Financial Services and Markets Act 2000

1 (1) For the purposes of section 111(2) the appropriate certificates, in relation to an insurance business transfer scheme, are— U.K.

(a) a certificate under paragraph 2;

(b) if sub-paragraph (2) applies, a certificate under paragraph 3;

(c) if sub-paragraph (3) applies, a certificate under paragraph 4;

(d) if sub-paragraph (4) applies, a certificate under paragraph 5[F1 ;

(e) if sub-paragraph (5) applies, the certificates under paragraph 5A.]

(2) This sub-paragraph applies if—

(a) [F2 the transferor concerned] is a UK authorised person which has received authorisation under [F3 Article 4 of the life assurance consolidation directive or Article 6] or of the first non-life insurance directive from [F4 the appropriate regulator]; and

(b) the establishment from which the business is to be transferred under the proposed insurance business transfer scheme is in an EEA State other than the United Kingdom.

(3) This sub-paragraph applies if—

(a) [F2 the transferor concerned] has received authorisation under [F5 Article 4 [F6 or Article 51] of the life assurance consolidation directive] from [F4 the appropriate regulator];

(b) the proposed transfer relates to business which consists of the effecting or carrying out of contracts of long-term insurance; and

(c) as regards any policy which is included in the proposed transfer and which evidences a contract of insurance (other than reinsurance), an EEA State other than the United Kingdom is the State of the commitment.

(4) This sub-paragraph applies if—

(a) [F2 the transferor concerned] has received authorisation under Article 6 [F7 or Article 23] of the first non-life insurance directive from [F4 the appropriate regulator];

(b) the business to which the proposed insurance business transfer scheme relates is business which consists of the effecting or carrying out of contracts of general insurance; and

(c) as regards any policy which is included in the proposed transfer and which evidences a contract of insurance (other than reinsurance), the risk is situated in an EEA State other than the United Kingdom.

[F8 (5) This sub-paragraph applies if—

(a) [F2 the transferor concerned] has received authorisation under Article 23 of the first non-life insurance directive or Article 51 of the life assurance consolidation directive from [F4 the appropriate regulator]; and

(b) the proposed transfer is to a branch or agency, in an EEA State other than the United Kingdom, authorised under the same Article.]

Textual Amendments

F1 Sch. 12 para. 1(1)(e) inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 2(5)(a)

F2 Words in Sch. 12 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

F3 Words in Sch. 12 para. 1(2)(a) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(7)(a)(i)

F4 Words in Sch. 12 para. 1 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 10 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F5 Words in Sch. 12 para. 1(3)(a) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(7)(a)(ii)

F6 Words in Sch. 12 para. 1(3)(a) inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 2(5)(b)

F7 Words in Sch. 12 para. 1(4)(a) inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 2(5)(c)

F8 Sch. 12 para. 1(5) inserted (10.12.2007) by The Reinsurance Directive Regulations 2007 (S.I. 2007/3253), reg. 2(1), Sch. 1 para. 2(5)(d)

Modifications etc. (not altering text)

C1 Sch. 12 Pt. I para. 1(2)(a)(3)(a)(4)(a) modified (1.12.2001) by S.I. 2001/3626, arts. 1, 5(2)