SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
I113
1
Section 366 (insurers effecting or carrying out long-term contracts of insurance) is amended as follows.
2
In subsections (1), (2) and (5), for “Authority” substitute “
PRA
”
.
3
At the end insert—
9
Before giving or refusing consent under subsection (1), the PRA must consult the FCA.
10
In the event that the activity of effecting or carrying out long-term contracts of insurance as principal is not to any extent a PRA-regulated activity—
a
references to the PRA in subsections (1), (2) and (5) are to be read as references to the FCA, and
b
subsection (9) does not apply.