Part XXIV

Insolvency

Supplemental provisions concerning insurers

Application for a write-down order
377C
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An application for a write-down order may not be withdrawn without the permission of the court.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.
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)
Ss. 377A-377J inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 1(4)
Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))