I1Part VIII Amalgamations, Transfers of Engagements and Conversion of Friendly Societies into Companies
Transfers of engagements
F290AF1 Issue of certificates by Commission.
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 to a friendly society to which section 37(2) or (3) above applies 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 such a friendly society all its rights and obligations under such general policies, or general policies of such descriptions, as may be so specified,
the Commission may, if it is satisfied that the transferee possesses (after taking the proposed transfer into account) the margin of solvency required by section 48 above, issue a certificate to that effect.
2
In this section–
“EC company", “non–EC company" and “Swiss general insurance company" have the same meanings as in the Insurance Companies Act 1982;
“general policy" means a policy evidencing a contract (other than a contract of reinsurance) the effecting of which by the transferor constituted the carrying on of general business of any class;
“long term policy" means a policy evidencing a contract (other than a contract of reinsurance) the effecting of which by the transferor constituted the carrying on of long term business of any class.
Pt. VIII (ss. 85-92) wholly in force; Pt. VIII not in force at Royal Assent see s. 126(2); Pt. VIII in force at 13.9.1993 by S.I. 1993/2213, art. 2(1), Sch. 3