Regulation 36 Interpretation of this Part

(1)

For the purposes of this Part—

(a)

“affected insurer” means a UK insurer which is the subject of a relevant reorganisation or winding up;

(b)

“relevant reorganisation” or “relevant winding up” means any voluntary arrangement, administration order, winding up, or order referred to in regulation 34(1)(d) to which this Part applies; and

(c)

“relevant time” means the date of the opening of a relevant reorganisation or a relevant winding up

(2)

In this Part, references to the opening of a relevant reorganisation or a relevant winding up mean—

(a)

in the case of winding up proceedings—

(i)

in the case of a winding up by the court, the date on which the winding up order is made, or

(ii)

in the case of a creditors' voluntary winding up, the date on which the liquidator is appointed in accordance with section 100 of the 1986 Act or Article 86 of the 1989 Order;

(b)

in the case of a voluntary arrangement, the date when a decision with respect to that voluntary arrangement has effect in accordance with section 4A(2) of the 1986 Act;

(c)

in a case where an administration order under section 8 of the 1986 Act or Article 21 of the 1989 Order is in force, the date of the making of that order;

(d)

in a case where the court reduces the value of one or more of the contracts of a UK insurer under section 377 of the 2000 Act or section 24(5) of the Friendly Societies Act 1992, the date the court exercises that power; and

(e)

in a case where a provisional liquidator has been appointed, the date of that appointment,

and references to the time of an opening must be construed accordingly.