Article 28 Transfer of assets etc.I1

In section 440(2) (transfer of assets of insurance company)^f1 for paragraph (a) substitute—

“(a)

an asset is acquired by a company as a result of an insurance business transfer scheme which has effect to transfer long-term business from any person (“the transferor”) to the company, and”.

This Article has effect in relation to any transfer under a scheme falling within section 105 of the Financial Services and Markets Act 2000, including an excluded scheme falling within Case 2, 3 or 4 of subsection (3) of that section.