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The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005

Consolidated Text As Enacted Cited authorities 48 Cited in Amendments 16 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2005/1998
Year2005
  • These Regulations may be cited as the Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005, and come into force on 10 August 2005.
    • (1) In these Regulations—(2) Subject to paragraph (3) , words and phrases used in these Regulations have the same meaning as in the principal Regulations except where otherwise specified or where the context requires otherwise.(3) For the purposes of these Regulations, “UK insurer” is to be treated as including a member or a former member.(4) These Regulations have effect notwithstanding the provisions of section 360 of the 2000 Act.is made by the court in relation to the association of underwriters known as Lloyd's;appoints a reorganisation controller; andproceedings, orother legal processesevery member, former member, managing agent, members' agent, Lloyd's broker and approved run-off company who has not been excluded from the order in accordance with regulation 7;every coverholder who has been included in the order in accordance with regulation 7;the Society; andsubsidiaries of the Society.any regulatory solvency requirement is not, or may not be, met; andan order is likely to achieve one or both of the objectives in regulation 5.(2) In paragraph (1) , “regulatory solvency requirement” means a requirement to maintain adequate financial resources in respect of insurance business at Lloyd's, imposed under the 2000 Act, whether on a member or former underwriting member, either singly or together with other members or former underwriting members, or on the Society and includes a requirement to maintain a margin of solvency.(3) In paragraph (2) , “former underwriting member” has the meaning given by section 324(1) of the 2000 Act.
  • to preserve or restore the financial situation of, or market confidence in, the association of underwriters known as Lloyd's in order to facilitate the carrying on of insurance market activities by members at Lloyd's;
  • to assist in achieving an outcome that is in the interests of creditors of members, and insurance creditors in particular.
    • (1) An application for a Lloyd's market reorganisation order may be made by F66the PRA or by the Society, or by both.(1A) Before making an application under paragraph (1) , the PRA must consult the FCA.(2) If the application is made by only one of those bodies it must inform the other body of its intention to make the application as soon as possible, and in any event before the application is lodged at the court.(3) F67The FCA, the PRA and the Society are entitled to be heard at the hearing of the application, regardless of which body makes the application.any member, former member, managing agent, members' agent, Lloyd's broker, or approved run-off company to whom the order should not apply; andevery coverholder to whom the order should apply.ensuring the posting of a copy in the Room,displaying a copy on its website, andin the Gazette, andin such newspaper or newspapers within the United Kingdom and elsewhere as the applicant considers appropriate to bring the application to the attention of those likely to be affected by it.(6) The notice must be given as soon as reasonably practicable after the making of the application, unless the court orders otherwise.a Lloyd's market reorganisation order, andany other order in

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