# Friendly Societies Act 1992, Paragraph 15

Extent: E+W+S+N.I.

(1) This paragraph applies to any transfer of engagements (other than contracts of reinsurance) where–
(a) the effecting of the engagements constituted the carrying on of general business;
(b) the transferor is a friendly society to which section 37(3) above applies; and
(c) the transferee is–
(i) a friendly society to which section 37(2) or (3) above applies;
(ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(iv) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(v) an insurance company whose head office is in Switzerland, which has permission under Part 4A of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance, which permission is not limited to reinsurance business;
(vi) an insurance company whose margin of solvency is supervised in accordance with rule 3.1 to 3.3 and rule 6.4 and 6.5 of the Third Country Branches Part of the Rulebook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.
(1A) For the purposes of sub-paragraph (1)(c)(vi), references to rules made by the Prudential Regulation Authority are to those rules as they have effect on IP completion day.
(2) The appropriate authority shall not confirm the transfer unless–
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) it is . . . satisfied that every policy included in the transfer evidences a contract which was entered into before the date of the application; and
(c) the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; ...
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .
(6) In this paragraph “the relevant authority" means—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) if the transferee falls within paragraph (1)(c)(v), the supervisory authority in Switzerland;
(c) if the transferee falls within paragraph (1)(c)(vi), the appropriate authority or other supervisory body responsible for the supervision;
(d) in any other case, the appropriate authority.

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Source: https://www.legislation.gov.uk/ukpga/1992/40/schedule/15/paragraph/15 (the official version)
Page: https://openlegislation.uk/friendly-societies-act-1992/schedule-15/paragraph-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.