PART 2Amendment of secondary legislation

Amendment of the Insurers (Reorganisation and Winding Up) Regulations 2004I12

1

The Insurers (Reorganisation and Winding Up) Regulations 2004 M1 are amended as follows.

2

In regulation 2 (interpretation)—

a

in paragraph (1) omit the following definitions—

i

“branch”;

ii

“directive reorganisation measure”;

iii

“directive winding up proceedings”;

iv

“EEA creditor”;

v

“EEA insurer”;

vi

“EEA regulator”;

vii

“EEA State”;

viii

“home state regulator”;

ix

“official language”;

x

“the Solvency 2 Directive”; and

b

omit paragraph (2).

3

Omit Part 2 (insolvency measures and proceedings: jurisdiction in relation to insurers).

4

Omit regulation 10 (notification of relevant decision to EEA regulators).

5

Omit regulation 11 (publication of voluntary arrangement, administration order, winding up order or scheme of arrangement).

6

In regulation 12 (notification to creditors: winding-up proceedings)—

a

in paragraph (7) omit “Subject to paragraph (8),” and the words from “, and that heading” to the end; and

b

omit paragraph (8).

7

Omit regulation 13 (submission of claims by EEA creditors).

8

Omit regulation 16 (disclosure of confidential information received from an EEA regulator).

9

In regulation 17 (interpretation of Part 4), in paragraph (1)—

a

in the definition of “composite insurer” omit “, in accordance with Article 73(2) of the Solvency 2 Directive”;

b

in the definition of “general business assets” omit the words from “, in accordance with” to the end; and

c

in the definition of “long term business assets” omit the words from “, in accordance with” to the end.

10

In the heading of Part 5 omit “: Recognition of EEA rights”.

11

In regulation 36 (interpretation of Part 5), in paragraph (1) omit sub-paragraph (c) (the definition of “relevant time”) and the word “and” which immediately precedes that sub-paragraph.

12

For regulation 37 (EEA rights: applicable law in the winding up of a UK insurer) substitute—

Applicable law in the winding up of a UK insurer37

The general law of insolvency of the United Kingdom is applicable in a relevant winding up, subject only to the provisions of regulations 43 and 44.

13

Omit the following regulations—

a

regulation 38 (employment contracts and relationships);

b

regulation 39 (contracts in connection with immovable property);

c

regulation 40 (registrable rights);

d

regulation 41 (third parties' rights in rem); and

e

regulation 42 (reservation of title agreements etc.).

14

In regulation 43 (creditors' rights to set off)—

a

in paragraph (1) for “applicable EEA law” substitute “ law applicable to the affected insurer's claim ”; and

b

omit paragraph (2).

15

In regulation 44 (regulated markets)—

a

in paragraph (1)—

i

omit “Without prejudice to regulation 40,”;

ii

for “a regulated market operating in an EEA State” substitute “ UK regulated market ”; and

b

for paragraph (3) substitute—

3

For the purposes of this regulation “UK regulated market” has the meaning given by point (13A) of Article 2(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.

16

Omit the following regulations—

a

regulation 45 (detrimental acts pursuant to the law of an EEA State);

b

regulation 46 (protection of third party purchasers); and

c

regulation 47 (lawsuits pending).

17

In regulation 48 (interpretation of Part 6), in paragraph (1)(b) (definition of third country insurer)—

a

in paragraph (i) after “contracts of insurance” insert “ other than by virtue of regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 M2 ”; and

b

in paragraph (ii) omit “or an EEA State”.

18

Omit regulation 50 (disclosure of confidential information: third country insurers).