An application under section 107 in respect of an insurance business transfer scheme must be accompanied by a report on the terms of the scheme ("a scheme report").
A scheme report may be made only by a person—
appearing to the appropriate regulator to have the skills necessary to enable him to make a proper report; and
nominated or approved for the purpose by the appropriate regulator.
A scheme report must be made in a form approved by the appropriate regulator.
Where the appropriate regulator is the PRA, it must consult the FCA before—
nominating or approving a person under subsection (2)(b), or
approving a form under subsection (3).
Subsection (6) applies where the appropriate regulator is the FCA and either—
the transferee is a PRA-authorised person, or
the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.
The FCA must consult the PRA before—
nominating or approving a person under subsection (2)(b), or
approving a form under subsection (3).