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- Point in Time (29/06/2017)
- Original (As enacted)
Point in time view as at 29/06/2017.
There are currently no known outstanding effects for the Friendly Societies Act 1992, Paragraph 15A.
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[F115A(1)This paragraph applies to any transfer of engagements (other than contracts of reinsurance) where–U.K.
(a)the effecting of the engagements constituted the carrying on of long term business;
(b)the transferor is a friendly society to which section 37(3) above applies; and
(c)the transferee is–
(i)a friendly society to which section 37(2) or (3) above applies;
[F2(ii)a UK firm which has an EEA right deriving from any of the insurance directives;]
[F3(iii)an EEA firm of the kind mentioned in paragraph 5(d) of Schedule 3 to the Financial Services and Markets Act 2000;]
(iv). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(v)an insurance company whose margin of solvency is required to be supervised in accordance with [F4Article 166 or 167 of the Solvency 2 Directive].
(2)The [F5appropriate authority] shall not confirm the transfer unless–
F6(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; and
(c)where the establishment from which the policies are to be transferred is situated in [F7an EEA State] other than the United Kingdom, the [F5appropriate authority] is satisfied–
(i)that the supervisory authority in that [F7 EEA State] has been consulted about the proposed scheme; and
(ii)either that the authority has responded or that the period of three months beginning with the consultation has elapsed.
(3)Where, as regards any policy F8. . . which is included in the proposed transfer, [F7an EEA State] other than the United Kingdom, is the State in which the commitment is situated, the [F5appropriate authority] shall not confirm the transfer unless it is satisfied–
(a)that the supervisory authority in that [F7an EEA State] has been notified of the proposed scheme; and
(b)either that the authority has consented to the scheme or that the authority has not refused its consent to the scheme within the period of three months beginning with the notification.
F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .
F10(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .
[F11(6)In this paragraph “the relevant authority" means—
(a)if the transferee falls within paragraph (1)(c)(iii), its home state regulator;
(b)if the transferee falls within paragraph (1)(c)(v), the [F5appropriate authority] or other supervisory body responsible for the supervision;
(c)in any other case, the [F5appropriate authority].]]
Textual Amendments
F1Sch. 15 para 15A substituted (1.9.1994) by S.I. 1994/1984, reg. 25, Sch. 4 para. 4
F2Sch. 15 para. 15A(1)(c)(ii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(2)(a)
F3Sch. 15 para. 15A(1)(c)(iii) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(2)(b)
F4Words in Sch. 15 para. 15A(1)(c)(v) substituted (1.1.2016) by The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 19(5)(b)
F5Words in Sch. 15 para. 15A 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(15) (with Sch. 12)
F6Sch. 15 para. 15A(2)(a) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F7Words in Sch. 15 Pt. II para. 15A substituted (1.1.1998) by 1997/2849, reg. 3
F8Words in Sch. 15 Pt. II para. 15A(3) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.
F9Sch. 15 Pt. II para. 15A(4) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.
F10Sch. 15 Pt. II para. 15A(5) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.
F11Sch. 15 para. 15A(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(3)
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