SCHEDULE 12 Transfer schemes: certificates
Part I Insurance Business Transfer Schemes
F1Certificates as to legality and as to consent
5A
(1)
The certificates under this paragraph are to be given—
(a)
in the case of the certificate under sub-paragraph (2), by the Authority;
(b)
in the case of the certificate under sub-paragraph (3), by the relevant authority.
(2)
A certificate given under this sub-paragraph is one certifying that the relevant authority has been notified of the proposed scheme and that—
(a)
the relevant authority has consented to the proposed scheme; or
(b)
the period of three months beginning with the notification has elapsed and that relevant authority has not refused its consent.
(3)
A certificate given under this sub-paragraph is one certifying that the law of the EEA State in which the transferee is set up permits such a transfer.
(4)
“Relevant authority” means the competent authorities (within the meaning of the insurance directives) of the EEA State in which the transferee is set up.