Sch 14 para 24
(1) Section 376 (continuation of contracts of long-term insurance where insurer in liquidation) is amended as follows. (2) In subsection (11)(c), for “Authority” substitute “ PRA ” . (3) After subsection (11) insert— (11A) The PRA must— (a) consult the FCA before making an application under subsection (10), and (b) provide the FCA with a copy of any actuary's report made to the PRA under that subsection. (11B) In the event that the activity of effecting or carrying out long-term contracts of insurance as principal is not to any extent a PRA-authorised activity— (a) the reference in subsection (11)(c) to the PRA is to be read as a reference to the FCA, and (b) subsection (11A) does not apply.