Insolvency of insurers
Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner
Insolvency of insurers

The following Restructuring & Insolvency guidance note Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner provides comprehensive and up to date legal information covering:

  • Insolvency of insurers
  • Brexit impact
  • Applicable legislation
  • Insolvency procedures available to an insolvent insurance company
  • Liquidation
  • Administration
  • Company voluntary arrangements
  • Appointment of a provisional liquidator
  • Scheme of arrangement
  • Reasons for insolvency
  • more

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources. For the impact on insurers, see Practice Note: Brexit—impact on insolvent insurers and News Analysis: Brexit—exploring the draft Credit Institutions and Insurance Undertakings Regulations 2018 and redlines at Brexit SI analysis—red-lines of Credit Institutions Regulations and Insurers Regulations amended by Brexit SI 2019/38 . For the impact on the Recast Regulation on Insolvency, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

The Civil Jurisdiction and Judgments (Hague Convention on Choice of Court Agreements 2005) (EU Exit) Regulations 2018, SI 2018/1124 have an impact. For further details, see Practice Note: No deal Brexit—jurisdiction (the Hague Convention on Choice of Court Agreements).

Applicable legislation