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The Insurers (Reorganisation and Winding Up) Regulations 2003
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- UK Statutory Instruments
- 2003 No. 1102
- PART IV
- Regulation 32
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Priority of subrogated claims by the Financial Services Compensation Scheme
32.—(1) This regulation applies where an insurance creditor has assigned a relevant right to the scheme manager (`a relevant assignment').
(2) For the purposes of regulations 21, 23 and 24, where the scheme manager proves for an insurance debt in the winding up of a UK insurer pursuant to a relevant assignment, that debt must be paid to the scheme manager in the same order of priority as any other insurance debt.
(3) In this regulation—
“relevant right” means any direct right of action against a UK insurer under a contract of insurance, including the right to prove for a debt under that contract in a winding up of that insurer;
“scheme manager” has the meaning given by section 212(1) of the Financial Services and Markets Act 2000.
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