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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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105. Insurance business transfer schemes

(1) A scheme is an insurance business transfer scheme if it -

(a) satisfies the condition set out in subsection (2);

(b) results in the business transferred being carried on from an establishment of the transferee in the United Kingdom; and

(c) is not an excluded scheme.

(2) The condition is that the whole or part of the business carried on in the United Kingdom by an authorised person who has permission to effect or carry out contracts of insurance ("the transferor concerned") is to be transferred to another body ("the transferee").

(3) A scheme is an excluded scheme for the purposes of this section if it falls within any of the following cases:

Case 1

Where the transferor concerned is a friendly society.

Case 2

[deleted]

Case 3

Where -

(a) the transferor concerned is a UK authorised person;

(b) the business to be transferred under the scheme is carried on in one or more countries or territories outside the United Kingdom and does not include policies of insurance against risks arisin

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