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Regulation 32 Priority of subrogated claims by the Financial Services Compensation Scheme

Original text. Later amendments are not shown.

(1)

This regulation applies where an insurance creditor has assigned a relevant right to the scheme manager (`a relevant assignment').

(2)

For the purposes of regulations 21, 23 and 24, where the scheme manager proves for an insurance debt in the winding up of a UK insurer pursuant to a relevant assignment, that debt must be paid to the scheme manager in the same order of priority as any other insurance debt.

(3)

In this regulation—

  • “relevant right” means any direct right of action against a UK insurer under a contract of insurance, including the right to prove for a debt under that contract in a winding up of that insurer;

  • “scheme manager” has the meaning given by section 212(1) of the Financial Services and Markets Act 2000.