Portfolio transfers

Portfolio transfers

A (re)insurer is unable to transfer its obligations under a contract of insurance without the consent of the policyholder. Typically, a novation agreement between the original insurer, the policyholder and the substitute insurer is required to effect such a transfer.

Portfolio transfers—Part VII transfers

An exception to this is to effect an insurance business transfer under Part VII of the Financial Services and Markets Act 2000. This mechanism provides a process whereby

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