1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Northern Ireland) Order 2005 and comes into force on 1 October 2005.
(2) In this Order—
“the 1989 Order” means the Insolvency (Northern Ireland) Order 1989(1);
“Article 35 meeting” means a meeting held under Article 35 of the 1989 Order.
2. Part III of the 1989 Order (administration orders) applies in relation to insurers with the modifications specified in the Schedule to this Order, and accordingly Article 21(5)(a)(2) of that Order does not preclude the making of an administration order in relation to an insurer.
3. The Insolvency Rules (Northern Ireland) 1991(3), so far as they give effect to Part III of the 1989 Order, have effect in relation to insurers with the modification that in Rule 2. 10(1) of those Rules (the hearing) there is inserted after sub-paragraph (a) the following sub-paragraph—
“(aa)the Financial Services Authority;”.
4. Where an insurer, in relation to which an administration order has been made, subsequently goes into liquidation, sums due from the insurer to another party are not to be included in the account of mutual dealings rendered under Rule 4.096 of the Insolvency Rules (Northern Ireland) 1991 (mutual credit and set-off) if, at the time they become due, a petition has been presented to the court under Article 22 of the 1989 Order (application for an administration order) in relation to the insurer.
Tom Watson,
Gillian Merron
Two of the Lords Commissioners of Her Majesty’s Treasury
20th June 2005
I consent
Paul Murphy
One of Her Majesty’s Principal Secretaries of State
Northern Ireland Office
7th June 2005