Transcription of Part VII Transfers - IRLA
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Part VII Transfers - IRLA
, VIIT ransfersMatthew Griffith NeilBrownJonathan Broughton JamesDickerson8 is a part VIItransfer? are people doingthem?a)lawyer s perspective (MatthewGriffith)b)commercial perspective (JamesDickerson) do you dothem?a)lawyer s perspective (NeilBrown)b)independent expert s perspective (JonathanBroughton)1. What is a part VIIT ransfer?2 Statutory method oftransferring insurance business between insurers3 part VII ofFSMAM andatory (for in scopetransfers)Protects policyholders viaPRA/FCA, Independent Expert & Court approvalWhat is a part VIItransfer? part VII of Financial Services and Markets Act20002. Why are people doing part VIIT ransfers?a) a lawyer sperspective4 Main uses of part Simplification, capital/regulatory efficiency,cost Brexit PRA Dear CEO letter April2017 Hard Brexit / transitionalarrangements2.
Communications Approach 17 •Regulation 3.2(b) of the Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001 •Starting point: notice of the transfer must be – “sent to every policyholder of the parties” – “sent to every reinsurer…whose contracts of reinsurance…are to betransferred”
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