(1) An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme ("a scheme report").

(2) A scheme report may be made only by a person -

(a) appearing to the appropriate regulator to have the skills necessary to enable him to make a proper report; and

(b) nominated or approved for the purpose by the appropriate regulator.

(3) A scheme report must be made in a form approved by the appropriate regulator.

(4) Where the appropriate regulator is the PRA, it must consult the FCA before -

(a) nominating or approving a person under subsection (2)(b), or

(b) approving a form under subsection (3).