Chapter 9 Transfer of insurance business 9.1.1 Application of chapter 9 This chapter applies to a firm that is a QFC captive insurer if the firm effects an insurance business transfer. Provisions on insurance business transfers may also be found in the Note part 16 (Control of Business Transfers). Financial Services Regulations, 9.1.2 Definitions for chapter 9 (1) For this chapter: in relation to a firm that is the transferor under a interested party, relevant scheme, means a policyholder of the firm affected by the scheme. means a scheme effecting an insurance business relevant scheme transfer. under a relevant scheme (or proposed relevant scheme) transferee means the insurer to which the insurance business transfer under the scheme is being made (or proposed to be made). under a relevant scheme (or proposed relevant scheme) transferor means the firm making (or proposing to make) the insurance business transfer under the scheme. (2) by a firm, means the transfer of all or Insurance business transfer, part of the business of effecting or carrying out contracts of insurance or reinsurance undertaken by the firm in or from the QFC. (3) However, does not include— insurance business transfer (a) the transfer of business relating to contracts of reinsurance entered into between members of the same group; and (b) the transfer of business of all of a business that consists firm’s solely of effecting and carrying out contracts of reinsurance in or from the QFC if all the policyholders of the transferor who will be affected by the transfer have consented to it; and (c) the transfer of business of all of a business if— firm’s (i) all the policyholders of the firm are of the controllers firm or firms in the same group as the transferee; and
Chapter 9 Transfer of insurance business 9.1.1 Application of chapter 9 This chapter applies to a firm that is a QFC captive insurer if the firm effects an insurance business transfer. Note Provisions on insurance business transfers may also be found in the Financial Services Regulations, part 16 (Control of Business Transfers). 9.1.2 Definitions for chapter 9 (1) For this chapter: interested party, in relation to a firm that is the transferor under a relevant scheme, means a policyholder of the firm affected by the scheme. relevant scheme means a scheme effecting an insurance business transfer. transferee under a relevant scheme (or proposed relevant scheme) means the insurer to which the insurance business transfer under the scheme is being made (or proposed to be made). transferor under a relevant scheme (or proposed relevant scheme) means the firm making (or proposing to make) the insurance business transfer under the scheme. (2) Insurance business transfer, by a firm, means the transfer of all or part of the business of effecting or carrying out contracts of insurance or reinsurance undertaken by the firm in or from the QFC. (3) However, insurance business transfer does not include— (a) the transfer of business relating to contracts of reinsurance entered into between members of the same group; and (b) the transfer of business of all of a firm’s business that consists solely of effecting and carrying out contracts of reinsurance in or from the QFC if all the policyholders of the transferor who will be affected by the transfer have consented to it; and (c) the transfer of business of all of a firm’s business if— (i) all the policyholders of the firm are controllers of the firm or firms in the same group as the transferee; and