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Regulation 2 amends the Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353) (“the 2004 Regulations”) in the light of the changes made to the administration process in Northern Ireland by the Insolvency (Northern Ireland) Order 2005, S.I. 2005/1455 (NI 10) (“the 2005 Order”). The 2005 Order introduces Schedule B1 into the Insolvency (Northern Ireland) Order 1989, which thoroughly updates the administration process in Northern Ireland. The new administration procedure is applied to insurers in Northern Ireland by the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers)(Northern Ireland) Order 2007. It is therefore necessary to amend the 2004 Regulations to ensure the correct references to the administration procedure are made.
The 2004 Regulations implement Council Directive 2001/17/EC on the reorganisation and winding up of insurance undertakings (OJ L110, 20.4.2001, p.28). The administration procedure falls within the scope of the 2004 Regulations and the Directive.
Regulation 2(4) and 2(9) of these Regulations also correct incorrect references to a provision of the Enterprise Act 2002 (c. 40) and the Insolvency Rules 1986 (S.I. 1986/1925) respectively.
Regulation 3 makes amendments for the same purpose as regulation 2 in relation to the Insurers (Reorganisation and Winding Up)(Lloyds) Regulations 2005 (S.I. 2005/1998) and also makes certain minor corrections to those regulations.
No Regulatory Impact Assessment has been prepared for this instrument as these amendments are consequential on the changes made to the administration procedure in Northern Ireland by the 2005 Order. A Regulatory Impact Assessment was prepared for the 2005 Order and was placed in the library of each House of Parliament. Copies can be obtained from the Insolvency Service Fermanagh House, Ormeau Avenue, Belfast, BT2 8NJ or from the Service’s web-site at www.insolvencyservice.detini.gov.uk.
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