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

The following Restructuring & Insolvency guidance note Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner LLP 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

This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. 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.

Additionally, The Civil Jurisdiction and Judgments (Hague Convention on Choice of Court Agreements 2005) (EU Exit) Regulations 2018, SI 2018/1124 have an impact. This legislation is in force from exit day (as defined in section 20(1)–(5) of the European Union (Withdrawal) Act 2018), but not applicable if a withdrawal agreement is agreed.

For analysis, see Practice Notes: Hague Convention on Choice of Court Agreements—scope and application, Hague Convention on Choice of Court Agreements—jurisdiction, Hague Convention on Choice of Court Agreements—enforcement, and Hague Convention on Choice of Courts Agreements—tracker.

We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.

For updates and details of other