The Insurers (Winding Up) (Scotland) Rules 2001

1. Introductory Text

2. 1. Citation, commencement and revocation

3. 2. Interpretation

4. 3. Application

5. 4. Financial Services Compensation Scheme

6. 5. Separation of long-term and other business in winding up

7. 6. Valuation of general business policies

8. 7. Valuation of long-term policies

9. 8. Valuation of long-term policies: stop order made

10. 9. Attribution of liabilities to company’s long-term business

11. 10. Attribution of assets to company’s long-term business

12. 11. Excess of long-term business assets

13. 12. Actuarial advice

14. 13. Utilisation of excess of assets

15. 14. Custody of assets

16. 15. Maintenance of accounting, valuation and other records

17. 16. Additional powers in relation to long-term business

18. 17. Accounts and audit

19. 18. Caution for long-term and other business

20. 19. Claims

21. 20. Failure to pay premiums

22. 21. Notice of valuation of policy

23. 22. Dividends to creditors

24. 23. Meetings of creditors

25. 24. Apportionment of expenses of liquidation

26. 25. Notice of stop order

27. Signature

28. 1. SCHEDULE 1

       RULES FOR VALUING GENERAL BUSINESS POLICIES

       1. 1. (1) This paragraph applies in relation to periodic payments under...

       2. 2. (1) This paragraph applies in relation to liabilities under a...

       3. 3. (1) This paragraph applies in relation to liabilities under a...

    2. SCHEDULE 2

       RULES FOR VALUING NON-LINKED LIFE POLICIES, NON-LINKED DEFERRED ANNUITY POLICIES, NON-LINKED ANNUITIES IN PAYMENT, UNITISED NON-LINKED POLICIES AND CAPITAL REDEMPTION POLICIES

       1. 1. General

       2. 2. Present value of the ordinary benefits

       3. 3. Present value of additional benefits

       4. 4. Present value of options

       5. 5. Present value of premiums

       6. 6. Value of the policy

    3. SCHEDULE 3

       RULES FOR VALUING LIFE POLICIES AND DEFERRED ANNUITY POLICIES WHICH ARE LINKED POLICIES

       1. 1. (1) Subject to sub-paragraph (2) the value of the policy...

       2. 2. (1) Where the linked liabilities are expressed in terms of...

       3. 3. (1) This paragraph applies where— (a) paragraph 2(2)(a) applies and...

       4. 4. Where the linked liabilities are not expressed in terms of...

       5. 5. (1) The value of any liabilities other than linked liabilities...

    4. SCHEDULE 4

       RULES FOR VALUING LONG-TERM POLICIES WHICH ARE NOT DEALT WITH IN SCHEDULES 2 OR 3

    5. SCHEDULE 5

       RULES FOR VALUING LONG-TERM POLICIES WHERE A STOP ORDER HAS BEEN MADE

       1. 1. Subject to paragraphs 2 and 3, in valuing a policy...

       2. 2. (1) This paragraph applies where the policy holder has a...

       3. 3. (1) This paragraph applies in the case of a linked...

    6. SCHEDULE 6

       FORM

29. Explanatory Note