December 2006

Part VII transfers: the recently proposed amendments to the law and their effect on reinsurers

An insurance business transfer scheme (a Part VII Transfer) under the Financial Services and Markets Act 2000 (FSMA) will only be sanctioned by the Court if, amongst other things, the transferee has the necessary regulatory authorisations and permissions to take on the business being transferred to it. Confirmation of this will need to be supplied to the Court at the final hearing to sanction the scheme in the form of a certificate from the regulator of the transferee. This will be the Financial Services Authority (FSA) where the transferee is UK authorised.

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