Article 8 Schedule 5 (application of other subordinate legislation with modifications)

after paragraph 1 insert—

“Modified application of the Insurers (Reorganisation and Winding Up) Regulations 2004

1A.

The Insurers (Reorganisation and Winding Up) Regulations 2004^f1 have effect in relation to a relevant society as if in regulation 2(3) (interpretation of references to the law of insolvency) the reference to the Co-operative and Community Benefit Societies Act 2014 included a reference to an order made under section 118 of that Act.”; and

in paragraph 3(2)(b), in paragraph (1A) inserted in article 2 of the Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2010^f2 for “section 74(1) of the Industrial and Provident Societies Act 1965” substitute “article 1(2) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014”.