Regulation 14 Revocation of an order under regulation 13

This regulation applies in the case of a member in respect of whom an order has been made under regulation 13(3).

If the Society does not meet any request for payment of a cash call made by or on behalf of such a member, it must so inform the reorganisation controller, the F1PRA and the court.

If it appears to the reorganisation controller that, in respect of any such member, the insurance market debts of the member are not likely to be satisfied, he must apply to the court for the revocation of that order.

If the court revokes an order made under regulation 13(3), the provisions of these Regulations, the principal Regulations and the Administration for Insurers Order F2or the Administration for Insurers (Northern Ireland) Order apply to the member and from the date of the revocation a relevant officer is to be treated as having been appointed by the court.

For the purposes of paragraph (4), a relevant officer means—

as the case may be.

For the purposes of this regulation, a “cash call” means a request or demand made by a managing agent to a member of a syndicate to make payments to the trustees of any relevant trust fund to be held for the purpose of discharging or providing for the liabilities incurred by that member as a member of the syndicate.