Part XXIV Insolvency

Supplemental provisions concerning insurers

F1377CApplication for a write-down order

(1)

An application to the court for a write-down order in relation to an insurer may be made only by—

(a)

the Treasury;

(b)

the PRA;

(c)

the insurer;

(d)

a shareholder of the insurer;

(e)

a policyholder or other creditor (including a contingent or prospective creditor) of the insurer.

(2)

An application for a write-down order may not be withdrawn without the permission of the court.

(3)

A person other than the PRA or the Treasury—

(a)

must obtain the consent of the PRA before making an application for a write-down order;

(b)

must notify the PRA before seeking the court’s permission to withdraw an application for a write-down order.

(4)

Consent under subsection (3)—

(a)

must be in writing, and

(b)

must be filed with the court with the relevant application.

(5)

The PRA must consult the FCA before—

(a)

making an application for a write-down order, or

(b)

giving or refusing consent for a person to make an application for a write-down order.