The Insurers (Reorganisation and Winding Up) Regulations 2004

EEA rights: applicable law in the winding up of a UK insurer

37.—(1) This regulation is subject to the provisions of regulations 38 to 47.

(2) In a relevant winding up, the matters mentioned in paragraph (3) in particular are to be determined in accordance with the general law of insolvency of the United Kingdom.

(3) Those matters are—

(a) the assets which form part of the estate of the affected insurer;

(b) the treatment of assets acquired by, or devolving on, the affected insurer after the opening of the relevant winding up;

(c) the respective powers of the affected insurer and the liquidator or provisional liquidator;

(d) the conditions under which set-off may be revoked;

(e) the effects of the relevant winding up on current contracts to which the affected insurer is a party;

(f) the effects of the relevant winding up on proceedings brought by creditors;

(g) the claims which are to be lodged against the estate of the affected insurer;

(h) the treatment of claims against the affected insurer arising after the opening of the relevant winding up;

(i) the rules governing—

(i) the lodging, verification and admission of claims,

(ii) the distribution of proceeds from the realisation of assets,

(iii) the ranking of claims,

(iv) the rights of creditors who have obtained partial satisfaction after the opening of the relevant winding up by virtue of a right in rem or through set-off;

(j) the conditions for and the effects of the closure of the relevant winding up, in particular by composition;

(k) the rights of creditors after the closure of the relevant winding up;

(l) who is to bear the cost and expenses incurred in the relevant winding up;

(m) the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to all the creditors.

(4) In this regulation, “relevant winding up” has the meaning given by regulation 34(3).