C1C2C3Part XXIV Insolvency
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 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))
Supplemental provisions concerning insurers
377HF1Write-down order ceasing to have effect
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—
by an order under section 377I | |
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 (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)