2007 No. 3255
The Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007
Made
Laid before Parliament
Coming into force
The Treasury, in exercise of the powers conferred on them by sections 108, 183(2), 188(2), 349(1)(b), 349(2), 349(3), 417(1) and 428(3) of the Financial Services and Markets Act 20001, make the following Regulations:
Citation and commencement1
These Regulations may be cited as the Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 and come into force on 10th December 2007.
Amendment to the Financial Services and Markets Act 2000 (Control of Business Transfers)(Requirements on Applicants) Regulations 20012
1
The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 20012 are amended as follows.
2
In regulation 3(2)—
a
at the end of sub-paragraph (a)(ii) omit “and”;
b
in sub-paragraph (a)(iii) after “any policy” insert “(other than a policy which evidences a contract of reinsurance)”;
c
after sub-paragraph (a)(iii) insert—
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; and
3
In regulation 4(1) after “paragraph (2)” insert “or (3)”.
4
In regulation 4(2) for “and (iii)” substitute “, (iii) and (iv)”.
5
After regulation 4(2) insert—
3
The requirement in regulation 3(2)(a)(iv) must be waived where an applicant demonstrates that he has notified all policyholders of contracts of reinsurance.
Amendments to the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 20013
1
The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 20013 are amended as follows.
2
In regulation 2 in the definition of “directive restrictions” after “third non-life insurance directive, ” insert “articles 24 to 30 of the reinsurance directive, ”.
3
In regulation 9(2)—
a
at the end of sub-paragraph (d) omit “or”;
b
at the end of sub-paragraph (e) insert—
, or
f
article 26 of the reinsurance directive
4
In regulation 9(3)(b)—
a
at the end of paragraph (iii) omit “or”;
b
at the end of paragraph (iv) insert—
, or
v
article 16 of the reinsurance directive
Amendments to the Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 20014
1
The Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 20014 are amended as follows.
2
In regulation 2 after the definition of “EEA parent financial holding company” insert—
“EEA reinsurance undertaking” means an EEA firm falling within paragraph 5(da) of Schedule 3 to the Act;
3
In regulation 5(4)—
a
at the end of sub-paragraph (c)(iii) omit “or”;
b
after sub-paragraph (c)(iii) insert—
iiia
an EEA reinsurance undertaking; or
c
in sub-paragraph (c)(iv) for “or (iii)” substitute “, (iii) or (iiia)”.
(This note is not part of the Regulations)