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The Insurers (Reorganisation and Winding Up) Regulations 2004

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The Insurers (Reorganisation and Winding Up) Regulations 2004 is up to date with all changes known to be in force on or before 14 January 2025. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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  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 FCA and, if the insurer is a PRA-authorised person, the PRA

    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: certain assets excluded from insolvent estate of UK insurer

    4. 20.Preferential debts: disapplication of section 175 of the 1986 Act or Article 149 of the 1989 Order

    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. 28A.Composite insurers: seeking decisions from creditors

    14. 29.Composite insurers: general meetings of creditors

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

    16. 31.Summary remedy against liquidators

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

    18. 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: certain assets excluded from insolvent estate of UK insurer

    3. 36.Interpretation of this Part

    4. 37.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 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 REVOCATION AND AMENDMENTS

    1. 51.Amendment of the Insurers (Winding Up) Rules 2001 and the Insurers (Winding Up) (Scotland) Rules 2001

    2. 52.Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2002

    3. 53.Revocation and Transitional

  9. Signature

  10. Explanatory Note

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