3
Insurance business transfers from Switzerland
Introduction
3.1
Under section 115 of FSMA, the PRA has the power to give a certificate confirming that a firm possesses the necessary margin of solvency, to facilitate an insurance business transfer to the firm under Swiss legislation from a Swiss general insurance company. This chapter provides guidance on how the PRA would exercise this power and on related matters.
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PRA response to proposal
3.2
Unless otherwise expressly stated by the PRA, all the procedural aspects for dealing with insurance business transfers from Switzerland should be discussed by firms with the PRA in the first instance.
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3.3
The PRA is required to co-operate with FINMA. If it has serious concerns about the proposed transferee, the PRA would inform FINMA within three months of the original request from it.
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3.4
The PRA will request any relevant information from FINMA that would assist in determining whether the transfer is likely to have a material effect on the transferee.
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3.5
If the effect of the transfer is not likely to be material and the PRA does not have serious concerns about the transferee, the PRA can reply favourably.
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3.6
If the effect of the transfer may be material, the PRA will need to consider whether to request a scheme of operations or other information from the proposed transferee to assist in determining whether the likely effect of the transfer is such that the PRA should have serious concerns.
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3.7
If the effect of the transfer may have a material adverse effect on the transferee or the security of policyholders, the PRA will consider whether it is appropriate to exercise its powers under FSMA to achieve its statutory objectives.
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3.8
If the transfer involves a transfer of business from a branch established in the United Kingdom, the PRA will consider whether the notification of UK policyholders and advertising of the transfer in the United Kingdom is appropriate.
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