The Insurers (Reorganisation and Winding Up)(Amendment) Regulations 2007

Amendments to the Insurers (Reorganisation and Winding Up)(Lloyds) Regulations 2005

3.—(1) The Insurers (Reorganisation and Winding Up) (Lloyds) Regulations 2005(1) are amended as follows.

(2) In regulation 2 (interpretation) at the end of the definition of “the Administration for Insurers Order” add “and the “Administration for Insurers (Northern Ireland) Order” means the Financial Services and Markets Act 2000 (Administration Relating to Insurers)(Northern Ireland) Order 2007”(2).

(3) In regulation 8 (moratorium)—

(a) in paragraph (6)(a) after “Schedule B1” insert “or in Schedule B1 to the 1989 Order”; and

(b) in paragraph (7) after “notice” insert “in writing”.

(4) In regulation 9(2) (reorganisation controller) after “under Part 13 of the 1986 Act” insert “or under Part 12 of the 1989 Order”.

(5) In regulation 13 (treatment of members)—

(a) in paragraph (2) for “and the Administration for Insurers Order” substitute “, the Administration for Insurers Order and the Administration for Insurers (Northern Ireland) Order”;

(b) in paragraph (2)(b) after “Insurers Order” insert “or the Administration for Insurers (Northern Ireland) Order”;

(c) in paragraph (4)(b) after “Schedule B1” insert “or in Schedule B1 to the 1989 Order”; and

(d) in paragraph (5) after “notified” insert “in writing”.

(6) In regulation 14(4) after “Insurers Order” insert “or the Administration for Insurers (Northern Ireland) Order”.

(7) In regulation 16(5) (reorganisation controller’s powers) after “given” insert “in writing”.

(8) In regulation 19(1) (appointment of an administrator etc.)—

(a) at the end of sub-paragraph (a) insert “or under paragraph 15 of Schedule B1 to the 1989 Order”; and

(b) at the end of sub-paragraph (b) insert “or under paragraph 23 of Schedule B1 to the 1989 Order”.

(9) In regulation 20 (reorganisation controller’s powers: administration)—

(a) in paragraph (1) after “Schedule B1” insert “or under paragraph 13 of Schedule B1 to the 1989 Order”;

(b) in paragraph (2)(a) after “Schedule B1” insert “, or under Schedule B1 to the 1989 Order,”;

(c) in paragraph (3)(b) for “(or Part 3 of the 1989 Order)” substitute “or under Schedule B1 to the 1989 Order”; and

(d) in paragraph (5)(b) after “Schedule B1” insert “or under paragraph 58 of Schedule B1 to the 1989 Order”.

(10) In regulation 21(reorganisation controller’s powers: receivership in relation to members)—

(a) in paragraph (5)(b) for “Article 58” substitute “Article 59”; and

(b) in paragraph (6) after “Schedule B1” insert “or paragraph 40 of Schedule B1 to the 1989 Order”.

(11) In regulation 22(2) (syndicate set-off) after “Rule 4.90 of the Insolvency Rules or” insert “Rule 2.086 and”.

(12) In regulation 25 (petition for winding up of a member by reorganisation controller), in paragraph (3) for “Article 102(1)” substitute “Article 102”.

(13) In regulation 31(payments from central funds)—

(a) in paragraph (1) after “5 working days” insert “written”; and

(b) in paragraph (4)(b) after “notice” insert “in writing”.

(14) In regulation 33 (notification of relevant decision to Authority) in paragraph (3)(a) for “Article 245 or 247” substitute “Article 238”.

(15) In regulation 38 (reports to creditors)

(a) in paragraph (1)(a)(ii) after “Schedule B1” insert “or paragraph 84 of Schedule B1 to the 1989 Order”;

(b) for paragraph (1)(d) substitute—

“(d) an administrator (within the meaning given by paragraph 1(1) of Schedule B1 or paragraph 2(1) of Schedule B1 to the 1989 Order) of a member or former member includes in the statement required by Rule 2.3 of the Insolvency Rules or by Rule 2.003 of the Insolvency Rules (Northern Ireland) a statement to the effect that the objective set out in paragraph 3(1)(a) of Schedule B1 or paragraph 4(1)(a) of Schedule B1 to the 1989 Order is not reasonably likely to be achieved;”;

(c) in paragraph (2)(a) after “Schedule B1” insert “or in paragraph 4(1)(a) of Schedule B1 to the 1989 Order”;

(d) in paragraph (3)(b) for “Article 149” substitute “Article 248”;

(e) in paragraph (3)(c)—

(i) after “Schedule B1” insert “or in paragraph 4(1)(a) of Schedule B1 to the 1989 Order”; and

(ii) for “that Schedule” substitute “Schedule B1 or under paragraph 48(1) of Schedule B1 to the 1989 Order”.

(16) At the end of regulation 45(2)(b) (application of Part 5 of the 2004 Regulations) add “or under paragraph 14 of Schedule B1 to the 1989 Order”.

(17) In regulation 47(application of Part 5 of the 2004 Regulations: protection of dispositions etc.)—

(a) in paragraph (4)(b) after “Schedule B1” insert “or with Schedule B1 to the 1989 Order”; and

(b) in paragraph (5)(d)(i) after “Part 8 of the 1986 Act” add “or Part 8 of the 1989 Order”.

(1)

S.I. 2005/1998.

(2)

S.I. 2005/1998.