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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
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366. Insurers effecting or carrying out long-term contracts or insurance

(1) An insurer effecting or carrying out contracts of long-term insurance may not be wound up voluntarily without the consent of the PRA.

(2) If notice of a general meeting of such an insurer is given, specifying the intention to propose a resolution for voluntary winding up of the insurer, a director of the insurer must notify the PRA as soon as practicable after he becomes aware of it.

(3) A person who fails to comply with subsection (2) is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.

(4) A winding up resolution may not be passed -

(a) as a written resolution (in accordance with Chapter 2 of Part 13 of the Companies Act 2006), or

(b) at a meeting called in accordance with section 307(4) to (6) or 337(2) of that Act (agreement of members to calling of meeting at short notice).

(5) A copy of a winding-up resolution forwarded to the registrar of companies in accordance with section 380 of the 1985 Act section 30 of the Comp

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