Financial Services and Markets Act 2000

Procedure U.K.

[F1 11 (1) An order under paragraph 10 may be made on the court’s own motion or on an application by—

(a) where the insurer is in financial difficulties by virtue of paragraph 2(1)(a) (write-down order), a person mentioned in paragraph 1(4) of Schedule 19B;

(b) where the insurer is in financial difficulties by virtue of paragraph 2(1)(b) (administration), a person mentioned in sub-paragraph (2);

(c) where the insurer is in financial difficulties by virtue of paragraph 2(1)(c) (winding up), a person entitled to petition for the winding up of the insurer;

(d) a provisional liquidator of the insurer;

(e) the FCA.

(2) For the purposes of sub-paragraph (1)(b), the persons are—

(a) where an administrator has been appointed, the administrator;

(b) where the insurer is in, or is awaiting, administration under Part 2 of the 1986 Act, a person mentioned in paragraph 12(1) of Schedule B1 to that Act;

(c) where the insurer is in, or is awaiting, administration under Part 3 of the 1989 Order, a person mentioned in paragraph 13(1) of Schedule B1 to that Order.

(3) Before making an application for an order under paragraph 10—

(a) a person other than a person mentioned in sub-paragraph (4) must obtain the consent of the PRA;

(b) a person mentioned in sub-paragraph (4) must consult the PRA.

(4) The persons mentioned in this sub-paragraph are—

(a) the FCA;

(b) an administrator of the insurer;

(c) a provisional liquidator of the insurer;

(d) a person appointed to act as the manager of the write-down order by virtue of which the insurer is in financial difficulties for the purposes of this Schedule.

(5) Consent under sub-paragraph (3)(a)—

(a) must be in writing, and

(b) must be filed with the court with the relevant application.

(6) The PRA must consult the FCA before giving or refusing consent under sub-paragraph (3)(a).]

Textual Amendments

F1 Sch. 19C inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 13 para. 1(3)