Paragraph 1 Application of this Part of this ScheduleF1

(1)

This Part of this Schedule applies in relation to an insurer—

(a)

during the period—

(i)

beginning with the date on which an application is made for a write-down order in relation to the insurer, and

(ii)

ending with the date on which the order is made or the application is withdrawn or dismissed;

(b)

during the period—

(i)

beginning with the date on which a write-down order is made in relation to the insurer, and

(ii)

ending with the last day of the period of six months beginning with the day on which the write-down order takes effect (see section 377A (3)(a));

(c)

during such further period as the court may order.

(2)

This Part of this Schedule ceases to apply—

(a)

where the court orders that it should cease to apply (and in accordance with the terms of the order), or

(b)

where the write-down order ceases to have effect (because, in accordance with section 377H, each reduction in the value of a liability of the insurer ceases to have effect).

(3)

The court—

(a)

may make an order under sub-paragraph (1)(c) or (2)(a) only on an application by a person mentioned in sub-paragraph (4);

(b)

may not specify in an order under sub-paragraph (1)(c) a period longer than six months (but may make one or more further such orders).

(4)

The persons are—

(a)

a person entitled to make an application for a write-down order in relation to the insurer (see section 377C (1));

(b)

a person appointed under section 377G to act as the manager of the write-down order;

(c)

a provisional liquidator of the insurer;

(d)

the FCA.

(5)

Before making an application for an order under this Part of this Schedule—

(a)

a person other than the PRA or the Treasury must consult the PRA;

(b)

the PRA must consult the FCA.

Annotations

Textual amendments

F1: Sch. 19B inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 3