 25 or 26 of the first general insurance Directive,
all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be specified in the instrument; or
(b)a Swiss general insurance company is to transfer to a UK company all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,
the Secretary of State may, if he is satisfied that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account, issue a certificate to that effect.]
(2)In this section “general policy" means a policy evidencing a contract the effecting of which constituted the carrying on of general business, other than reinsurance; [F8'long term policy’ means a policy evidencing a contract the effecting of which constitutes the carrying on of long term business, other than reinsurance].]
Textual Amendments
F6S. 52A inserted by S.I. 1990/1333, reg. 9(2)
F7S. 52A(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 29
F8Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)