SCHEDULES
C1SCHEDULE 15 Amalgamations, Transfers of Engagements and Conversion: Supplementary
Annotations:
Modifications etc. (not altering text)
Part II Confirmation by F1appropriate authority
Annotations:
Amendments (Textual)
F1
Words in Sch. 15 Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(5) (with Sch. 12)
Confirmation of transfers of engagements
F214
The Commission shall not confirm a transfer of any engagements the fulfilment of which will constitute the carrying on in the United Kingdom of insurance business unless it is satisfied—
a
that the proposed transferee will be able to fulfil the engagements without authorisation under Part I of the Insurance Companies Act 1982 or section 32 of this Act; or
b
that there is no substantial risk that the proposed transferee will not have such authorisation as will permit it to fulfil them.
Sch. 15: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2