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Financial Services and Markets Act 2000

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Changes over time for: Section 377H

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Financial Services and Markets Act 2000, Section 377H is up to date with all changes known to be in force on or before 19 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1377HWrite-down order ceasing to have effectU.K.

This adran has no associated Nodiadau Esboniadol

(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.

EventDate event happens

The write-down order being—

(a)

revoked, or

(b)

varied so as to remove the liability in question from its scope,

by an order under section 377I

(a)

The date specified in the order under section 377I as the date on which the revocation or variation is to take effect, or

(b)

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 insuranceThe 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 insurerThe date on which the order is made
The voluntary winding up of the insurerThe 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 insurerThe date on which the voluntary arrangement comes into force
The insurer entering administrationThe 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.]

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