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Section 52B Effect of transfers authorised in other EEA States.F1C1

United Kingdom

(1)

This section applies where—

(a)

an EC company transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in its home State in accordance with—

(i)

Article 11 of the third long term insurance Directive, or

(ii)

Article 12 of the third general insurance Directive;

(b)

a non-EC company whose head office is in an EFTA State transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in an EEA State other than the United Kingdom in accordance with—

(i)

Article 6 of the second long term insurance Directive, or

(ii)

Article 11 of the second general insurance Directive; or

(c)

F2a company which is authorised in accordance with Article 27 of the first long term insurance Directive, or Article 23 of the first general insurance Directive transfers to another body all its rights and obligations under any UK policies and the transfer is authorised in a member State other than the United Kingdom in accordance with—

(i)

Article 31a of the first long term insurance Directive (as amended by Article 49 of the third long term insurance Directive), or

(ii)

Article 28a of the first general insurance Directive (as amended by Article 53 of the third general insurance Directive).

(2)

If notice of the execution of the instrument giving effect to the transfer is published in such manner as the F3Treasury may from time to time direct, the instrument shall be effectual in law—

(a)

to transfer to the transferee all the transferor’s rights and obligations under the UK policies included in the instrument, and

(b)

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.

(3)

Directions under this section may make different provision for different cases or descriptions of case.

(4)

A policy which evidences a contract of F4. . . insurance is a UK policy for the purposes of this section if the law applicable to it is the law of any part of the United Kingdom.

Annotations

Textual amendments

F1

S. 52B inserted (1.7.1994) by S.I. 1994, reg. 30

F2

Words in s. 52B(1)(C) substituted (30.12.1994) by S.I. 1994/3132, reg. 7(8)(a)

F3

Words in s. 52B(2) substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 37 (with art. 7)

F4

Words in s. 52B(4) omitted (30.12.1994) by virtue of S.I. 1994/3132, reg. 7(8)(b)

Modifications

C1

S. 52B: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 37

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 Part II

Modifications

C1

Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65

Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)