24(1)Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows.U.K.
(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.”
Commencement Information
I1Sch. 14 para. 24 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.