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The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Amendment) Order 2003
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- 2003 No. 2134
- Explanatory Note
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Explanatory Note
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This Order amends the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2002 (S.I. 2002/1242) (“the principal Order”) to take account of amendments to the Insolvency Act 1986 (c. 45) (“the 1986 Act”) made by the Enterprise Act 2002 (c. 40) (“the 2002 Act”) and to take account of amendments to the Insolvency Rules 1986 made by the Insolvency (Amendment) Rules 2003 (S.I. 2003/1730). References in the principal Order to the 1986 Act have been updated to reflect the changes made to Part II of that Act by the 2002 Act. The normal limit on the duration of an administration order (under paragraph 76(1) of Schedule B1 to the 1986 Act) has been extended from 12 months to 30 months. The period for which creditors may by consent extend the administrator’s term of office (under paragraph 76(2)(b) of that Schedule) has been extended from six months to twelve months.
This Order also amends the Financial Services and Markets Act 2000 (Transitional Provisions, Repeals and Savings) (Financial Services Compensation Scheme) Order 2001 (S.I. 2001/2967) so that cases before the Financial Services Compensation Scheme relating to insurers in liquidation or provisional liquidation are not affected by administration orders made in relation to those insurers.
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