Vii Transfer. This will take place under part vii of the financial services and markets act 2000. This statement of policy sets out the approach and expectations of the prudential regulation authority pra in relation to transfers of insurance business under part vii of the financial services and markets act 2000 fsma some.
Unless specifically excluded the policies or parts of policies to be transferred under the proposed transfer are those where all or part of the risk underwritten at lloyds is located in an eea state or where the policyholder is resident in. For the first time in history the high court refused to sanction the part vii transfer. This will take place under part vii of the financial services and markets act 2000.
This webpage details the legal transfer of those policies from fti to fetic that took place under part vii of the financial services and markets act 2000 the transfer.
26 the pra proposes to set out in greater detail the specific role it plays in insurance business transfers in the sop. As part of assurants brexit plans we are proposing to transfer certain parts of our insurance business the transferring business where the risk is situated in a european economic area eea state other than the uk or switzerland to new subsidiaries based in the netherlands. Our part vii transfer expertise. In november 2021 mr justice trower considered the proposed scheme and concluded that in all the.