Cancellation of licence of managed fund insurer
6 Cancellation of licence of managed fund insurer
On the relevant date for a managed fund insurer, the licence of the managed fund insurer under Division 3 of Part 7 of this Act is cancelled.
No compensation (including compensation for loss of business or any goodwill associated with a business) is payable in respect of the cancellation of such a licence.
The cancellation of the licence of a managed fund insurer does not in itself give rise to any right of action against the managed fund insurer, the Authority, the Nominal Insurer or a scheme agent.
A managed fund insurer has no entitlement to appointment as a scheme agent and is not entitled to any compensation as a result of not being appointed as a scheme agent.
This Act’s bill:Explanatory memorandum
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