The Insurers (Reorganisation and Winding Up) Regulations 2003

1. Introductory Text

2. PART I General

   1. 1. Citation and commencement

   2. 2. Interpretation

   3. 3. Scope

3. PART II Insolvency measures and proceedings: jurisdiction in relation to insurers

   1. 4. Prohibition against winding up etc. EEA insurers in the United Kingdom

   2. 5. Schemes of arrangement: EEA insurers

   3. 6. Reorganisation measures and winding up proceedings in respect of EEA insurers effective in the United Kingdom

   4. 7. Confirmation by the court of a creditors' voluntary winding up

4. PART III Modifications of the law of insolvency: notification and publication

   1. 8. Modifications of the law of insolvency

   2. 9. Notification of relevant decision to the Authority

   3. 10. Notification of relevant decision to EEA regulators

   4. 11. Publication of voluntary arrangement, administration order, winding up order or scheme of arrangement

   5. 12. Notification to creditors: winding up proceedings

   6. 13. Submission of claims by EEA creditors

   7. 14. Reports to creditors

   8. 15. Service of notices and documents

   9. 16. Disclosure of confidential information received from an EEA regulator

5. PART IV Priority of payment of insurance claims in winding up etc.

   1. 17. Interpretation of this Part

   2. 18. Application of regulations 19 to 27

   3. 19. Application of this Part: assets subject to a section 425 or Article 418 compromise or arrangement

   4. 20. Preferential debts: disapplication of section 175 of the Insolvency Act 1986

   5. 21. Preferential debts: long term insurers and general insurers

   6. 22. Composite insurers: preferential debts attributable to long-term and general business

   7. 23. Preferential debts: long term business of a non-transferring composite insurer

   8. 24. Preferential debts: general business of a composite insurer

   9. 25. Insufficiency of long term business assets and general business assets

   10. 26. Composite insurers: excess of long term business assets and general business assets

   11. 27. Composite insurers: application of other assets

   12. 28. Composite insurers: proof of debts

   13. 29. Composite insurers: general meetings of creditors

   14. 30. Composite insurers: apportionment of costs payable out of the assets

   15. 31. Summary remedy against liquidators

   16. 32. Priority of subrogated claims by the Financial Services Compensation Scheme

   17. 33. Voluntary arrangements: treatment of insurance debts

6. PART V Reorganisation or winding up of UK insurers: recognition of EEA rights

   1. 34. Application of this Part

   2. 35. Application of this Part: assets subject to a section 425 compromise or arrangement

   3. 36. Interpretation of this Part

   4. 37. EEA rights: applicable law in the winding up of a UK insurer

   5. 38. Employment contracts and relationships

   6. 39. Contracts in connection with immovable property

   7. 40. Registrable rights

   8. 41. Third parties' rights in rem

   9. 42. Reservation of title agreements etc.

   10. 43. Creditors' rights to set off

   11. 44. Regulated markets

   12. 45. Detrimental acts pursuant to the law of an EEA State

   13. 46. Protection of third party purchasers

   14. 47. Lawsuits pending

7. PART VI Reorganisation or winding up of third country insurers

   1. 48. Interpretation of this Part

   2. 49. Application of these Regulations to a third country insurer

   3. 50. Disclosure of confidential information: third country insurers

8. PART VII Revocations and amendments

   1. 51. Revocation of the Financial Services and Markets Act 2000 (Treatment of Assets of Insurers on Winding Up) Regulations 2001

   2. 52. Amendment of the Insurers (Winding Up) Rules 2001 and the Insurers (Winding Up) (Scotland) Rules 2001

   3. 53. Maintenance of separate financial records for long term and other business

   4. 54. Excess of long term business assets

   5. 55. Proof of debts

   6. 56. Valuation of policies for meetings of creditors

   7. 57. Meetings of creditors

   8. 58. Apportionment of expenses of the liquidation

9. Signature

10. Explanatory Note