Article 60 Continuation of contracts of long-term insurance where insurer in liquidation

(1)

Paragraph (2) applies if, before the commencement date—

(a)

the court appointed an independent actuary for the purposes of subsection (10) of section 376^f1 (continuation of contracts of long-term insurance where insurer in liquidation) on the application of the Authority; and

(b)

the actuary had not reported to the Authority for the purposes of that subsection.

(2)

The actuary is to report to the PRA.

(3)

This article does not apply 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-regulated activity.

Annotations

Footnotes

f1: Section 376 is amended by the 2012 Act, Schedule 14, paragraph 24.