C1Part XXIV Insolvency

Annotations:
Modifications etc. (not altering text)
C1

Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)

Winding up by the court

369 Insurers: service of petition etc. on F1FCA and PRA.

1

If a person other than F3a regulator presents a petition for the winding up of an authorised person with permission to effect or carry out contracts of insurance, the petitioner must serve a copy of the petition F4on the appropriate regulator.

2

If a person other than F5a regulator applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of an authorised person with permission to effect or carry out contracts of insurance, the applicant must serve a copy of the application F6on the appropriate regulator.

F23

"The appropriate regulator” means—

a

in relation to a PRA-authorised person, the FCA and the PRA, and

b

in any other case, the FCA.

4

If either regulator—

a

presents a petition for the winding up of a PRA-authorised person with permission to effect or carry out contracts of insurance, or

b

applies to have a provisional liquidator appointed under section 135 of the 1986 Act (or Article 115 of the 1989 Order) in respect of a PRA-authorised person with permission to effect or carry out contracts of insurance,

that regulator must serve a copy of the petition or application (as the case requires) on the other regulator.