The Financial Services and Markets Act 2000 - Transfers of insurance business

The 2000 Act contains detailed provisions regulating the transfer of insurance businesses. The measures in essence are the same as those presently contained in the Insurance Companies Act 1982, although there has been a complete redrafting exercise. The most important difference between the old and new regimes is that under the 2000 Act all transfers have to be judicially approved: the old law required court sanction only for transfers of life business. It is to be noted that the Treasury is given wide powers to modify the transfer rules, so that their final shape is as yet not fully apparent.