UK Insurance Law Episode 36: Insurance Business Transfers

In this episode, we explore the legal and regulatory framework governing insurance business transfers in the UK. This includes a detailed look at Part VII of the Financial Services and Markets Act 2000, which sets out the procedures and requirements for transferring insurance portfolios between companies. We discuss the role of the courts, the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) in overseeing these transfers to protect policyholder interests. Additionally, we cover the practical steps involved in a business transfer, from preliminary assessments and actuarial reviews to final court approval. This episode provides an essential guide to understanding the complexities of insurance portfolio transfers and the safeguards in place to ensure policyholder protections are maintained.