Section 377F Duty to notify creditorsF1

(1)

This section applies where a write-down order is made in relation to an insurer.

(2)

As soon as reasonably practicable after the order is made, the insurer must notify the FCA, the PRA and each affected person that the order has been made.

(3)

An “affected person” is a person of a description specified in rules made by the PRA for the purposes of this section.

(4)

Notification under this section—

(a)

must include such other information as may be specified in rules made by the PRA for the purposes of this section, and

(b)

must be given in such form and manner as may be specified in rules made by the PRA for the purposes of this section.

(5)

Failure to notify an affected person in accordance with this section, or rules made by the PRA for the purposes of this section, does not affect the validity of the write-down order in relation to that person or any other person.

Annotations

Textual amendments

F1: Ss. 377A-377J inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(e), Sch. 12 para. 1(4)

Notes on Part XXIV

Modifications

C1: Pt. 24 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 166(2), 167(2), Sch. 2, Sch. 3 (with regs. 168, 189)
C2: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2017/752, Sch. 6 para. 9 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(1))
C3: Pt. 24 applied in part (with modifications) (8.7.2021) by S.I. 2011/99, Sch. 3 para. 7 (as substituted by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 48(2))