F849 No insurance business transfer scheme ... is to have effect unless an order has been made in relation to it under section 111(1).
Cases considering section 104 (12)
Aviva Life And Pensions UK Ld & Ors, Re
The court confirms that an insurance business transfer scheme has no effect unless sanctioned by an order under section 111(1). (see para [22])
AIG Europe Ltd & Anor, Re
Interprets section 104 as requiring court sanction before an insurance business transfer scheme can have effect; the sanctioning order is not itself necessarily sufficient to transfer the business. (see paras [5], [17], [30])
Scottish Equitable Plc, Re
The court confirms that the prior reinsurance did not itself constitute a business transfer or breach section 104. Reinsurance may alter the economic risk without transferring the underlying contractual relationship with policyholders. (see paras [36]-[42])
- Provident Insurance Plc & Ors v The Financial Services Authority (FSA)
- Re Windsor Life Assurance Company Ltd
- Prudential Assurance Company Ltd and Rothesay Life Plc, Re
- In the matter of USAA Limited
- Prudential Assurance Company Ltd, Re
- Scottish Widows Ltd, Re
- Royal London Mutual Insurance Society Ltd, Re
- Prudential Annuities Ltd & Ors, Re
- Alba Life Ltd. & Ors, Re
What each judgment says about section 104 is in the case-law panel in the full Act.
Explanatory note
Amendments and notes
3 notes from legislation.gov.uk
Amendments
- F849Words in s. 104 omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 22(1), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications
- C320S. 104 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)
Commencement
- I21S. 104 partly in force; s. 104 not in force at Royal Assent see s. 431(2); s. 104 in force for specified purposes at 1.12.2001 by S.I. 2001/3538, art. 2(1)(2) text for certain specified purposes only, see the commentary.
196.This section establishes that the arrangements under Part VII are generally the exclusive route for giving effect to the types of transfer to which the Part applies. However, the definition of insurance business transfer schemes under section 105 provides for qualifying cross-border transfers to be approved in other member States, in accordance with the directives.