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Statutory Instruments

2001 No. 3626

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001

Made

7th November 2001

Laid before Parliament

8th November 2001

Coming into force

1st December 2001

The Treasury, in exercise of the powers conferred on them by sections 323 and 428(3) of the Financial Services and Markets Act 2000( 1 ), hereby make the following Order:

Citation and commencement

1. This Order may be cited as the Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 and comes into force on 1st December 2001.

Interpretation

2. In this Order —

“the Act” means the Financial Services and Markets Act 2000;

“the Council” and “the Society” have the same meaning as in Lloyd’s Act 1982( 2 );

...

3. The following provisions, that is to say—

(a) sections 103A 104 and 107 to 113 of the Act;

(b) any regulations made under section 108 of the Act; and

(c) Part I of Schedule 12 to the Act;

apply in relation to schemes for the transfer of the whole or any part of the business carried on by one or more underwriting members of the Society or by one or more persons who have ceased to be such a member (whether before, on or after 24th December 1996) (“the members concerned”) in the same way as they apply in relation to insurance business transfer schemes, but only if the conditions specified by article 4 are satisfied.

4. The conditions referred to in article 3 are—

(a) that the scheme results in the business transferred being carried on from an establishment of the transferee in the United Kingdom or Gibraltar ;

(b) that the Council of Lloyd’s has—

(i) by resolution authorised one person to act, or

(ii) certified that one person has authority to act,

in connection with the transfer for the members concerned, as transferor;

(c) that a copy of the resolution or the certificate has been give to the PRA and the FCA .

5. —(1) The provisions which apply by virtue of paragraph (a) and (b) of article 3 do so as if—

(a) any reference to the authorised person concerned were a reference to the members concerned; ...

(aa) the members concerned were authorised persons with permission to carry on the regulated activities of effecting a contract of insurance as principal and carrying out a contract of insurance as principal; and

(b) anything done in connection with the transfer by the person authorised , or the person certified to have authority, in accordance with paragraph (b) of article 4 had been done by the members concerned for whom he acted.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2A) Paragraph 2 of Part 1 of Schedule 12 to the Act apply as if the members concerned were authorised persons with permission to carry on the regulated activities of effecting a contract of insurance as principal and carrying out a contract of insurance as principal.

(3) A transfer scheme carried out by virtue of this Order may transfer to an establishment of the transferee business written on different syndicates and in different years of account of syndicates.

Nick Ainger

Tony McNulty

Two of the Lords Commissioners of Her Majesty’s Treasury

( 1 )

2000 c. 8 .

( 2 )

1982 c. 14 .

Status: There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001.
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 (2001/3626)

Displaying information

Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
C1Art. 3 modified (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710) , reg. 1(3) , Sch. paras. 4 , 5 , 9(2) ; 2020 c. 1 , Sch. 5 para. 1(1)
C2Art. 4(a) modified (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710) , reg. 1(3) , Sch. para. 4 , 5 , 9(3) ; 2020 c. 1 , Sch. 5 para. 1(1)
C3Art. 5(2) (2A) modified (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710) , reg. 1(3) , Sch. para. 4 , 5 , 9(2) ; 2020 c. 1 , Sch. 5 para. 1(1)
F1Words in art. 2 omitted (23.7.2008) by virtue of The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(2)omitted
F2Word in art. 3(a) substituted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765) , arts. 1 , 5(2)substituted
F3Words in art. 3 substituted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(3)(a)substituted
F4Word in art. 3(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632) , regs. 1(3) , 184(2) (with transitional provisions in S.I. 2019/710 , regs. 1(4) , 36 , Sch. para. 3 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1)this amendment is subject to savings and/or transitional provisions, see the commentary.substituted
F5Words in art. 3 substituted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(3)(b)substituted
F6Words in art. 4(a) substituted (31.12.2020 on IP completion day) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632) , regs. 1(3) , 184(3) (as amended by S.I. 2019/680 , regs. 1(3) , 9(7) ) (with transitional provisions in S.I. 2019/710 , regs. 1(4) , 36 , Sch. para. 3 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1)this amendment is subject to savings and/or transitional provisions, see the commentary.substituted
F7Art. 4(b) substituted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(4)(a)substituted
F8Art. 4(c) substituted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(4)(b)substituted
F9Word in art. 4(c) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472) , art. 1(1) , Sch. 2 para. 64 (with Sch. 2 para. 65 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F10Words in art. 4(c) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765) , arts. 1 , 5(3)inserted
F11Word in art. 5(1)(a) omitted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765) , arts. 1 , 5(4)(a)omitted
F12Art. 5(1)(aa) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765) , arts. 1 , 5(4)(b)inserted
F13Words in art. 5(1)(b) inserted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(5)(a)inserted
F14Words in art. 5(1)(b) inserted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(5)(b)inserted
F15Art. 5(2) omitted (31.12.2020 on IP completion day) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632) , regs. 1(3) , 184(4)(a) (with transitional provisions in S.I. 2019/710 , regs. 1(4) , 36 , Sch. para. 3 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1)this amendment is subject to savings and/or transitional provisions, see the commentary.omitted
F16Art. 5(2A) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765) , arts. 1 , 5(4)(c)inserted
F17Words in art. 5(2A) substituted (31.12.2020 on IP completion day) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632) , regs. 1(3) , 184(4)(b) (with transitional provisions in S.I. 2019/710 , regs. 1(4) , 36 , Sch. para. 3 and with savings in S.I. 2019/680 , reg. 11 ); 2020 c. 1 , Sch. 5 para. 1(1)this amendment is subject to savings and/or transitional provisions, see the commentary.substituted
F18Art. 5(3) inserted (23.7.2008) by The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 (S.I. 2008/1725) , arts. 1 , 2(6)inserted
I1Art. 1 in force at 1.12.2001, see art. 1
I2Art. 2 in force at 1.12.2001, see art. 1
I3Art. 3 in force at 1.12.2001, see art. 1
I4Art. 4 in force at 1.12.2001, see art. 1
I5Art. 5 in force at 1.12.2001, see art. 1
Defined TermSection/ArticleIDScope of Application
the Actart. 2.the_Act_rtQ3Aak
the Councilart. 2.the_Counci_rt2HmoD
the members concernedart. 2.the_member_rtP8r8V
the Societyart. 2.the_Societ_rtZHbXB
Changes that affect Made by
Sort descending by Changed Legislation Sort descending by Year and Number Changed Provision Type of effect Sort descending by Affecting Legislation Title Sort descending by Year and Number Affecting Provision Sort descending by Changes made to website text Note
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 1 coming into force The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 1 Yes
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 2 coming into force The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 1 Yes
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 3 coming into force The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 1 Yes
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 4 coming into force The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 1 Yes
The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 5 coming into force The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd's) Order 2001 2001 No. 3626 art. 1 Yes

Status of changes to instrument text

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