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Financial Services and Markets Act 2000, Section 379 is up to date with all changes known to be in force on or before 27 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Winding-up rules may include provision—
(a)for determining the amount of the liabilities of an insurer to policyholders of any class or description for the purpose of proof in a winding up; and
(b)generally for carrying into effect the provisions of this Part with respect to the winding up of insurers.
(2)Winding-up rules may, in particular, make provision for all or any of the following matters—
(a)the identification of assets and liabilities;
(b)the apportionment, between assets of different classes or descriptions, of—
(i)the costs, charges and expenses of the winding up; and
(ii)any debts of the insurer of a specified class or description;
(c)the determination of the amount of liabilities of a specified description;
(d)the application of assets for meeting liabilities of a specified description;
(e)the application of assets representing any excess of a specified description.
(3)“Specified” means specified in winding-up rules.
(4)“Winding-up rules” means rules made under section 411 of the 1986 Act (or Article 359 of the 1989 Order).
(5)Nothing in this section affects the power to make winding-up rules under the 1986 Act or the 1989 Order.
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