Part VII business transfer schemes from insurers between 1 June 2016 and 17 May 2018

We publish details of a selection of requests made under the Freedom of Information Act 2000, and the information we disclose in response.

Date: 20 July 2018 

Disclosure:

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.

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