# The Insurers (Reorganisation and Winding Up) Regulations 2003, Regulation 17: Interpretation of this Part


(1) For the purposes of this Part—
“composite insurer” means a UK insurer who is authorised to carry on both general business and long term business, in accordance with article 13(3) of the first life insurance directive;
“floating charge” has the meaning given by section 251 of the 1986 Act or paragraph (1) of Article 5 of the 1989 Order;
“general business” means the business of effecting or carrying out a contract of general insurance;
“general business assets” means the assets of a composite insurer which are, or should properly be, apportioned to that insurer’s general business, in accordance with the requirements of Article 14 of the first life insurance directive (separate management of long term and general business of a composite insurer);
“general business liabilities” means the debts of a composite insurer which are attributable to the general business carried on by that insurer;
“general insurer” means a UK insurer who carries on exclusively general business;
“long term business” means the business of effecting or carrying out a contract of long term insurance;
“long term business assets” means the assets of a composite insurer which are, or should properly be, apportioned to that insurer’s long term business, in accordance with the requirements of Article 14 of the first life insurance directive (separate management of long term and general business of a composite insurer);
“long term business liabilities” means the debts of a composite insurer which are attributable to the long term business carried on by that insurer;
“long term insurer” means a UK insurer who—
(a) carries on long term business exclusively; or
(b) carries on long term business and permitted general business;
“non-transferring composite insurer” means a composite insurer the long term business of which has not been, and is not to be, transferred as a going concern to a person who may lawfully carry out those contracts, in accordance with section 376(2) of the 2000 Act;
“other assets” means any assets of a composite insurer which are not long term business assets or general business assets;
“other business”, in relation to a composite insurer, means such of the business (if any) of the insurer which is not long term business or general business;
“permitted general business” means the business of effecting or carrying out a contract of general insurance where the risk insured against relates to either accident or sickness;
“preferential debt” means a debt falling into any of categories 1 to 5 of the debts listed in Schedule 6 to the 1986 Act or Schedule 4 to the 1989 Order, that is—
(a) debts due to the Inland Revenue,
(b) debts due to Customs and Excise,
(c) social security contributions,
(d) contributions to occupational pension schemes, etc, and
(e) remuneration etc. of employees;
“society” means—
(a) a friendly society incorporated under the Friendly Societies Act 1992,
(b) a society which is a friendly society within the meaning of section 7(1)(a) of the Friendly Societies Act 1974, and registered within the meaning of that Act, or
(c) an industrial and provident society registered or deemed to be registered under the Industrial and Provident Societies Act 1965 or the Industrial and Provident Societies Act (Northern Ireland) 1969.
(2) In this Part, references to assets include a reference to proceeds where an asset has been realised, or any other sums representing assets.
(3) References in paragraph (1) to a contract of long term or of general insurance must be read with—
(a) section 22 of the 2000 Act;
(b) any relevant order made under that section; and
(c) Schedule 2 to that Act.

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Source: https://www.legislation.gov.uk/uksi/2003/1102/regulation/17 (the official version)
Page: https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003/regulation-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.