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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Business Transfers) Order 2001 URL: http://www.bailii.org/uk/legis/num_reg/2001/20013639.html |
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| Made | 8th November 2001 | ||
| Laid before Parliament | 9th November 2001 | ||
| Coming into force | 1st December 2001 |
Saving of Schedule 2C - general
2.
- (1) This Order applies notwithstanding any repeal of the Insurance Companies Act.
(2) Any term used in any provision of Schedule 2C which continues to apply by virtue of this Order (including any provision as modified by this Order) which was defined by any provision of the Insurance Companies Act continues to have the meaning given by that Act.
(3) Each reference in Schedule 2C to a person being, or not being -
is to be treated as a reference to that person having that status immediately before commencement.
(4) Where any provision of Schedule 2C continues to apply by virtue of this Order to a transfer to or from members of Lloyd's, each reference to a UK company (as modified by paragraph (3)) is also to be treated as including a reference to members of Lloyd's.
(5) So far as it relates to things done or to be done on or after commencement, each reference in Schedule 2C to the Treasury is to be treated as a reference to the Authority.
(6) In relation to any transfer to or from members of Lloyd's to which provisions of Schedule 2C continue to apply by virtue of this Order, anything done in connection with the transfer (whether before, on or after commencement) by the person authorised in accordance with section 85(2)(b) of the Insurance Companies Act is to be treated as being done by the members for whom he acted.
(7) In this article, each reference to members of Lloyd's includes a reference to a former underwriting member of Lloyd's (within the meaning of Lloyds Act 1982[4]) who has ceased to be a member of Lloyd's, whether by resignation or otherwise, in accordance with Lloyd's Act 1982 and any byelaw made under that Act.
Transfers of long term business
3.
- (1) In this article, a "relevant petition" means an application by petition which was made before commencement under paragraph 1(1) of Schedule 2C for an order sanctioning a transfer scheme, but which had not been determined before commencement.
(2) Sub-paragraph (2) of paragraph 1 of Schedule 2C continues to apply to any scheme which is the subject of a relevant petition and which involves a compromise or arrangement of the kind specified in that sub-paragraph.
(3) Except in the case of a scheme of the kind specified in paragraph (2), no order may be made under -
in respect of so much of any compromise or arrangement as involves any transfer scheme which is the subject of a relevant petition.
(4) Sub-paragraphs (1) to (5) of paragraph 2 of Schedule 2C continue to apply to a relevant petition.
(5) Sub-paragraphs (1) to (6) of paragraph 3 of Schedule 2C continue to apply to a relevant petition, subject to the following modifications -
(b) sub-paragraph (4)(b) applies as if for sub-paragraph (i) there were substituted -
(c) sub-paragraph (5) applies as if for sub-paragraphs (a) and (b) and for the words following those sub-paragraphs there were substituted -
(6) Paragraph 4 of Schedule 2C continues to apply where the court makes an order sanctioning a transfer scheme pursuant to a relevant petition.
Transfers of long-term business - supplementary provisions
4.
Any order made under Part I of Schedule 2C sanctioning a transfer scheme, including an order made under that Part by virtue of this Order, is to be treated as an order under section 111(1) of the Act for the purposes of section 112(1) of the Act.
Transfers of general business
5.
- (1) In this article, a "relevant application" means an application which was made before commencement under paragraph 6(1) of Schedule 2C for approval of a transfer of rights and obligations, but which had not been determined before commencement.
(2) Sub-paragraph (2) of paragraph 6 of Schedule 2C continues to apply to any notice or other document authorised or required to be given or served under Part II of that Schedule in connection with a relevant application.
(3) Sub-paragraphs (1) to (4) of paragraph 7 of Schedule 2C continue to apply to a relevant application.
(4) Sub-paragraphs (1) to (8) of paragraph 8 of Schedule 2C continue to apply to a relevant application, subject to the following modifications -
(b) sub-paragraph (4)(b) applies as if for sub-paragraph (i) there were substituted -
(c) sub-paragraph (5) applies as if for sub-paragraph (a) there were substituted -
to effect and carry out contracts of general insurance of the class or classes to be transferred by the instrument; and".
(5) Paragraph 9 of Schedule 2C continues to apply where the Authority approves a relevant application.
Transfers of general business - effect of approval
6.
Paragraph 10 of Schedule 2C continues to apply to any instrument giving effect to a transfer approved under Part II of Schedule 2C, including a transfer approved under that Part by virtue of this Order.
Modification of section 104 of the Act
7.
Any order made under Part I of Schedule 2C or any approval given under Part II of that Schedule, including any order made or approval given under that Schedule on or after commencement by virtue of this Order, is to be treated as an order under section 111(1) of the Act for the purposes of section 104 of the Act.
John Heppell
Nick Ainger
Two of the Lords Commissioners of Her Majesty's Treasury
8th November 2001
[3] Inserted by S.I. 1994/1696; amended by S.I. 1994/3132 and S.I. 1997/2781.back
[5] 1985 c. 6; amended by the Insolvency Act 1986 (c. 45) Schedule 6, paragraphs 11 and 12.back
[6] S.I. 1986/1032 (N.I. 6).back
