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Consultations & legislation
15 November 2002
This consultation sets out the Government's proposals for implementing the Directive on the reorganisation and winding-up of insurance undertakings. The main purpose of the Directive is to ensure that reorganisation measures or winding-up proceedings affecting an insurer are recognised in all Member States without further formality. Only the competent authorities (in the UK context this will be the Courts) in the Member state in which the an insurer is authorised can authorise the adoption of reorganisation measures or the opening of winding-up proceedings in respect of that insurer, including branches of that insurer in other Member States. The Directive also requires that direct insurance creditors should be given priority over ordinary creditors in the event of the winding-up of an insurer, and ensures that insurance creditors receive adequate information about the effect of the reorganisation or winding up on their policies.
The Treasury would be grateful for any comments on the draft regulations or on the partial Regulatory Impact Assessment to be sent by 31 January 2003 to the following address:
Insurers Reorganisation and Winding-up Consultation
Savings and Investment Products Team
HM Treasury
1 Horse Guards Road
London SW1A 2HQ
Fax: 020 7270 4694
E-mail: kevin.dignan@hm-treasury.gov.uk
Please could respondents give details of any organisation whose views they represent.
Unless respondents indicate to the contrary, it will be assumed that they have no objection to their response being made public.
Paper copies are available, free of charge, by telephoning 020 7270 5292.
The document "Implementation of the Insurers Re-organisation and Winding-Up Directive" is available below in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website
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