(1) Where assets representing the technical reserves of an insurance undertaking authorised by the Bank are subject to -
(a) a right in rem in favour of a creditor or a third party, without meeting the conditions of Regulation 9(6), or
(b) a reservation of title in favour of a creditor or of a third party, or
(c) a demand by a creditor for the set-off of his or her claim against the claim of the insurance undertaking,
such rights or reservations shall be disregarded if the undertaking is being wound up, except where Regulation 18, 19 or 20 applies to that asset.
(2) The composition of the assets entered in the register at the time when winding-up proceedings are commenced shall not thereafter be changed and no alteration other than the correction of purely clerical errors shall be made in the register, except with the sanction of the court or other person having functions under the Companies Acts.
(3) Notwithstanding paragraph (2), the liquidator shall add to the assets representing th
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