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The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Amendment) Order 2003

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Amendment of the Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001

9.  The first table (modifications to the Policyholders Protection Act) in Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001(1) is amended—

(a)by adding, after the fifth entry (section 13(3))—

“Section 15After subsection (3), insert—

“(3A) This section continues to apply in the case of a company in provisional liquidation in the event that an administration order is made in relation to that company under Part II of the Insolvency Act 1986, and for the purposes of this Act—

(a)such a company shall continue to be regarded as a company in provisional liquidation; and

(b)a person appointed as an administrator of such a company shall be regarded as a provisional liquidator.”.”

  • ; and

    (b)

    by substituting for the sixth entry (section 16(3))—

    “Section 16In subsection (3), for “another authorised insurance company”, substitute, “an authorised person (within the meaning of the Financial Services and Markets Act 2000) who has permission to effect and carry out contracts of insurance (within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)”.

    After subsection (10), add—

    “(10A) This section continues to apply in the case of a company in financial difficulties in the event that an administration order is made in relation to that company under Part II of the Insolvency Act 1986, and for the purposes of this Act—

    (a)such a company shall continue to be regarded as a company in financial difficulties; and

    (b)the case shall continue to be regarded as falling within subsection (1)(a), (1)(b) or (1)(c), as the case may be.”.”.

(1)

S.I. 2001/2967.

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