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Tag Archives: Part VII Transfer

Posted in Regulatory and legislative updates, UK

UK: PRA proposals to Increase the Part VII Transfer Transaction Fee

On 13 February 2019, the PRA published Policy Statement (PS) 3/19, which sets out the PRA’s final policy on updating periodic fees and transaction fees for insurers. Notably PS3/19 implements a substantial increase in Part VII FSMA regulatory transaction fees. This change will come into effect on Friday 1 March 2019. The Part VII transaction

Posted in Regulatory and legislative updates, USA

US: NAIC forms working group to explore alternative restructuring mechanisms for insurers seeking to transfer blocks of business

On 19 February 2019, the NAIC Financial Condition (E) Committee voted to form a Restructuring Mechanisms Working Group (the “Restructuring Working Group”) and a Restructuring Mechanisms Subgroup (the “Restructuring Subgroup”) to consider the issue of various insurance business transfer (“IBT”) laws that have been adopted, or are being considered, across the United States. These IBT

Posted in Market developments, Regulatory and legislative updates, UK

Webinar – Recent developments in Part VII transfers and schemes of arrangement for insurers

Part VII transfers continue to be an important tool for both M&A and group reorganisations in the insurance industry, not least because of Brexit. In addition, there is an increasing interest in the use of schemes of arrangement to restructure insurance businesses. Click here to read more and to register for the Webinar.

Posted in Regulatory and legislative updates, UK

UK: FCA consults on its approach to reviewing Part VII transfers of insurance business

On Monday 15 May 2017 the Financial Conduct Authority (FCA) published a consultation paper on new proposed guidance on its approach to reviewing applications to transfer insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA) (a Part VII Transfer).  Comments are requested by 15 August 2017. In accordance with the