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The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005
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- UK Statutory Instruments
- 2005 No. 1998
- PART 3
- Regulation 33
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The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005, Section 33 is up to date with all changes known to be in force on or before 05 August 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.
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Changes and effects yet to be applied to Regulation 33:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Notification of relevant decision to [F1PRA] U.K.
This section has no associated Explanatory Memorandum
33.—(1) Regulation 9 of the principal Regulations applies to a member or former member in the circumstances set out in paragraph (2) and has effect as if the modifications set out in paragraphs (3) and (4) were included in it as regards members or former members.
(2) The circumstances are where—
(a)the member or former member is subject to a Lloyd's market reorganisation order which remains in force; and
(b)no order has been made in respect of that member or former member under regulation 13(3) of these Regulations and has not been revoked.
(3) In paragraph (1) of regulation 9 of the principal Regulations, insert—
(a)after sub-paragraph (b)—
“(ba)a bankruptcy order under section 264 of the 1986 Act or under [F2Article 238] of the 1989 Order;
(bb)an award of sequestration under the Bankruptcy (Scotland) Act 1985;”;
(b)after paragraph (c)—
“(ca)the appointment of an interim trustee under section 286 or 287 of the 1986 Act or under Article 259 or 260 of the 1989 Order;
(cb)the appointment of a trustee in bankruptcy under sections 295, 296 or 300 of that Act or under Articles 268, 269 or 273 of that Order;
(cc)the appointment of an interim or permanent trustee under the Bankruptcy (Scotland) Act 1985;”.
(4) In paragraph (2) of that regulation after “voluntary arrangement”, insert “or individual voluntary arrangement” and after “supervisor” insert “or nominee (as the case may be)”.
(5) In paragraph (7) of that regulation, in the definition of “qualifying arrangement”,
(a)after “voluntary arrangement” insert “or individual voluntary arrangement”; and
(b)for “insurer”, wherever appearing substitute “member or former member”.
(6) In paragraph (8), after “supervisor” insert “, nominee, trustee in bankruptcy, trustee under a trust deed for creditors”.
Textual Amendments
F1Word in reg. 33 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 109(i)
F2Words in reg. 33(3)(a) substituted (6.4.2007) by The Insurers (Reorganisation and Winding Up)(Amendment) Regulations 2007 (S.I. 2007/851), regs. 1, 3(14)
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