OpenLegislation

Paragraph 15A F1

United Kingdom

(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 long term 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;

F2(ii)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iii)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iv)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(v)

an insurance company whose margin of solvency is F3supervised 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.

(F41A)

For the purposes of sub-paragraph (1)(c)(v), references to rules made by the Prudential Regulation Authority are to those rules as they have effect on IP completion day.

(2)

The F5appropriate authority shall not confirm the transfer unless–

F6(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; F7...

F8(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

F11(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .

(F126)

In this paragraph “the relevant authority" means—

F13(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

if the transferee falls within paragraph (1)(c)(v), the appropriate authority or other supervisory body responsible for the supervision;

(c)

in any other case, the appropriate authority.

Annotations

Textual amendments

F1: Sch. 15 para 15A substituted (1.9.1994) by S.I. 1994/1984, reg. 25, Sch. 4 para. 4
F2: Sch. 15 para. 15A(1)(c)(ii)(iii) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(a); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in Sch. 15 para. 15A(1)(c)(v) substituted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(b); 2020 c. 1, Sch. 5 para. 1(1)
F4: Sch. 15 para. 15A(1A) inserted (31.12.2020) by The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(c) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 1(b)(ii)); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in Sch. 15 para. 15A substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(15) (with Sch. 12)
F6: Sch. 15 para. 15A(2)(a) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F7: Word in Sch. 15 para. 15A(2)(b) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(d); 2020 c. 1, Sch. 5 para. 1(1)
F8: Sch. 15 para. 15A(2)(c) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(d); 2020 c. 1, Sch. 5 para. 1(1)
F9: Sch. 15 para. 15A(3) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(e); 2020 c. 1, Sch. 5 para. 1(1)
F10: Sch. 15 Pt. II para. 15A(4) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.
F11: Sch. 15 Pt. II para. 15A(5) repealed (1.1.1998) by S.I. 1997/2849, reg. 5, Sch.
F12: Sch. 15 para. 15A(6) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 208(3)
F13: Sch. 15 para. 15A(6)(a) omitted (31.12.2020) by virtue of The Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039), regs. 1, 15(5)(f); 2020 c. 1, Sch. 5 para. 1(1)

Notes on Schedule 15

Modifications

C1: Sch. 15: power to modify conferred (16.1.2009) by Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26), ss. 3, 6(2); S.I. 2009/36, art. 2

Notes on Part II

Textual amendments

F1: Words in Sch. 15 Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 9 para. 56(5) (with Sch. 12)

Notes on Confirmation of transfers of engagements

Textual amendments

F1: Sch. 15 para. 14 omitted (17.8.2001 for specified purposes and otherwiseprosp.) by virtue of S.I. 2001/2617, arts. 2(a), 8(1), 13(1), Sch. 3 para. 128(r) (with art. 13(3), Sch. 5) and is repealed (prosp.) by S.I. 2001/3538, art. 2(1)