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Insurers (Winding Up) Rules 2001 [SI 2001 No. 3635]Introductory TextRule 1 Citation, commencement and revocationRule 2 InterpretationRule 3 ApplicationRule 4 Appointment of liquidatorRule 5 Maintenance of separate financial records for long-term and other business in winding upRule 6 Valuation of general business policiesValuation of long-term policies (rules 7-8)Rule 7Rule 8Rule 9 Attribution of liabilities to company's long-term businessRule 10 Attribution of assets to company's long-term businessRule 11 Excess of long-term business assetsRule 12 Actuarial adviceUtilisation of excess of assets (rules 13-14)Rule 13Rule 14Rule 15 Custody of assetsRule 16 Maintenance of accounting, valuation and other recordsRule 17 Additional powers in relation to long-term businessRule 18 Accounts and auditRule 19 Security by the liquidator and special managerRule 20 Proof of debtsRule 21 Failure to pay premiumsRule 22 Notice of valuation of policyRule 23 Dividends to creditorsRule 24 Creditors' decisionsRule 25 Remuneration of liquidator carrying on long-term businessRule 26 Apportionment of costs payable out of the assetsRule 27 Notice of stop orderSchedule 1 Rules for Valuing General Business PoliciesSchedule 2 Rules for Valuing Non-Linked Life Policies, Non-Linked Deferred Annuity Policies, Non-Linked Annuities in Payment, Unitised Non-Linked Policies and Capital Redemption PoliciesSchedule 3 Rules for Valuing Life Policies and Deferred Annuity Policies Which Are Linked PoliciesSchedule 4 Rules for Valuing Long-Term Policies Which are not Dealt With in Schedules 2 or 3Schedule 5 Rules for Valuing Long-Term Policies Where a stop Order Has Been MadeSchedule 6 FormsSignatureExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
Version 4 of 4

Rule 5 Maintenance of separate financial records for long-term and other business in winding up

(1)This rule applies in the case of a company carrying on long-term business in whose case no stop order has been made.

(2)The liquidator shall prepare and keep separate financial records in respect of the long-term business and the other business of the company.

(3)Paragraphs (4) and (5) apply in the case of a company to which this rule applies which also carries on permitted general business ('a hybrid insurer').

(4) Where, before the liquidation date, a hybrid insurer has, or should properly have, apportioned the assets and liabilities attributable to its permitted general business to its long term business for the purposes of any accounts, those assets and liabilities must be apportioned to its long term business for the purposes of complying with paragraph (2) of this rule.

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