Regulation 3 Approval of transfers of general business

In subsection (4A)^f1 of section 51 of the 1982 Act (approval of transfers of general business), for the words from “unless” to the end substitute the words

“unless—

(a)

the supervisory authorities of that State certify that it possesses the necessary margin of solvency after taking the proposed transfer into account; or

(b)

every policy included in the proposed transfer evidences a contract of reinsurance.”.