Related provisions for INSPRU 1.1.2
1 - 4 of 4 items.
The independent expert would not normally be expected to be knowledgeable:(1) about general insurance business if the business being transferred is long-term insurance business only; nor(2) about long-term insurance business if the business being transferred is general insurance business only;but, where either the transferor or transferee is a composite, he should understand the relevance of the general insurance business to the security of the long-term insurance business policyholders
As the consent (or presumed consent) of the Host State is required for a transfer covering contracts for which another EEA State is the state of the risk (for general insurance business) or the state of the commitment (for long-term insurance business), it is advisable to obtain the consent of regulatory body in the Host State to any waiver of publication in that state. The approval of the court will still be required.
GEN 4.3.1 R (Disclosure in letters to retail clients4) does not apply in relation to:4(1) general insurance business if:(a) the State of the risk is an EEA State other than the United Kingdom; or(b) the State of the risk is outside the EEA and the client is not in the United Kingdom when the contract of insurance is entered into; or(2) long-term insurance business if:(a) the client is habitually resident in an EEA State other than the United Kingdom; or(b) the client is habitually
(1) This section applies to a firm in relation to the whole of its business, except where a particular provision provides for a narrower scope.(2) Where a firm carries on both long-term insurance business and general insurance business, this section applies separately to each type of business.