Paragraph 24 I1

Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows.

In subsection (11)(c), for “Authority” substitute “ PRA ”.

After subsection (11) insert—

“(11A)

The PRA must—

(a)

consult the FCA before making an application under subsection (10), and

(b)

provide the FCA with a copy of any actuary's report made to the PRA under that subsection.

(11B)

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-authorised activity—

(a)

the reference in subsection (11)(c) to the PRA is to be read as a reference to the FCA, and

(b)

subsection (11A) does not apply.”