LegalizeThe Insurers (Reorganisation and Winding Up) Regulations 2004
Reg. 46 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(16)(b) (with Pt. 3 Ch. 2) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(g)(h)); 2020 c. 1, Sch. 5 para. 1(1)
Reg. 47 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(16)(c) (with Pt. 3 Ch. 2) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(g)(h)); 2020 c. 1, Sch. 5 para. 1(1)
Words in reg. 48(1)(b)(ii) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(17)(b); 2020 c. 1, Sch. 5 para. 1(1)
Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
Application of this Part: certain assets excluded from insolvent estate of UK insurer
Application of this Part: certain assets excluded from insolvent estate of UK insurer
Composite insurers: seeking decisions from creditors
28A
- (1) This regulation applies in the same circumstances as regulation 28, but only if the non-transferring composite insurer is—
- (a) a company registered in England and Wales or Scotland;
- (b) a registered society within the meaning given by section 1(1) of the Co-operative and Community Benefit Societies Act 2014 which the courts in England and Wales or Scotland have jurisdiction to wind up; or
- (c) a friendly society within the meaning of section 7(1)(a) of the Friendly Societies Act 1974, which is registered within the meaning of that Act and is being wound up by the High Court or the Court of Session under the Insolvency Act 1986.
- (2) The creditors from whom the liquidator is to seek a decision about any matter in relation to the winding up are to be—
- (a) in relation to the long term business assets of that insurer, only those who are creditors in respect of long term business liabilities, and
- (b) in relation to the general business assets of that insurer, only those who are creditors in respect of general business liabilities.
Composite insurers: general meetings of creditors
Composite insurers: apportionment of costs payable out of the assets
Summary remedy against liquidators
Priority of subrogated claims by the Financial Services Compensation Scheme
Voluntary arrangements: treatment of insurance debts
Applicable law in the winding up of a UK insurer
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