Schedules
Schedule 3 Transitionals and savings
Part 12 Supplemental
111 Transfer of insurance company business
Section 560 applies with—
a
the substitution for subsection (1) of—
1
This section applies if assets are transferred as part of, or in connection with, a transfer of the whole or part of the long term business of an insurance company to another company in accordance with a scheme sanctioned by a court under section 49 of the Insurance Companies Act 1982.
and
b
the omission of subsection (2),
in relation to transfers sanctioned or authorised before 1st July 1994.
112 Election regarding sale consideration
1
In relation to a transfer to which this paragraph applies, section 569(3) applies with the substitution for paragraph (a) of—
a
any of the parties is not resident in the United Kingdom at the time of the transfer and the circumstances are not at that time such that a relevant allowance or charge falls or might fall to be made to or on that party as a result of the transfer;
2
This paragraph applies to—
a
a transfer before 16th March 1993;
b
a transfer in pursuance of a contract entered into before that date; and
c
a transfer in pursuance of a contract entered into for the purpose of securing that obligations under a contract entered into before that date are complied with.