Section 109

An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme (“a scheme report”). A scheme report may be made only by a person— appearing to the appropriate regulator to have the skills necessary to enable him to make a proper report; and nominated or approved for the purpose by the appropriate regulator. A scheme report must be made in a form approved by the appropriate regulator. Where the appropriate regulator is the PRA, it must consult the FCA before— nominating or approving a person under subsection (2)(b), or approving a form under subsection (3). Subsection (6) applies where the appropriate regulator is the FCA and either— the transferee is a PRA-authorised person, or the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person. The FCA must consult the PRA before— nominating or approving a person under subsection (2)(b), or approving a form under subsection (3).

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Source: legislation.gov.uk · retrieved 2026-09-04