Financial Services and Markets Act 2000
Administration Orders for Insurers
Consultation
Preface
The Financial Services and Markets Act 2000 ("FSMA"), which received Royal Assent on 14 June 2000, establishes a new, single regime for the statutory regulation of financial services in the United Kingdom and establishes the Financial Services Authority ("the FSA") as the single statutory regulator.
Section 360 of FSMA gives the Treasury power to modify Part II (Administration Orders) of the Insolvency Act 1986 to allow insurers to be placed into administration. The Treasury proposes to make use of this power early in 2002.
This consultation document provides details of how we propose to exercise this power. It seeks responses to three broad aspects of our approach:
- The extent of administration orders for insurers
- The scope of administration orders for insurers
- The purposes for which administration orders should be granted for insurers
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