The Insurers (Reorganisation and Winding Up) Regulations 2003
PART I
General
1
Citation and commencement
2
Interpretation
3
Scope
PART II
Insolvency measures and proceedings: jurisdiction in relation to insurers
4
Prohibition against winding up etc. EEA insurers in the United Kingdom
5
Schemes of arrangement: EEA insurers
6
Reorganisation measures and winding up proceedings in respect of EEA insurers effective in the United Kingdom
7
Confirmation by the court of a creditors' voluntary winding up
PART III
Modifications of the law of insolvency: notification and publication
8
Modifications of the law of insolvency
9
Notification of relevant decision to the Authority
10
Notification of relevant decision to EEA regulators
11
Publication of voluntary arrangement, administration order, winding up order or scheme of arrangement
12
Notification to creditors: winding up proceedings
13
Submission of claims by EEA creditors
14
Reports to creditors
15
Service of notices and documents
16
Disclosure of confidential information received from an EEA regulator
PART IV
Priority of payment of insurance claims in winding up etc.
17
Interpretation of this Part
18
Application of regulations 19 to 27
19
Application of this Part: assets subject to a section 425 or Article 418 compromise or arrangement
20
Preferential debts: disapplication of section 175 of the Insolvency Act 1986
21
Preferential debts: long term insurers and general insurers
22
Composite insurers: preferential debts attributable to long-term and general business
23
Preferential debts: long term business of a non-transferring composite insurer
24
Preferential debts: general business of a composite insurer
25
Insufficiency of long term business assets and general business assets
26
Composite insurers: excess of long term business assets and general business assets
27
Composite insurers: application of other assets
28
Composite insurers: proof of debts
29
Composite insurers: general meetings of creditors
30
Composite insurers: apportionment of costs payable out of the assets
31
Summary remedy against liquidators
32
Priority of subrogated claims by the Financial Services Compensation Scheme
33
Voluntary arrangements: treatment of insurance debts
PART V
Reorganisation or winding up of UK insurers: recognition of EEA rights
34
Application of this Part
35
Application of this Part: assets subject to a section 425 compromise or arrangement
36
Interpretation of this Part
37
EEA rights: applicable law in the winding up of a UK insurer
38
Employment contracts and relationships
39
Contracts in connection with immovable property
40
Registrable rights
41
Third parties' rights in rem
42
Reservation of title agreements etc.
43
Creditors' rights to set off
44
Regulated markets
45
Detrimental acts pursuant to the law of an EEA State
46
Protection of third party purchasers
47
Lawsuits pending
PART VI
Reorganisation or winding up of third country insurers
48
Interpretation of this Part
49
Application of these Regulations to a third country insurer
50
Disclosure of confidential information: third country insurers
PART VII
Revocations and amendments
51
Revocation of the Financial Services and Markets Act 2000 (Treatment of Assets of Insurers on Winding Up) Regulations 2001
52
Amendment of the Insurers (Winding Up) Rules 2001 and the Insurers (Winding Up) (Scotland) Rules 2001
53
Maintenance of separate financial records for long term and other business
54
Excess of long term business assets
55
Proof of debts
56
Valuation of policies for meetings of creditors
57
Meetings of creditors
58
Apportionment of expenses of the liquidation
2003 No. 1102

INSOLVENCY

COMPANIES

The Insurers (Reorganisation and Winding Up) Regulations 2003
Made
14th April 2003
Laid before Parliament
15th April 2003
Coming into force
20th April 2003
The Treasury, being a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to the insolvency of insurers, in exercise of the powers conferred by that section, hereby make the following Regulations:
By S.I. 2002/2840.
1972 c. 68; by virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183). Section 57(1) Scotland Act 1998 (1998 c. 46) provides that despite the transfer to the Scottish Ministers of functions in relation to observing and implementing obligations under Community law, any function of a Minister of the Crown shall continue to be exercisable by him as regards Scotland for the purposes specified in section 2(2) of the European Communities Act 1972.