Section 113 Appointment of actuary in relation to reduction of benefits.C1

United Kingdom

(1)

This section applies if an order has been made under section 111(1).

(2)

The court making the order may, on the application of F1either regulator, appoint an independent actuary—

(a)

to investigate the business transferred under the scheme; and

(b)

to report to the F2regulator which made the application on any reduction in the benefits payable under policies entered into by F3the transferor concerned that, in the opinion of the actuary, ought to be made.

F4(3)

An application under subsection (2) may be made by the PRA only if—

(a)

the transferor concerned or the transferee is a PRA-authorised person, or

(b)

the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.

Annotations

Textual amendments

F1: Words in s. 113(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 113(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(2)(b) (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. 113(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Modifications

C1: S. 113 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)