The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005

1. Introductory Text

2. PART 1 GENERAL

   1. 1. Citation and commencement

   2. 2. Interpretation

3. PART 2 LLOYD'S MARKET REORGANISATION ORDER

   1. 3. Lloyd's market reorganisation order

   2. 4. Condition for making order

   3. 5. Objectives of a Lloyd's market reorganisation order

   4. 6. Application for a Lloyd's market reorganisation order

   5. 7. Powers of the court

   6. 8. Moratorium

   7. 9. Reorganisation controller

   8. 10. Announcement of appointment of controller

   9. 11. Market reorganisation plan

   10. 12. Remuneration of the reorganisation controller

   11. 13. Treatment of members

   12. 14. Revocation of an order under regulation 13

   13. 15. Reorganisation controller's powers: voluntary arrangements in respect of a member

   14. 16. Reorganisation controller's powers: individual voluntary arrangements in respect of a member

   15. 17. Reorganisation controller's powers: trust deeds for creditors in Scotland

   16. 18. Powers of reorganisation controller: section 899 compromise or arrangement

   17. 19. Appointment of an administrator, receiver or interim trustee in relation to a member

   18. 20. Reorganisation controller's powers: administration orders in respect of members

   19. 21. Reorganisation controller's powers: receivership in relation to members

   20. 22. Syndicate set-off

   21. 23. Voluntary winding up of members: consent of reorganisation controller

   22. 24. Voluntary winding up of members: powers of reorganisation controller

   23. 25. Petition for winding up of a member by reorganisation controller

   24. 26. Winding up of a member: powers of reorganisation controller

   25. 27. Petition for bankruptcy of a member by reorganisation controller

   26. 28. Bankruptcy of a member: powers of reorganisation controller

   27. 29. Petition for winding up of the Society by reorganisation controller

   28. 30. Winding up of the Society: service of petition etc. on reorganisation controller

   29. 31. Payments from central funds

4. PART 3 MODIFICATION OF LAW OF INSOLVENCY: NOTIFICATION AND PUBLICATION

   1. 32. Application of Parts 3 and 4

   2. 33. Notification of relevant decision to PRA

   3. 34. Notification of relevant decision to EEA Regulators

   4. 35. Application of certain publication requirements in the principal Regulations to members

   5. 36. Notification to creditors: winding up proceedings relating to members

   6. 37. Submission of claims by EEA creditor

   7. 38. Reports to creditors

   8. 39. Service of notices and documents

5. PART 4 APPLICATION OF PARTS 4 AND 5 OF THE PRINCIPAL REGULATIONS

   1. 40. Priority for insurance claims

   2. 41. Treatment of liabilities arising in connection with a contract subject to reinsurance to close

   3. 42. Assets of members

   4. 43. Application of Part 4 of the principal Regulations: protection of settlements

   5. 44. Challenge by reorganisation controller to conduct of insolvency practitioner

   6. 45. Application of Part 5 of the principal Regulations

   7. 46. Modification of provisions in Part 5 of the principal Regulations

   8. 47. Application of Part 5 of the principal Regulations: protection of dispositions etc. made before a Lloyd's market reorganisation order comes into force

   9. 48. Non-EEA countries

   10. 49. Amendment of principal Regulations

6. Signature

7. Explanatory Note