SCHEDULES
SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary
Part II Confirmation by Commission
Confirmation of transfers of engagements
13
1
The Commission shall not confirm a transfer in any case where the transferee is required by section 87 above to furnish the Commission with a report unless it is satisfied that the transferee will (after taking the proposed transfer into account)—
a
where the report is furnished under section 87(2), possess the margin of solvency required by section 48 above;
b
where the report is furnished under section 87(3), possess an excess of assets over liabilities.
2
The Commission shall not confirm a transfer of any engagements the fulfilment of which will constitute the carrying on of insurance business in the United Kingdom in any case where the transferee is a person to whom Part II of the M1Insurance Companies Act 1982 applies unless the Secretary of State certifies that the transferee will, after taking the proposed transfer into account, possess any margin of solvency required by that Part of that Act.
F13
This paragraph and paragraph 14 below do not apply to any transfer of engagements to which paragraph 15 or 15A below applies.