{
  "url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2004/regulation-17",
  "json_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2004/regulation-17.json",
  "legislation": "uksi/2004/353",
  "legislation_title": "The Insurers (Reorganisation and Winding Up) Regulations 2004",
  "legislation_url": "https://openlegislation.uk/insurers-reorganisation-and-winding-up-regulations-2004",
  "path": "regulation/17",
  "kind": "regulation",
  "number": "17",
  "heading": "Interpretation of this Part",
  "text": "(1) For the purposes of this Part—\n“composite insurer” means a UK insurer who is authorised to carry on both general business and long term business ...;\n“floating charge” has the meaning given by section 251 of the 1986 Act or paragraph (1) of Article 5 of the 1989 Order;\n“general business” means the business of effecting or carrying out a contract of general insurance;\n“general business assets” means the assets of a composite insurer which are, or should properly be, apportioned to that insurer’s general business ...;\n“general business liabilities” means the debts of a composite insurer which are attributable to the general business carried on by that insurer;\n“general insurer” means a UK insurer who carries on exclusively general business;\n“long term business” means the business of effecting or carrying out a contract of long term insurance;\n“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 ...;\n“long term business liabilities” means the debts of a composite insurer which are attributable to the long term business carried on by that insurer;\n“long term insurer” means a UK insurer who—\n(a)carries on long term business exclusively, or\n(b)carries on long term business and permitted general business;\n“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;\n“other assets” means any assets of a composite insurer which are not long term business assets or general business assets;\n“other business”, in relation to a composite insurer, means such of the business (if any) of the insurer as is not long term business or general business;\n“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;\n“preferential debt” means a debt falling into any of categories 4 or 5 of the debts listed in Schedule 6 to the 1986 Act or Schedule 4 to the 1989 Order, that is—\n(a)contributions to occupational pension schemes, etc., and\n(b)remuneration etc. of employees;\n“society” means—\n(a)a friendly society incorporated under the Friendly Societies Act 1992 ,\n(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\n(c) a registered society.\n(2) In this Part, references to assets include a reference to proceeds where an asset has been realised, and any other sums representing assets.\n(3) References in paragraph (1) to a contract of long term or of general insurance must be read with—\n(a) section 22 of the 2000 Act;\n(b) any relevant order made under that section; and\n(c) Schedule 2 to that Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 17 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(9)(a); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 17 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(9)(b); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 17 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 2(9)(c); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 17(1) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 12(3)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1992 c. 40."
    },
    {
      "type": "M",
      "label": "M2",
      "text": "1974 c. 46."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/353/regulation/17",
    "retrieved_at": "2026-10-29T05:33:26.610160+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."
}