SCHEDULES
SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency
24
(1)
Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows.
(2)
In subsection (11)(c), for “Authority” substitute “
PRA
”
.
(3)
After subsection (11) insert—
“(11A)
The PRA must—
(a)
consult the FCA before making an application under subsection (10), and
(b)
provide the FCA with a copy of any actuary's report made to the PRA under that subsection.
(11B)
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-authorised activity—
(a)
the reference in subsection (11)(c) to the PRA is to be read as a reference to the FCA, and
(b)
subsection (11A) does not apply.”