SCHEDULES

SCHEDULE 14U.K.Amendments of Part 24 of FSMA 2000: insolvency

24(1)Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows.U.K.

(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.”