The Insurers (Reorganisation and Winding Up) Regulations 2003

UK Statutory Instrument 2003 No. 1102 — creates 4 criminal offences.

4offences created

0recorded in force

4revoked

Made: 14 April 2003
In force from: 20 April 2003
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: European Communities Act 1972

Explanatory note

(This note is not part of the Regulations) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

These Regulations implement the directive of the Parliament and the Council on the reorganisation and winding up of insurance undertakings (2001/17/EC) for all UK insurers except Lloyd's. These Regulations provide that as from 20 April 2003, no winding up proceedings or voluntary arrangements in respect of EEA insurers can be undertaken in the UK except in the circumstances permitted by the Regulations. EEA reorganisation and winding up proceedings are to be recognised in the UK. Provisions are made for the exercise by EEA liquidators of their functions in the UK. Provision is made for the notification of reorganisation and winding up proceedings to competent authorities in other EEA Member States. Modifications are made to UK insolvency law in respect of notifications of various other matters including important stages in the relevant procedures and forms in which creditors in other EEA States may enter claims, to the FSA, EEA authorities and creditors. The Regulations provide for the special order of priority for insurance debts created by the directive to apply to UK insurers and for the carrying through of the consequences of this in insolvency law. They make provision for application to insurers whose head office is outside the UK and the EEA. Provision is made for detailed amendment of existing secondary legislation including the insolvency rules in all UK jurisdictions dealing with the reorganisation or winding up of insurers.

Offences created by this instrument

A relevant officer who fails to comply with paragraph (3) of this regulation commits an offence and is liable on… regulation 11(10) · Revoked · Strict liability
Notification to creditors: winding up proceedings regulation 12(10) · Revoked · Strict liability
Reports to creditors regulation 14(5) · Revoked · Strict liability
Notification of relevant decision to the Authority regulation 9(7) · Revoked · Strict liability

What Parliament said about it

Hansard was searched for this instrument by name and returned nothing. That is the ordinary outcome: an instrument laid under the negative procedure is usually never debated, and becomes law without a word said about it in either House.

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

Check the source

This instrument on legislation.gov.uk The authoritative text, including amendments made since
Other instruments from 2003