Schedules

Schedule 3Transitionals and savings

Part 12Supplemental

111Transfer of insurance company business

Section 560 applies with—

a

the substitution for subsection (1) of—

1

This section applies if assets are transferred as part of, or in connection with, a transfer of the whole or part of the long term business of an insurance company to another company in accordance with a scheme sanctioned by a court under section 49 of the Insurance Companies Act 1982.

b

the omission of subsection (2),

in relation to transfers sanctioned or authorised before 1st July 1994.

112Election regarding sale consideration

1

In relation to a transfer to which this paragraph applies, section 569(3) applies with the substitution for paragraph (a) of—

a

any of the parties is not resident in the United Kingdom at the time of the transfer and the circumstances are not at that time such that a relevant allowance or charge falls or might fall to be made to or on that party as a result of the transfer;

2

This paragraph applies to—

a

a transfer before 16th March 1993;

b

a transfer in pursuance of a contract entered into before that date; and

c

a transfer in pursuance of a contract entered into for the purpose of securing that obligations under a contract entered into before that date are complied with.