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The Insurers (Reorganisation and Winding Up) Regulations 2004

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Changes over time for: Section 26

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The Insurers (Reorganisation and Winding Up) Regulations 2004, Section 26 is up to date with all changes known to be in force on or before 12 January 2025. 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. Help about Changes to Legislation

Composite insurers: excess of long term business assets and general business assetsU.K.

26.—(1) This regulation applies in the case of the winding up of a non-transferring composite insurer where the value of the long term business assets and the general business assets, applied in accordance with regulation 22, exceeds the value of the sum of the long term business preferential debts and the general business preferential debts.

(2) In a case to which this regulation applies, long term business assets or general business assets which have not been applied in discharge of long term business preferential debts or general business preferential debts must be applied in accordance with regulation 27.

(3) In this regulation, “long term business preferential debts” and “general business preferential debts” have the same meaning as in regulation 22.

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