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)
[F2(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
[F3(aa)a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; 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; [F4'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
F1S. 52A inserted by S.I. 1990/1333, reg. 9(2)
F2S. 52A(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 29
F3S. 52A(1)(aa) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(7)
F4Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)
[F2(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
[F3(aa)a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive, is to transfer to a UK company all its rights and obligations under such long term or general policies, or long term or general policies of such descriptions, as may be so specified; 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; [F4'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
F1S. 52A inserted by S.I. 1990/1333, reg. 9(2)
F2S. 52A(1) substituted (1.7.1994) by S.I. 1994/1696, reg. 29
F3S. 52A(1)(aa) inserted (30.12.1994) by S.I. 1994/3132, reg. 7(7)
F4Definition of “long term policy” in s. 52A(2) inserted (20.5.1993) by S.I. 1993/174, reg. 3(4)(b)