The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019

Amendment of the Insurers (Reorganisation and Winding Up) Regulations 2004 U.K.

2.—(1) The Insurers (Reorganisation and Winding Up) Regulations 2004 M1 are amended as follows.

(2) In regulation 2 (interpretation)—

(a) in paragraph (1) omit the following definitions—

(i) “branch”;

(ii) “directive reorganisation measure”;

(iii) “directive winding up proceedings”;

(iv) “EEA creditor”;

(v) “EEA insurer”;

(vi) “EEA regulator”;

(vii) “EEA State”;

(viii) “home state regulator”;

(ix) “official language”;

(x) “the Solvency 2 Directive”; and

(b) omit paragraph (2).

(3) Omit Part 2 (insolvency measures and proceedings: jurisdiction in relation to insurers).

(4) Omit regulation 10 (notification of relevant decision to EEA regulators).

(5) Omit regulation 11 (publication of voluntary arrangement, administration order, winding up order or scheme of arrangement).

(6) In regulation 12 (notification to creditors: winding-up proceedings)—

(a) in paragraph (7) omit “Subject to paragraph (8),” and the words from “, and that heading” to the end; and

(b) omit paragraph (8).

(7) Omit regulation 13 (submission of claims by EEA creditors).

(8) Omit regulation 16 (disclosure of confidential information received from an EEA regulator).

(9) In regulation 17 (interpretation of Part 4), in paragraph (1)—

(a) in the definition of “composite insurer” omit “, in accordance with Article 73(2) of the Solvency 2 Directive”;

(b) in the definition of “general business assets” omit the words from “, in accordance with” to the end; and

(c) in the definition of “long term business assets” omit the words from “, in accordance with” to the end.

(10) In the heading of Part 5 omit “: Recognition of EEA rights”.

(11) In regulation 36 (interpretation of Part 5), in paragraph (1) omit sub-paragraph (c) (the definition of “relevant time”) and the word “and” which immediately precedes that sub-paragraph.

(12) For regulation 37 (EEA rights: applicable law in the winding up of a UK insurer) substitute—

“Applicable law in the winding up of a UK insurer

37.   The general law of insolvency of the United Kingdom is applicable in a relevant winding up, subject only to the provisions of regulations 43 and 44.”.

(13) Omit the following regulations—

(a) regulation 38 (employment contracts and relationships);

(b) regulation 39 (contracts in connection with immovable property);

(c) regulation 40 (registrable rights);

(d) regulation 41 (third parties' rights in rem); and

(e) regulation 42 (reservation of title agreements etc.).

(14) In regulation 43 (creditors' rights to set off)—

(a) in paragraph (1) for “applicable EEA law” substitute “ law applicable to the affected insurer's claim ”; and

(b) omit paragraph (2).

(15) In regulation 44 (regulated markets)—

(a) in paragraph (1)—

(i) omit “Without prejudice to regulation 40,”;

(ii) for “a regulated market operating in an EEA State” substitute “ UK regulated market ”; and

(b) for paragraph (3) substitute—

“(3) For the purposes of this regulation “UK regulated market” has the meaning given by point (13A) of Article 2(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.”.

(16) Omit the following regulations—

(a) regulation 45 (detrimental acts pursuant to the law of an EEA State);

(b) regulation 46 (protection of third party purchasers); and

(c) regulation 47 (lawsuits pending).

(17) In regulation 48 (interpretation of Part 6), in paragraph (1)(b) (definition of third country insurer)—

(a) in paragraph (i) after “contracts of insurance” insert “ other than by virtue of regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 M2 ”; and

(b) in paragraph (ii) omit “or an EEA State”.

(18) Omit regulation 50 (disclosure of confidential information: third country insurers).

Commencement Information

I1 Reg. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1), see reg. 1(3)

Marginal Citations

M1 S.I. 2004/353.

M2 S.I. 2018/1149.