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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2016 - onwards
Version 3 of 3

Regulation 295 Administrators and liquidators: exercise of powers in other Member States

(1) The administrator or liquidator of an insurance undertaking is entitled to exercise within the territory of other Member States all the powers that he or she is entitled to exercise within the State.

(2) In particular, the administrator or liquidator may appoint one or more persons to assist or represent the administrator or liquidator in the course of the reorganisation measure or winding-up proceedings, in particular in order to help overcome any difficulties encountered by creditors in any of the other Member States.

(3) In exercise of his or her powers under the Act of 2014 or the Insurance Acts, an administrator or liquidator of an insurance undertaking shall comply with the law of the Member State within whose territory he or she wishes to take action, in particular with regard to procedures for the realisation of assets and the informing of employees.

(4) In exercising a power referred to in paragraph (3), an administrator or liquidator may not -

(a) resort to the use of force, or