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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 December 2001 - onwards
Version 2 of 2

Schedule 5 Rules for Valuing Long-Term Policies Where a stop Order Has Been Made

Rule 8

1. Subject to paragraphs 2 and 3, in valuing a policy Schedules 2, 3 or 4 shall apply according to the class of that policy as if those Schedules were herein repeated but with a view to a fresh valuation of each policy on appropriate assumptions in regard to all relevant factors and subject to the following modifications -

(a) references to the stop order shall be substituted for references to the liquidation date,

(b) in paragraph 4 of Schedule 2 for the words "whereby the policy holder can secure a guaranteed cash payment within the period of 12 months beginning with that date" there shall be substituted the words "to surrender the policy which can be exercised on that date",

(c) paragraph 6(2) of Schedule 2 shall be deleted, and

(d) paragraph 1(2) of Schedule 3 shall be deleted.

2.

(1) This paragraph applies where the policy holder has a right conferred upon him under the terms of the policy or by the Industrial Assurance Acts to surrender the policy and that right is exercisable on the date of the stop order.

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