Transfer of an insurance businessU.K.

3.—(1) An applicant under section 107 of the Act for an order sanctioning an insurance business transfer scheme (“the scheme”) must comply with the following requirements.

(2) A notice stating that the application has been made must be—

(a)published—

(i)in the London, Edinburgh and Belfast Gazettes;

(ii)in two national newspapers in the United Kingdom; F1...

(iii)where, as regards any policy [F2(other than a policy which evidences a contract of reinsurance)] included in the proposed transfer, an EEA State other than the United Kingdom is the State of the commitment or the State in which the risk is situated, in two national newspapers in that EEA State; and

[F3(iv)where, as regards any policy included in the proposed transfer which evidences a contract of reinsurance, an EEA State other than the United Kingdom is the State in which the establishment of the policyholder to which the policy relates is situated at the date when the contract was entered into, in one business newspaper which is published or circulated in that EEA State; F4...]

(b)sent to every policyholder of the parties [F5; and

(c)sent—

(i)to every reinsurer of the authorised person concerned (within the meaning of section 105(2) of the Act) any of whose contracts of reinsurance (in whole or part) are to be transferred by the scheme; or

(ii)in a case where such a contract has been placed with or through a person authorised to act on behalf of the reinsurer, then to that person; or

(iii)in a case where such a contract has been placed with more than one reinsurer, then to the person or persons authorised to act on behalf of those reinsurers or groups of reinsurers.]

(3) The notices mentioned in paragraph (2) must—

(a)be approved by the Authority prior to publication (or, as the case may be, being sent); and

(b)contain the address from which the documents mentioned in paragraph (4) may be obtained.

(4) A copy of the report and a statement setting out the terms of the scheme and containing a summary of the report must be given free of charge to any person who requests them.

(5) A copy of the application, the report and the statement mentioned in paragraph (4) must be given free of charge to the Authority.

(6) In the case of any such scheme as is mentioned in section 105(5) of the Act, copies of the documents listed in paragraph 6(1) of Schedule 15B to the Companies Act 1985(1) or in paragraph 6(1) of Schedule 15B to the Companies (Northern Ireland) Order 1986(2) (application of provisions about compromises and arrangements to mergers and divisions of public companies) must be given to the Authority by the beginning of the period referred to in paragraph 3(e) of that Schedule.

Textual Amendments

Commencement Information

I1Reg. 3 in force at 1.12.2001, see reg. 1(1)

(1)

1985 c. 6. Schedule 15B was inserted by S.I. 1987/1991 and amended by the Companies Act 1989 (c. 40), Schedule 10, para. 22.

(2)

S.I. 1986/1032 (N.I. 6). Schedule 15B was inserted by S.R. 1987/442, reg. 3(c) and renumbered by the Companies (No.2) (Northern Ireland) Order 1990 (N.I. 10), article 49(2).