{
  "url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003/regulation-22",
  "json_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003/regulation-22.json",
  "legislation": "uksi/2003/1102",
  "legislation_title": "The Insurers (Reorganisation and Winding Up) Regulations 2003",
  "legislation_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2003",
  "path": "regulation/22",
  "kind": "regulation",
  "number": "22",
  "heading": "Composite insurers: preferential debts attributable to long-term and general business",
  "text": "(1) This regulation applies in the case of the winding up of a non-transferring composite insurer.\n(2) Subject to the payment of costs in accordance with regulation 30, the long term business assets and the general business assets must be applied separately in accordance with paragraphs (3) and (4).\n(3) Subject to paragraph (6), the long term business assets must be applied in discharge of the long term business preferential debts in the order of priority specified in regulation 23(1).\n(4) Subject to paragraph (8), the general business assets must be applied in discharge of the general business preferential debts in the order of priority specified in regulation 24(1).\n(5) Paragraph (6) applies where the value of the long term business assets exceeds the long term business preferential debts and the general business assets are insufficient to meet the general business preferential debts.\n(6) Those long term business assets which represent the excess must be applied in discharge of the outstanding general business preferential debts of the insurer, in accordance with the order of priority specified in regulation 24.\n(7) Paragraph (8) applies where the value of the general business assets exceeds the general business preferential debts, and the long term business assets are insufficient to meet the long term business preferential debts.\n(8) Those general business assets which represent the excess must be applied in discharge of the outstanding long term business preferential debts of the insurer, in accordance with the order of priority specified in regulation 23.\n(9) For the purposes of this regulation and regulations 23 and 24—\n“long term business preferential debts” means those debts mentioned in regulation 23(1) and, unless the court orders otherwise, any expenses of the winding up which are apportioned to the long term business assets in accordance with regulation 30;\n“general business preferential debts” means those debts mentioned in regulation 24(1) and, unless the court orders otherwise, any expenses of the winding up which are apportioned to the general business assets in accordance with regulation 30.\n(10) For the purposes of paragraphs (6) and (8)—\n“outstanding long term business preferential debts” means those long term business preferential debts, if any, which remain unpaid, either in whole or in part, after the application of the long term business assets, in accordance with paragraph (3);\n“outstanding general business preferential debts” means those general business preferential debts, if any, which remain unpaid, either in whole or in part, after the application of the general business assets, in accordance with paragraph (3).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2003/1102/regulation/22",
    "retrieved_at": "2026-10-29T06:25:30.029094+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}