The Insurers (Winding Up) Rules 2001

1. Introductory Text

2. 1. Citation, commencement and revocation

3. 2. Interpretation

4. 3. Application

5. 4. Appointment of liquidator

6. 5. Separation of long-term and other business in winding up

7. 6. Valuation of general business policies

8. 7. Valuation of long-term policies

9. 8. (1) This rule applies in relation to a company’s long-term...

10. 9. Attribution of liabilities to company’s long-term business

11. 10. Attribution of assets to company’s long-term business

12. 11. Excess of long-term business assets

13. 12. Actuarial advice

14. 13. Utilisation of excess of assets

15. 14. In the case of a company carrying on long-term business...

16. 15. Custody of assets

17. 16. Maintenance of accounting, valuation and other records

18. 17. Additional powers in relation to long-term business

19. 18. Accounts and audit

20. 19. Security by the liquidator and special manager

21. 20. Proof of debts

22. 21. Failure to pay premiums

23. 22. Notice of valuation of policy

24. 23. Dividends to creditors

25. 24. Meetings of creditors

26. 25. Remuneration of liquidator carrying on long-term business

27. 26. Apportionment of costs payable out of the assets

28. 27. Notice of stop order

29. Signature

30. 1. SCHEDULE 1

       RULES FOR VALUING GENERAL BUSINESS POLICIES

       1. 1. (1) This paragraph applies in relation to periodic payments under...

       2. 2. (1) This paragraph applies in relation to liabilities under a...

       3. 3. (1) This paragraph applies in relation to liabilities under a...

    2. SCHEDULE 2

       RULES FOR VALUING NON-LINKED LIFE POLICIES, NON-LINKED DEFERRED ANNUITY POLICIES, NON-LINKED ANNUITIES IN PAYMENT, UNITISED NON-LINKED POLICIES AND CAPITAL REDEMPTION POLICIES

       1. 1. General

       2. 2. Present value of the ordinary benefits

       3. 3. Present value of additional benefits

       4. 4. Present value of options

       5. 5. Present value of premiums

       6. 6. Value of the policy

    3. SCHEDULE 3

       RULES FOR VALUING LIFE POLICIES AND DEFERRED ANNUITY POLICIES WHICH ARE LINKED POLICIES

       1. 1. (1) Subject to sub-paragraph (2) the value of the policy...

       2. 2. (1) Where the linked liabilities are expressed in terms of...

       3. 3. (1) This paragraph applies where— (a) paragraph 2(2)(a) applies and...

       4. 4. Where the linked liabilities are not expressed in terms of...

       5. 5. (1) The value of any liabilities other than linked liabilities...

    4. SCHEDULE 4

       RULES FOR VALUING LONG-TERM POLICIES WHICH ARE NOT DEALT WITH IN SCHEDULES 2 OR 3

    5. SCHEDULE 5

       RULES FOR VALUING LONG-TERM POLICIES WHERE A STOP ORDER HAS BEEN MADE

       1. 1. Subject to paragraphs 2 and 3, in valuing a policy...

       2. 2. (1) This paragraph applies where the policy holder has a...

       3. 3. (1) This paragraph applies in the case of a linked...

    6. SCHEDULE 6

       FORMS

31. Explanatory Note