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The Insurers (Winding-Up) Rules (Northern Ireland) 2005

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  1. Introductory Text

  2. 1.Citation, commencement and revocation

  3. 2.Interpretation

  4. 3.Application

  5. 4.Appointment of liquidator

  6. 5.Maintenance of separate financial records for long-term and other business in winding-up

  7. 6.Valuation of general business policies

  8. 7.Valuation of long-term policies

  9. 8.(1) This Rule applies in relation to a company’s long-term...

  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.In the case of a company carrying on long-term business...

  16. 15.Custody of assets

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

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

  19. 18.Accounts and audit

  20. 19.Security by the liquidator and special manager

  21. 20.Proof of debts

  22. 21.Failure to pay premiums

  23. 22.Notice of valuation of policy

  24. 23.Dividends to creditors

  25. 24.Meetings of creditors

  26. 25.Remuneration of liquidator carrying on long-term business

  27. 26.Apportionment of costs payable out of the assets

  28. 27.Notice of stop order

  29. Signature

    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

      1. The value of a long-term policy not covered by Schedule...

    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

      FORMS

  30. Explanatory Note

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