b'TABLE OF CONTENTSSpecifically, PRAs revisions to its Statement ofinsurer to show it has adequately responded to any Policy center around increased requirements forpolicyholder objections to the proposed transfer. transferor insurers with respect to risk mitigationFinally, FCAs revisions recognize the importance strategies, and impose new requirements onand utility of technology in the transfer process independent experts when evaluating theand, as such, greenlight insurers use of electronic transactional risk of the transfer. The PRA Statementmethods for providing notice and other of Policy revisions also increase the standards forcommunications to policyholders impacted by the evaluating insurers operational readiness toPart VII Transfer. undertake a Part VII Transfer when seeking toIn sum, the Part VII Transfer laws, and the restructure non-life run-off business.guidance promulgated in connection therewith, FCAs proposed revisions, though not yet adoptedset the standard for insurer restructuring across into the FCA Finalised Guidance, make clear that athe global. The recent refinements to UKs already transferor insurer must work closely with FCAsuccessful restructuring process may place added throughout the Part VII Transfer process, includingpressures on US regulators to chart a path forward bringing transaction related issues to FCAsfor wider adoption of IBT and CD legislation by attention proactively and in good time. Keythe individual statesthe more functional the UK aspects of FCAs recent revisions also includeprocess, the more industry groups, insurers and requiring the transferor and transferee insurers toUS regulators can feel comfortable that synchronize claims management philosophies torestructuring laws present a substantial benefit to prevent any potential negative impact toall stakeholders involved. policyholders, as well as requiring the transferor MAYER BROWN |83'