5.—(1) The provisions which apply by virtue of paragraph (a) and (b) of article 3 do so as if—U.K.
(a)any reference to the authorised person concerned were a reference to the members concerned; F1...
[F2(aa)the members concerned were authorised persons with permission to carry on the regulated activities of effecting a contract of insurance as principal and carrying out a contract of insurance as principal; and]
(b)anything done in connection with the transfer by the person authorised [F3, or the person certified to have authority,] in accordance with [F4paragraph (b)] of article 4 had been done by the members concerned for whom he acted.
F5(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F6(2A) [F7Paragraph 2 of Part 1 of Schedule 12] to the Act apply as if the members concerned were authorised persons with permission to carry on the regulated activities of effecting a contract of insurance as principal and carrying out a contract of insurance as principal.]
[F8(3) A transfer scheme carried out by virtue of this Order may transfer to an establishment of the transferee business written on different syndicates and in different years of account of syndicates.]
Textual Amendments
F1Word in art. 5(1)(a) omitted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 5(4)(a)
F2 Art. 5(1)(aa) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 5(4)(b)
F3 Words in art. 5(1)(b) inserted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725), arts. 1, 2(5)(a)
F4 Words in art. 5(1)(b) inserted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725), arts. 1, 2(5)(b)
F5 Art. 5(2) omitted (31.12.2020 on IP completion day) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 184(4)(a) (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)
F6Art. 5(2A) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 5(4)(c)
F7Words in art. 5(2A) substituted (31.12.2020 on IP completion day) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 184(4)(b) (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)
F8Art. 5(3) inserted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725), arts. 1, 2(6)
Modifications etc. (not altering text)
C1Art. 5(2)(2A) 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, 9(2); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information