Sch 14 para 16
(1) Section 369 (insurers: service of petition etc. on Authority) is amended as follows. (2) In subsection (1)— (a) for “the Authority” substitute “ a regulator ” , and (b) for “on the Authority” substitute “ on the appropriate regulator ” . (3) In subsection (2)— (a) for “the Authority” substitute “ a regulator ” , and (b) for “on the Authority” substitute “ on the appropriate regulator ” . (4) After that subsection insert— (3) The appropriate regulator” means— (a) in relation to a PRA-authorised person, the FCA and the PRA, and (b) in any other case, the FCA. (4) If either regulator— (a) presents a petition for the winding up of a PRA-authorised person with permission to effect or carry out contracts of insurance, or (b) applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of a PRA-authorised person with permission to effect or carry out contracts of insurance, that regulator must serve a copy of the petition or application (as the case requires) on the other regulator. (5) In the heading, for “Authority” substitute “ FCA and PRA ” .