Modifications etc. (not altering text)
C1Pt. XV (ss. 212-224) excluded (27.4.2002) by The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), art. 9J (as inserted by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2002 (S.I. 2002/682), arts. 1(2), 4)
Pt. XV (ss. 212-224) modified (2.7.2002) by The Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (S.I. 2002/1501), art. 5
C2Pt. 15 modified (29.9.2008 at 8.00 a.m.) by The Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I. 2008/2546), art. 29 (with art. 30(6))
C3Pt. 15 modified (7.10.2008 at 9.30 a.m.) by The Heritable Bank plc Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2644), art. 14 (with art. 15(8)
C4Pt. 15 modified (8.10.2008 at 12.15 p.m.) by The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008 (S.I. 2008/2674), art. 15 (with art. 16(8))
(1)The compensation scheme may, in particular, include provision requiring the scheme manager to make arrangements for securing continuity of insurance for policyholders, or policyholders of a specified class, of relevant long-term insurers.
(2)“Relevant long-term insurers” means relevant persons who—
(a)have permission to effect or carry out contracts of long-term insurance; and
(b)are unable, or likely to be unable, to satisfy claims made against them.
(3)The scheme may provide for the scheme manager to take such measures as appear to him to be appropriate—
(a)for securing or facilitating the transfer of a relevant long-term insurer’s business so far as it consists of the carrying out of contracts of long-term insurance, or of any part of that business, to another authorised person;
(b)for securing the issue by another authorised person to the policyholders concerned of policies in substitution for their existing policies.
(4)The scheme may also provide for the scheme manager to make payments to the policyholders concerned—
(a)during any period while he is seeking to make arrangements mentioned in subsection (1);
(b)if it appears to him that it is not reasonably practicable to make such arrangements.
(5)A provision of the scheme made by virtue of section 213(3)(b) may include power to impose levies for the purpose of meeting expenses of the scheme manager incurred in—
(a)taking measures as a result of any provision of the scheme made by virtue of subsection (3);
(b)making payments as a result of any such provision made by virtue of subsection (4).