# Financial Services and Markets Act 2000, Section 379: Winding-up rules.


(1) Winding-up rules may include provision—
(a) for determining the amount of the liabilities of an insurer to policyholders of any class or description for the purpose of proof in a winding up; and
(b) generally for carrying into effect the provisions of this Part with respect to the winding up of insurers.
(2) Winding-up rules may, in particular, make provision for all or any of the following matters—
(a) the identification of assets and liabilities;
(b) the apportionment, between assets of different classes or descriptions, of—
(i) the costs, charges and expenses of the winding up; and
(ii) any debts of the insurer of a specified class or description;
(c) the determination of the amount of liabilities of a specified description;
(d) the application of assets for meeting liabilities of a specified description;
(e) the application of assets representing any excess of a specified description.
(3) “Specified” means specified in winding-up rules.
(4) “Winding-up rules” means rules made under section 411 of the 1986 Act (or Article 359 of the 1989 Order).
(5) Nothing in this section affects the power to make winding-up rules under the 1986 Act or the 1989 Order.

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/379 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-379
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.