(1)An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the Authority.
(2)If notice of a general meeting of such an insurer is given, specifying the intention to propose a resolution for voluntary winding up of the insurer, a director of the insurer must notify the Authority as soon as practicable after he becomes aware of it.
(3)A person who fails to comply with subsection (2) is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(4)The following provisions do not apply in relation to a winding-up resolution—
(a)sections 378(3) and 381A of the M1Companies Act 1985 (“the 1985 Act”); and
(b)Articles 386(3) and 389A of the M2Companies (Northern Ireland) Order 1986 (“the 1986 Order”).
(5)A copy of a winding-up resolution forwarded to the registrar of companies in accordance with section 380 of the 1985 Act (or Article 388 of the 1986 Order) must be accompanied by a certificate issued by the Authority stating that it consents to the voluntary winding up of the insurer.
(6)If subsection (5) is complied with, the voluntary winding up is to be treated as having commenced at the time the resolution was passed.
(7)If subsection (5) is not complied with, the resolution has no effect.
(8)“Winding-up resolution” means a resolution for voluntary winding up of an insurer effecting or carrying out contracts of long-term insurance.