# Financial Services Act 2012, Paragraph 24


(1) Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows.
(2) In subsection (11)(c), for “Authority” substitute “ PRA ”.
(3) 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.”

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Source: https://www.legislation.gov.uk/ukpga/2012/21/schedule/14/paragraph/24 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012/schedule-14/paragraph-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.