Paragraph 8

F2they are satisfied that the transferee is, or will be immediately after the approval—

general business of the class or classes to be transferred by the instrument;

they are also satisfied that every policy included in the transfer evidences a contract which was entered into before the date of the application;

the relevant authority certifies that the transferee possesses the necessary margin of solvency after taking the proposed transfer into account; F3. . .

where the transferor is a UK company and the establishment from which the policies are to be transferred is situated in a member State other than the United Kingdom, the TreasuryF4are satisfied

in the opinion of the Treasury the circumstances of the case justify the giving of F6their approval

that the supervisory authority in that member State has been notified of the proposed transfer;

either that the authority has consented to the transfer or that the authority has not refused its consent to the transfer within the period of three months beginning with the notification.

the transferee either fulfils the conditions in Articles 13 to 16 of the second general insurance Directive in that EEA State or will be participating, by virtue of the transfer of that policy, in a Community co-insurance operation otherwise than as the leading insurer; and

the supervisory authority in that EEA State agrees to the transfer.

where the EEA State in which the establishment is situated is also the State in which the risk is situated, they are satisfied that the supervisory authority in that EEA State agrees to the transfer;

where the United Kingdom is the State in which the risk is situated, they are satisfied that—

where an EEA State other than the United Kingdom or the EEA State in which the establishment is situated is the State in which the risk is situated, they are satisfied that—

the transferee is, or will be immediately after the approval—

general business of the class or classes to be transferred by the instrument; and

every policy included in the transfer evidences a contract which was entered into before the date of the application,

publish a notice of F14their decision in the London, Edinburgh and Belfast Gazettes and in such other manner as they may think fit, and

send a copy of that notice to the transferor, the transferee and every person who made representations in accordance with the notice referred to in paragraph 7(1) above;

if the transferee is a UK company, the Treasury;

if the transferee is an EC company, the supervisory authority in its home State;

if the transferee is a non-EC company whose head office is in an EFTA State, the supervisory authority in that EFTA State;

if the transferee is a Swiss general insurance company, the supervisory authority in Switzerland;

if the transferee does not fall within paragraphs (a) to (d) above, the Treasury or other authority which, in accordance with Article 25 or 26 of the first general insurance Directive, is responsible for supervising the transferee’s margin of solvency.

sub-paragraphs (1)(a) and (5)(a) above shall have effect as if the reference to section 3 or 4 above were a reference to that Part of that Act; and

sub-paragraph (1)(c) above shall have effect as if the relevant authority for the purposes of this paragraph were the Friendly Societies Commission.