Insurers (Reorganisation and Winding-Up) Regulations: post-Brexit
Produced in partnership with Geraldine Quirk of Bryan Cave Leighton Paisner
Insurers (Reorganisation and Winding-Up) Regulations: post-Brexit

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

  • Insurers (Reorganisation and Winding-Up) Regulations: post-Brexit
  • Background and history
  • Brexit impact
  • Jurisdiction: pre-Brexit
  • Jurisdiction: post-Brexit
  • Modifications to the general law of insolvency
  • Priority of payment of insurance claim
  • Third country insurers

Insurers (Reorganisation and Winding-Up) Regulations: post-Brexit

Background and history

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 EU Directive) (which has since been recast by the EU Solvency II Directive (EU 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 The 2003 Regulations were repealed and replaced in their entirety in 2004 by the Insurers (Reorganisation and Winding-Up) Regulations 2004, SI 2004/353 (2004 Regulations), which took account of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)).

Following Brexit, the 2004 Regulations have been amended drastically under the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019, SI 2019/38. For a summary of the impact of Brexit on the 2004 Regulations, see Practice Note: Brexit—impact on insolvent insurers.

The objectives of the EU Solvency II Directive were to establish co-ordinated 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 EU Directive allocated 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

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