Modifications etc. (not altering text)
C1Pt. 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)
(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.