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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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Schedule 12, Part I Insurance Business Transfer Schemes (paras. 1-6)

Sections 111(2) and 115.

1.For the purposes of section 111(2) the appropriate certificate, in relation to an insurance business transfer scheme, is a certificate under paragraph 2.

2.

(1) A certificate under this paragraph is to be given -

(a) by the relevant authority; or

(b) in a case in which there is no relevant authority, by the appropriate regulator.

(2) A certificate given under sub-paragraph (1)(a) is one certifying that, taking the proposed transfer into account -

(a) the transferee possesses, or will possess before the scheme takes effect, the necessary margin of solvency; or

(b) there is no necessary margin of solvency applicable to the transferee.

(3) A certificate under sub-paragraph (1)(b) is one certifying that the appropriate regulator has received from the authority which it considers to be the authority responsible for supervising persons who effect or carry out contracts of insurance in the place to which the business is to be transferred certification that, taking t

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