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Part VII Transfer
A Part VII transfer, also known as ''insurance business transfer scheme'', is a transfer of business or parts of a business under Part VII of the Financial Services & Markets Act 2000 in the United Kingdom. Part VII transfers are a common tool used by insurance businesses to address required business transformation in preparation for or in response to Brexit. Background Insurance companies based in the United Kingdom can operate in other parts of the European Union under a so-called EU passport arrangement for financial services. Under this arrangement, insurance policies for risks elsewhere in the EU, can be underwritten in the UK. With the UK's departure from the EU, insurers would not be able to pay out claims under such policies. According to the Financial Conduct Authority, this could affect 38 million policyholders with policy values of up to GBP 55 billion. Transfer Under a Part VII transfer, an insurance company will set up a separate legal entity in an EU country that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services & Markets Act 2000
The Financial Services and Markets Act 2000c 8 is an Act of Parliament, Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts. The Act was considerably amended by the Financial Services Act 2012 and the Bank of England and Financial Services Act 2016. Contents Some of the key sections of this act are: ;Part I The Regulator * Section 1A outlines the regulatory objectives of the Financial Conduct Authority: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) the reduction of financial crime. * Section 2A establishes the Prudential Regulation Authority (United Kingdom), Prudential Regulation Authority ;Part II Regulated And Prohibited Activities * Section 19 requires firms to be authorised to conduct regulated activities. * Secti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |