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The Insurers (Reorganisation and Winding Up) Regulations 2004
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Changes to legislation:
The Insurers (Reorganisation and Winding Up) Regulations 2004, Section 34 is up to date with all changes known to be in force on or before 15 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 34:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Application of this PartU.K.
34.—(1) This Part applies—
(a)where a decision with respect to the approval of a proposed voluntary arrangement having a qualifying purpose is made under section 4A of the 1986 Act or Article 17A of the 1989 Order on or after 20th April 2003 in relation to a UK insurer;
(b)where an administration order made under section 8 of the 1986 Act on or after 20th April 2003 or, on or after 15th September 2003, made under paragraph 13 of Schedule B1 [F1or under paragraph 14 of Schedule B1 to the 1989 Order] is in force in relation to a UK insurer;
(c)where on or after 20th April 2003 the court reduces the value of one or more of the contracts of a UK insurer under section 377 of the 2000 Act or section 24(5) of the Friendly Societies Act 1992;
(d)where a UK insurer is subject to a relevant winding up;
(e)where a provisional liquidator is appointed in relation to a UK insurer on or after 20th April 2003.
(2) For the purposes of paragraph (1)(a), a voluntary arrangement has a qualifying purpose if it—
(a)varies the rights of the creditors as against the insurer and is intended to enable the insurer, and the whole or any part of its undertaking, to survive as a going concern; or
(b)includes a realisation of some or all of the assets of the insurer to which it relates and the distribution of the proceeds to creditors, with a view to terminating the whole or any part of the business of that insurer.
(3) For the purposes of paragraph (1)(d), a winding up is a relevant winding up if—
(a)in the case of a winding up by the court, the winding up order is made on or after 20th April 2003; or
(b)in the case of a creditors' voluntary winding up, the liquidator is appointed in accordance with section 100 of the 1986 Act, paragraph 83 of Schedule B1[F2, paragraph 84 of Schedule B1 to the 1989 Order] or Article 86 of the 1989 Order on or after 20th April 2003.
Textual Amendments
F1Words in reg. 34(1)(b) inserted (6.4.2007) by The Insurers (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 2(14)
F2Words in reg. 34(3)(b) inserted (6.4.2007) by The Insurers (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 2(15)
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