Insurers (Reorganisation and Winding-Up) Regulations
Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner
Practice notesInsurers (Reorganisation and Winding-Up) Regulations
Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner
Practice notes
STOP PRESS
The Financial Services and Markets Act 2023 (FSMA 2023) revokes the Insurers (Reorganisation and Winding-Up) Regulations 2004 (2004 Regulations), SI 2004/353 with effect from a date to be appointed, along with a host of other EU-derived legislation. The government does not expect to commence revocation of individual pieces of EU-derived legislation unless the regulators have drafted and consulted on rules that are ready to be enforced, where it is appropriate that the provisions are replaced.
FSMA 2023 amended the UK’s insolvency arrangements for insurers in order to clarify certain elements and to expand the protections available to an insurer and its policyholders undergoing insolvency or write-down procedures—the government consulted on these amendments in 2021, and published a response in April 2022 (see News Analysis: Financial Services Markets Bill sets out post-Brexit framework for UK financial services and LNB News 07/04/2022 78). The Prudential Regulation Authority (PRA) published consultation paper CP3/23, Dealing with insurers in financial difficulties, setting out its proposed rules and policy in respect of the changes introduced (see: LNB
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Brexit definition
What does Brexit mean?
means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;
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