SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

I113

1

Section 366 (insurers effecting or carrying out long-term contracts of insurance) is amended as follows.

2

In subsections (1), (2) and (5), for “Authority” substitute “ PRA ”.

3

At the end insert—

9

Before giving or refusing consent under subsection (1), the PRA must consult the FCA.

10

In the event that the activity of effecting or carrying out long-term contracts of insurance as principal is not to any extent a PRA-regulated activity—

a

references to the PRA in subsections (1), (2) and (5) are to be read as references to the FCA, and

b

subsection (9) does not apply.