Part VII Control of Business Transfers

C1109F4Scheme reports: insurance business transfer schemes

1

An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).

2

A scheme report may be made only by a person—

a

appearing to the F1appropriate regulator to have the skills necessary to enable him to make a proper report; and

b

nominated or approved for the purpose by the F1appropriate regulator.

3

A scheme report must be made in a form approved by the F1appropriate regulator.

F24

Where the appropriate regulator is the PRA, it must consult the FCA before—

a

nominating or approving a person under subsection (2)(b), or

b

approving a form under subsection (3).

5

Subsection (6) applies where the appropriate regulator is the FCA and either—

a

the transferee is a PRA-authorised person, or

b

F3the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.

6

The FCA must consult the PRA before—

a

nominating or approving a person under subsection (2)(b), or

b

approving a form under subsection (3).