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Section 105: Insurance business transfer schemes.

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part VII: Control of Business Transfers

A scheme is an insurance business transfer scheme if it—

satisfies the condition set out in subsection (2);
results in the business transferred being carried on from an establishment of the transferee in the United Kingdom or Gibraltar; and
is not an excluded scheme.

The condition is that the whole or part of the business carried on in the United Kingdom by an authorised person who has permission to effect or carry out contracts of insurance ("the transferor concerned") is to be transferred to another body ("the transferee").

A scheme is an excluded scheme for the purposes of this section if it falls within any of the following cases:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The parties to a scheme which falls within Case ... 3, 4 or 5 may apply to the court for an order sanctioning the scheme as if it were an insurance business transfer scheme.

If the scheme involves a compromise or arrangement falling within Part 27 of the Companies Act 2006 (mergers and divisions of public companies), the provisions of that Part (and Part 26 or 26A of that Act, as the case may be) apply accordingly but this does not affect the operation of this Part in relation to the scheme.

"UK authorised person" means a body which is an authorised person and which—

is incorporated in the United Kingdom; or
is an unincorporated association formed under the law of any part of the United Kingdom.

"Establishment" means, in relation to a person, his head office or a branch of his.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.