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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 20 July 2001 - onwards
  Version 2 of 2    

379. Winding-up rules

(1) Winding-up rules may include provision -

(a) for determining the amount of the liabilities of an insurer to policyholders of any class or description for the purpose of proof in a winding up; and

(b) generally for carrying into effect the provisions of this Part with respect to the winding up of insurers.

(2) Winding-up rules may, in particular, make provision for all or any of the following matters -

(a) the identification of assets and liabilities;

(b) the apportionment, between assets of different classes or descriptions, of -

(i) the costs, charges and expenses of the winding up; and

(ii) any debts of the insurer of a specified class or description;

(c) the determination of the amount of liabilities of a specified description;

(d) the application of assets for meeting liabilities of a specified description;

(e) the application of assets representing any excess of a specified description.

(3) "Specified" means specified in winding-up rules.

(4) "Winding-up rules" means rules mad

Comparing proposed amendment...