- Latest available (Revised)
- Point in Time (11/07/2023)
- Original (As made)
Point in time view as at 11/07/2023.
The Insurers (Reorganisation and Winding Up) Regulations 2004, Section 33 is up to date with all changes known to be in force on or before 01 September 2024. 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
33.—(1) The modifications made by paragraph (2) apply where a voluntary arrangement is proposed under section 1 of the 1986 Act or Article 14 of the 1989 Order in relation to a UK insurer, and that arrangement includes—
(a)a composition in satisfaction of any insurance debts; and
(b)a distribution to creditors of some or all of the assets of that insurer in the course of, or with a view to, terminating the whole or any part of the business of that insurer.
(2) Section 4 of the 1986 Act (decisions of meetings) has effect as if—
(a)after subsection (4) there were inserted—
[F1“(4A) Neither the company nor its creditors may approve any proposal or modification under which any insurance debt of the company is to be paid otherwise than in priority to such of its debts as are not insurance debts or preferential debts.”];
(b)for subsection (7) there were substituted—
“(7) References in this section to preferential debts mean debts falling into any of categories 4 and 5 of the debts listed in Schedule 6 to this Act; and references to preferential creditors are to be construed accordingly.”; and
(c)after subsection (7) as so substituted there were inserted—
“(8) For the purposes of this section—
(a)“insurance debt” has the meaning it has in the Insurers ( Reorganisation and Winding up) Regulations 2004; and
(b)“relevant insolvency measure” means—
(i)the appointment of a provisional liquidator, or
(ii)the appointment of an administrator,
where an effect of the appointment will be, or is intended to be, a realisation of some or all of the assets of the insurer and the distribution of the proceeds to creditors, with a view to terminating the whole or any part of the business of that insurer.”.
(3) Article 17 of the 1989 Order (decisions of meetings) has effect as if—
(a)after paragraph (4) there were inserted—
“(4A) A meeting so summoned and taking place on or after 20th April 2003 shall not approve any proposal or modification under which any insurance debt of the company is to be paid otherwise than in priority to such of its debts as are not insurance debts or preferential debts.
(4B) Paragraph (4A) does not apply where—
(a)a winding up order made before 20th April 2003 is in force; or
(b)a relevant insolvency appointment made before 20th April [F22003] has effect, in relation to the company.”;
(b)for paragraph (7) there were substituted—
“(7) References in this Article to preferential debts mean debts falling into any of categories 4 and 5 of the debts listed in Schedule 4 to this Order, and references to preferential creditors are to be construed accordingly.”; and
(c)after paragraph (7) as so substituted there were inserted—
“(8) For the purposes of this section—
(a)“insurance debt” has the meaning it has in the Insurers (Reorganisation and Winding Up) Regulations 2004 and
(b)“relevant insolvency measure” means—
(i)the appointment of a provisional liquidator, or
(ii)the appointment of an administrator,
where an effect of the appointment will be, or is intended to be, a realisation of some or all of the assets of the insurer and the distribution of the proceeds to creditors, with a view to terminating the whole or any part of the business of that insurer.”.
Textual Amendments
F1Words in reg. 33(2)(a) substituted (23.7.2019) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2019 (S.I. 2019/1058), regs. 1, 6(4) (with reg. 11(2))
F2Word in reg. 33(3) inserted (3.3.2004) by The Insurers (Reorganisation and Winding Up) (Amendment) Regulations 2004 (S.I. 2004/546), regs. 1, 2(5)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: