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—
[F1(a)published in—
(i)the London, Edinburgh and Belfast Gazettes, and
(ii)two national newspapers in the United Kingdom;]
(b)sent to every policyholder of the parties [F2; 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 [F3the appropriate regulator] 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 [F4the appropriate regulator and, if the FCA is not the appropriate regulator, the FCA].
(6) In the case of any such scheme as is mentioned in section 105(5) of the Act, copies of the documents listed in [F5subsection (3) of section 911 (inspection of documents (merger)) or subsection (3) of section 926 (inspection of documents (division)), as the case may be, of the Companies Act 2006] must be given to [F6the appropriate regulator and, if the FCA is not the appropriate regulator, the FCA] by the beginning of the period referred to in paragraph 3(e) of that Schedule.
Textual Amendments
F1Reg. 3(2)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 183(4) (with transitional provisions in S.I. 2019/710, regs. 1(4), 36, Sch. para. 3 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Reg. 3(2)(c) and word added (30.6.2008) by The Financial Services and Markets Act 2000 (Control of Business Transfers)(Requirements on Applicants)(Amendment) Regulations 2008 (S.I. 2008/1467), regs. 1, 2(b)
F3Words in reg. 3(3)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 62(a) (with Sch. 2 para. 63)
F4Words in reg. 3(5) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 62(b) (with Sch. 2 para. 63)
F5Words in reg. 3(6) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 20
F6Words in reg. 3(6) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 62(c) (with Sch. 2 para. 63)
Modifications etc. (not altering text)
C1Reg. 3 modified (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), reg. 1(3), Sch. para. 4, 5, 8; 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 3 in force at 1.12.2001, see reg. 1(1)