Paragraph 4 C1

United Kingdom

(1)

This paragraph applies where the court makes an order under this Part of this Schedule sanctioning a scheme and either—

(a)

the transferor company is a UK or non-EC company and, as regards any policy included in the transfer which evidences a contract of direct insurance, a member State other than the United Kingdom is the State of the commitment; or

(b)

as regards any EFTA policy included in the transfer, an EEA State other than the United Kingdom is the State of the commitment.

(2)

The court shall direct that—

(a)

notice of the making of any order, or the execution of any instrument, giving effect to the transfer shall be published in the member State or, as the case may be, the EEA State which is the State of the commitment; and

(b)

the notice shall specify the period during which the policy holder may exercise any right to cancel the policy;

and the instrument or order shall not bind the policy holder if either such a notice is not so published or the policy holder exercises any such right during the period so specified.

(3)

The law of the member State or, as the case may be, the EEA State which is the State of the commitment shall determine—

(a)

whether the policy holder has a right to cancel the policy; and

(b)

the conditions applicable to any such right.

Annotations

Modifications

C1: Sch. 2C para. 4 continued (1.12.2001) by S.I. 2001/3639, art. 3(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F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)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