Section 109 Scheme reports: insurance business transfer schemesF4C1
United Kingdom
An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”).
A scheme report may be made only by a person—
appearing to the F1appropriate regulator to have the skills necessary to enable him to make a proper report; and
nominated or approved for the purpose by the appropriate regulator.
A scheme report must be made in a form approved by the appropriate regulator.
Where the appropriate regulator is the PRA, it must consult the FCA before—
nominating or approving a person under subsection (2)(b), or
approving a form under subsection (3).
Subsection (6) applies where the appropriate regulator is the FCA and either—
the transferee is a PRA-authorised person, or
F3the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.
The FCA must consult the PRA before—
nominating or approving a person under subsection (2)(b), or
approving a form under subsection (3).
Annotations
Textual amendments
- F1
Words in s. 109 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
- F2
S. 109(4)-(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
- F3
Words in Pt. 7 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
- F4
S. 109 heading substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 7; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
Modifications
- C1
S. 109 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)
Notes on Part VII
Modifications
- C1
Pt. 7: power to amend conferred (1.9.2023) by Financial Services Act 2021 (c. 22), ss. 22(8)(a), 49(5); S.I. 2023/934, reg. 2(c)