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The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2002

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  • Y Diweddaraf sydd Ar Gael (Diwygiedig)
  • Gwreiddiol (a wnaed Fel)

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Citation, commencement and interpretation

1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2002 and comes into force on 31st May 2002.

(2) In this Order—

“the 1986 Act” means the Insolvency Act 1986(1);

“section 23 meeting” means a meeting held under section 23 of the 1986 Act.

Meaning of insurer in section 360 of the Financial Services and Markets Act 2000

2.  In article 2 of the Financial Services and Markets Act 2000 (Insolvency) (Definition of “Insurer”) Order 2001(2), omit the words “except section 360 (administration orders in relation to insurers),”.

Modification of Part II of the 1986 Act in relation to insurers

3.  Part II of the 1986 Act (administration orders) applies in relation to insurers with the modifications specified in the Schedule to this Order, and accordingly section 8(5)(a)(3) of that Act does not preclude the making of an administration order in relation to an insurer.

Modification of the Insolvency Rules 1986 in relation to insurers

4.  The Insolvency Rules 1986(4), so far as they give effect to Part II of the 1986 Act, have effect in relation to insurers with the modification that in Rule 2.9(1) of those Rules (the hearing) there is inserted after sub-paragraph (a) the following sub-paragraph—

“(aa)the Financial Services Authority;”.

Mutual credit and set-off

5.  Where an insurer, in relation to which an administration order has been made, subsequently goes into liquidation, sums due from the insurer to another party are not to be included in the account of mutual dealings rendered under rule 4.90 of the Insolvency Rules 1986 (mutual credit and set-off) if, at the time they became due, a petition had been presented to the court under section 9 of the 1986 Act (application for an administration order) in relation to the insurer.

Anne McGuire

Nick Ainger

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd May 2002

I consent

Patricia Hewitt

Secretary of State

Department of Trade and Industry

2nd May 2002

Yn ôl i’r brig

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