Insolvency - New winding up rules

The Financial Services and Markets Act 2000 (Treatment of Assets of Insurers on Winding Up) Regulations 2001, SI 2001 No 2968, and the Insurers (Winding Up) Rules 2001, SI 2001 No 3635 have established a new regime for the allocation of the assets of an insurer on its liqudation. The Regulations replace, with effect from 1 December 2001, the Insurance Companies (Winding Up) Rules 1985, SI 1985 No 95, and apply to any insurance company whose winding up is commenced on or after the commencement date. The Regulations supplement the Insolvency Rules 1986, SI 1986 No 1925, but in the event of conflict the 2001 Regulations are to have priority