Article 94 - Business Transfers

For the purposes of Article 93:

(1) an Insurance Business Transfer is a transfer of the whole or part of the business of effecting or carrying out contracts of insurance or reassurance undertaken by an Authorised Firm in or from the QFC other than where the business relates to reassurance contracts entered into between members of the same Group;
(2) a Banking Business Transfer is a transfer of the whole or part of the business of accepting Deposits undertaken by an Authorised Firm in or from the QFC;
(3) a Relevant Business Transfer is a transfer of the whole or part of the business of carrying on Regulated Activities (other than as provided by (1) and (2) above) by an Authorised Firm in or from the QFC and either:
(A) the Authorised Firm has elected to enter into a scheme of transfer in accordance with this Part; or
(B) the transfer is of a type which the Regulatory Authority may by Rules determine should be a Relevant Business Transfer for the purposes of this Part; and
(4) a Relevant Scheme is a scheme effecting an Insurance Business Transfer, a Banking Business Transfer or a Relevant Business Transfer.