The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 No. 38

PART 3 Transitional and saving provisions

CHAPTER 2 EEA insurers subject on exit day to reorganisation or winding up in another EEA State

Interpretation

11.—(1) In this Chapter each of the following definitions has the meaning given in regulation 2(1) of the Insurers (Reorganisation and Winding Up) Regulations 2004(1) (“the 2004 Regulations”)—

(a) “branch”;

(b) “directive reorganisation measure”;

(c) “directive winding-up proceedings”;

(d) “EEA insurer”;

(e) “EEA State”; and

(f) “section 899 compromise or arrangement”.

(2) The definitions of “branch”, “EEA insurer” and “EEA State” have effect for the purposes of this Chapter despite being omitted by regulation 2(2)(a).

(3) The definitions of “directive reorganisation measure” and “directive winding-up proceedings”—

(a) have effect for the purposes of this Chapter despite being omitted by regulation 2(2)(a); and

(b) despite regulation 2(2)(b) are to be construed in accordance with regulation 2(2) of the 2004 Regulations.

(4) In this Chapter—

“creditor”, in relation to a relevant EEA insurer, means any person who has a claim of any kind against the insurer (whether or not it is an insurance claim);

“EEA creditor” means a creditor who—

(a)

is located or payable in an EEA State; or

(b)

is treated by the law of the EEA State in which law a directive reorganisation measure was adopted or imposed or directive winding up proceedings were opened as if they were located or payable in an EEA State;

“relevant EEA insurer” means—

(a)

an EEA insurer which has a branch in the United Kingdom; or

(b)

a person who—

(i)

by virtue of regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018(2) is treated as having permission under the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance; and

(ii)

has a branch in the United Kingdom;

“UK creditor” means a creditor who—

(a)

is located or payable in the United Kingdom; or

(b)

is treated by the law of the EEA State under which a directive reorganisation measure was adopted or imposed or directive winding up proceedings were opened as if they were located or payable in the United Kingdom.

(1)

S.I. 2004/353, which is amended by regulation 2 of these Regulations subject to the transitional and saving provisions in this Part.

(2)

S.I. 2018/1149.