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Financial Services and Markets Act 2000

Financial Services and Markets Act 2000

2000 CHAPTER 8

Commentary on Sections

Part Vii: Control of Business Transfers

Section 109: Scheme reports

206.Under this section, it is a requirement that a proposal to transfer insurance business is to be accompanied by a report by an expert.  The coverage of the report may be determined by the Authority and the appointment of the expert is subject to the approval of the Authority.  The purpose of this section is to ensure that the court is presented with a full and accurate report of the proposed transfer by an independent expert in order that the court may properly assess its impact, including the effect on policyholders of the authorised person in question (and any third parties who may rely on their policies).

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