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:
The Insurers (Reorganisation and Winding-Up) Regulations 2003 (SI 2003/1102) (2003 Regulations) were introduced to implement the EU Directive on the Reorganisation and Winding-up of Insurance Undertakings (2001/17/EC) (the Directive)(which has since been recast by the Solvency II Directive (Directive 2009/138/EC)). The 2003 Regulations were repealed and replaced in their entirety in 2004 by the Insurers (Reorganisation and Winding-Up) Regulations 2004 (SI 2004/353) (2004 Regulations), which took account of changes to insolvency law implemented by the Enterprise Act 2002, and in particular, the new administration regime (see Dear IP letter: CHAPTER 17: LEGISLATION 27. The Insurers Regulations (Mar-04)).
The objective of the Directive was to establish coordinated rules at EU level for the winding-up of authorised insurers; and to ensure that reorganisation measures implemented in relation to authorised insurers would have full effect throughout the EU. The Directive allocates jurisdiction in relation to winding-up proceedings and reorganisation measures to the competent authorities in the Member State in which the insurer has been authorised for the purposes of the insurance directives. The Directive did not seek to harmonise national legislation, but to ensure mutual recognition by member states of reorganisation measures and winding-up legislation relating to insurers and to ensure cooperation. The provisions of the Directive have been recast in substantially the same form in Title IV: Reorganisation and Winding-Up of Insurance Undertakings of
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