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Article: Insurance Business Transfers: the New Regime Under the Financial Services and Markets Act 2000.
- Article from:
- Mondaq Business Briefing
- Article date:
- April 26, 2002
CopyrightCOPYRIGHT 2002 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Part VII of the Financial Services and Markets Act 2000 (the "Act") contains a new regime for the transfer of insurance business (both long term and general), replacing the previous transfer process under Schedule 2C to the Insurance Companies Act 1982. As a result, the Schedule 2C procedure is no longer available for the transfer of either general or long term business (save where the legal process was commenced under Schedule 2C prior to 1 December 2001). Part VII also makes provision, for the first time, for a similar process in relation to the transfer of banking business.
Part VII will be highly significant to the insurance industry. Although there are many ...