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The Insurers (Reorganisation and Winding Up) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 353
- PART IV
- Regulation 27
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Composite insurers: application of other assets
27.—(1) This regulation applies in the case of the winding up of a non-transferring composite insurer where regulation 25 does not apply.
(2) The other assets of the insurer, together with any outstanding business assets, must be paid in discharge of the following debts in accordance with section 175 of the 1986 Act or Article 149 of the 1989 Order—
(a)unattributed preferential debts;
(b)all other debts.
(3) In this regulation—
“unattributed preferential debt” has the same meaning as in regulation 25;
“outstanding business assets” means assets of the kind mentioned in regulation 26(2).
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