SCHEDULES

[F1 SCHEDULE 19B U.K. Further provision about write-down orders

Textual Amendments

F1 Sch. 19B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 3

PART 3 U.K. Treatment of written-down liabilities for certain purposes

Reinsurance contracts U.K.

10 (1) This paragraph applies where—

(a) the liability is a liability under a contract of insurance the insurer carries out as principal (“contract A”), and

(b) the insurer enters into a reinsurance contract under which contract A, or any liability under contract A, is reinsured (“contract B”).

(2) In determining the value of the liability for the purposes of contract B, no account is to be taken of the reduction in value of the liability under the write-down order.]