Part XXIV

Insolvency

Supplemental provisions concerning insurers

Write-down order ceasing to have effect
377H
1
A reduction in the value of a liability of an insurer under a write-down order ceases to have effect—
a
on such date as may be specified in the order (and different dates may be specified in relation to different liabilities or liabilities of different types), or
b
if earlier, or if no such date is specified, the date on which a termination event happens (or, if more than one termination event happens, the earliest of those dates).
2
In the following table—
a
the first column specifies each event which is a termination event for the purposes of this section, and
b
the second column specifies, in relation to each termination event, the date on which the event happens for the purposes of this section.
Event | Date event happens
The write-down order being— 1. revoked, or 2. varied so as to remove the liability in question from its scope, by an order under section 377I | 1. The date specified in the order under section 377I as the date on which the revocation or variation is to take effect, or 2. if no date is specified, the date on which the order under section 377I is made
The insurer ceasing to have permission under Part 4A to carry out contracts of insurance | The date on which the withdrawal of permission takes effect
The transfer of the liability in question pursuant to an insurance business transfer scheme which has effect in accordance with an order under section 111(1) | The date on which the transfer takes effect
The making of a winding-up order against the insurer | The date on which the order is made
The voluntary winding up of the insurer | The date on which the liquidator is appointed
The coming into force of a voluntary arrangement (under Part 1 of the 1986 Act or Part 2 of the 1989 Order) in relation to the insurer | The date on which the voluntary arrangement comes into force
The insurer entering administration | The date on which the appointment of an administrator takes effect.
3
Where a write-down order is varied, this section applies as if references to the write-down order were to the order as varied.
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))