ARTICLE · 24 JULY 2012

ReInsurance and Reinsurance - Weekly Update 17.7.2012

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Provident Insurance PLC & others v FSA.

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Provident Insurance PLC & others v FSA

Part VII transfers where transferor authorised in Gibraltar/notification requirement

http://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/ EWHC/Ch/2012/1860.html&query=title+(+provident+and+fin ancial+and+services+and+authority+)&method=Boolean

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This case was novel in that it involved the first (so far as the parties were aware) insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000 ("FSMA") involving the transfer of the insurance business from a firm authorised in Gibraltar to a firm authorised in the UK. The first issue to be addressed, therefore, was whether the court had the power to sanction the scheme under section 111 of FSMA.

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