The Insurers (Reorganisation and Winding Up) Regulations 2003

1Citation and commencement

2Interpretation

PART IIInsolvency measures and proceedings: jurisdiction in relation to insurers

4Prohibition against winding up etc.EEA insurers in the United Kingdom

5Schemes of arrangement: EEA insurers

6Reorganisation measures and winding up proceedings in respect of EEA insurers effective in the United Kingdom

7Confirmation by the court of a creditors' voluntary winding up

PART IIIModifications of the law of insolvency: notification and publication

8Modifications of the law of insolvency

9Notification of relevant decision to the Authority

10Notification of relevant decision to EEA regulators

11Publication of voluntary arrangement, administration order, winding up order or scheme of arrangement

12Notification to creditors: winding up proceedings

13Submission of claims by EEA creditors

14Reports to creditors

15Service of notices and documents

16Disclosure of confidential information received from an EEA regulator

PART IVPriority of payment of insurance claims in winding up etc.

17Interpretation of this Part

18Application of regulations 19 to 27

19Application of this Part: assets subject to a section 425 or Article 418 compromise or arrangement

20Preferential debts: disapplication of section 175 of the Insolvency Act 1986

21Preferential debts: long term insurers and general insurers

22Composite insurers: preferential debts attributable to long-term and general business

23Preferential debts: long term business of a non-transferring composite insurer

24Preferential debts: general business of a composite insurer

25Insufficiency of long term business assets and general business assets

26Composite insurers: excess of long term business assets and general business assets

27Composite insurers: application of other assets

28Composite insurers: proof of debts

29Composite insurers: general meetings of creditors

30Composite insurers: apportionment of costs payable out of the assets

31Summary remedy against liquidators

32Priority of subrogated claims by the Financial Services Compensation Scheme

33Voluntary arrangements: treatment of insurance debts

PART VReorganisation or winding up of UK insurers: recognition of EEA rights

34Application of this Part

35Application of this Part: assets subject to a section 425 compromise or arrangement

36Interpretation of this Part

37EEA rights: applicable law in the winding up of a UK insurer

38Employment contracts and relationships

39Contracts in connection with immovable property

40Registrable rights

41Third parties' rights in rem

42Reservation of title agreements etc.

43Creditors' rights to set off

44Regulated markets

45Detrimental acts pursuant to the law of an EEA State

46Protection of third party purchasers

47Lawsuits pending

PART VIReorganisation or winding up of third country insurers

48Interpretation of this Part

49Application of these Regulations to a third country insurer

50Disclosure of confidential information: third country insurers

PART VIIRevocations and amendments

51Revocation of the Financial Services and Markets Act 2000 (Treatment of Assets of Insurers on Winding Up) Regulations 2001

52Amendment of the Insurers (Winding Up) Rules 2001 and the Insurers (Winding Up) (Scotland) Rules 2001

53Maintenance of separate financial records for long term and other business

54Excess of long term business assets

55Proof of debts

56Valuation of policies for meetings of creditors

57Meetings of creditors

58Apportionment of expenses of the liquidation

2003 No. 1102

INSOLVENCY

COMPANIES

The Insurers (Reorganisation and Winding Up) Regulations 2003

Made14th April 2003

Laid before Parliament15th April 2003

Coming into force20th April 2003

The Treasury, being a government department designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to the insolvency of insurers, in exercise of the powers conferred by that section, hereby make the following Regulations: