Part XXIV Insolvency

Supplemental provisions concerning insurers

379 Winding-up rules.

(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.