Date: 20 July 2018
The approval of requests under Part VII of the Financial Services and Markets Act 2000 (‘FSMA’) of business transfer schemes (‘Part VII transfers’) from insurers is not a function of the Prudential Regulation Authority (‘PRA) under FSMA. Insurers notify the PRA of their intention to undertake a Part VII transfer. In order for a Part VII transfer to go ahead, an order has to be granted by the Court to approve the transfer.
Between 1 June 2016 and 17 May 2018 the PRA received 29 notifications from insurers to transfer policies through a Part VII arrangement to an EU operation.