Paragraph 10 C1
United Kingdom
Subject to paragraph 9(2) above, an instrument giving effect to a transfer approved by the F1Treasury under this Part of this Schedule shall be effectual in law—
to transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument, and
if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights or obligations, notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.
Where the transferor is a UK or non-EC company, it is immaterial for the purposes of sub-paragraph (1) above that the law applicable to any of the contracts of direct insurance included in the transfer is the law of an EEA State other than the United Kingdom.
Except in so far as the Treasury may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee.
Annotations
Textual amendments
- F1
Words in Sch. 2C para. 10 substituted (5.1.1998) by S.I. 1997/2781, art. 8, Sch. Pt. I para. 59 (with art. 7)
Modifications
- C1
Sch. 2C para. 10 by S.I. 2001/3639, art. 6 (with art. 2)
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
Notes on Schedule [SCHEDULE 2C]
Textual amendments
- F1
Sch. 2C inserted (1.7.1994) by S.I. 1994/1696, reg. 28(2), Sch. 3
Modifications
- C1
Sch. 2C: Power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 58