SCHEDULES

SCHEDULE 14Amendments of Part 24 of FSMA 2000: insolvency

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1

Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows.

2

In subsection (11)(c), for “Authority” substitute “ PRA ”.

3

After subsection (11) insert—

11A

The PRA must—

a

consult the FCA before making an application under subsection (10), and

b

provide the FCA with a copy of any actuary's report made to the PRA under that subsection.

11B

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-authorised activity—

a

the reference in subsection (11)(c) to the PRA is to be read as a reference to the FCA, and

b

subsection (11A) does not apply.