SCHEDULETransitional provision: insurance business transfer schemes

InterpretationI11

1

In this Schedule—

  • “the 2001 Regulations” means the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 M1;

  • “the 2001 Order” means the Financial Services and Markets Act 2000 (Control of Business Done at Lloyd's) Order 2001 M2;

  • “the Act” means the Financial Services and Markets Act 2000;

  • “transitional insurance business transfer scheme” means an insurance business transfer scheme which satisfies both of the following conditions—

    1. a

      Condition 1 is that, before exit day, the relevant fee has been paid;

    2. b

      Condition 2 is that a person has, before F1IP completion day, been nominated or approved under section 109(2)(b) of the Act (nomination or approval of person to make scheme report by appropriate regulator) M3.

2

In Condition 1 of the definition of “transitional insurance business transfer scheme” in sub-paragraph (1) the “relevant fee” means the fee required to be paid by a person applying for an insurance business transfer scheme under Part 7 of the Act under any provision of the Fees Part of the rulebook made by the PRA under the Act in force immediately before F2IP completion day.