Paragraph 16 I1

(1)

Section 369 (insurers: service of petition etc. on Authority) is amended as follows.

(2)

In subsection (1)—

(a)

for “the Authority” substitute “ a regulator ”, and

(b)

for “on the Authority” substitute “ on the appropriate regulator ”.

(3)

In subsection (2)—

(a)

for “the Authority” substitute “ a regulator ”, and

(b)

for “on the Authority” substitute “ on the appropriate regulator ”.

(4)

After that subsection insert—

“(3)
The appropriate regulator” means—
(a)
in relation to a PRA-authorised person, the FCA and the PRA, and
(b)
in any other case, the FCA.
(4)
If either regulator—
(a)
presents a petition for the winding up of a PRA-authorised person with permission to effect or carry out contracts of insurance, or
(b)
applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of a PRA-authorised person with permission to effect or carry out contracts of insurance,
that regulator must serve a copy of the petition or application (as the case requires) on the other regulator.”

(5)

In the heading, for “Authority” substitute “ FCA and PRA ”.

Annotations

Commencement

I1: Sch. 14 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.