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Insurers (Reorganisation and Winding Up) Regulations 2004 [SI 2004 No. 353]Introductory TextPart I General  (regs. 1-3)Regulation 1 Citation and CommencementRegulation 2 InterpretationRegulation 3 ScopePart II Insolvency Measures and Proceedings: Jurisdiction in Relation to Insurers (regs. 4-7)Regulation 4 Prohibition against winding up etc. EEA insurers in the United KingdomRegulation 5 Schemes of arrangement: EEA insurersRegulation 6 Reorganisation measures and winding up proceedings in respect of EEA insurers effective in the United KingdomRegulation 7 Confirmation by the court of a creditors' voluntary winding upPart III Modifications of the Law of Insolvency: Notification and Publication (regs. 8-16)Regulation 8 Modifications of the law of insolvencyRegulation 9 Notification of relevant decision to the FCA and, if the insurer is a PRA-authorised person, the PRARegulation 10 Notification of relevant decision to EEA regulatorsRegulation 11 Publication of voluntary arrangement, administration order, winding up order or scheme of arrangementRegulation 12 Notification to creditors: winding up proceedingsRegulation 13 Submission of claims by EEA creditorsRegulation 14 Reports to creditorsRegulation 15 Service of notices and documentsRegulation 16 Disclosure of confidential information received from an EEA regulatorPart IV Priority of Payment of Insurance Claims in Winding Up etc. (regs. 17-33)Regulation 17 Interpretation of this PartRegulation 18 Application of regulations 19 to 27Regulation 19 Application of this Part: certain assets excluded from insolvent estate of UK insurerRegulation 20 Preferential debts: disapplication of section 175 of the 1986 Act or Article 149 of the 1989 OrderRegulation 21 Preferential debts: long term insurers and general insurersRegulation 22 Composite insurers: preferential debts attributable to long term and general businessRegulation 23 Preferential debts: long term business of a non-transferring composite insurerRegulation 24 Preferential debts: general business of a composite insurerRegulation 25 Insufficiency of long term business assets and general business assetsRegulation 26 Composite insurers: excess of long term business assets and general business assetsRegulation 27 Composite insurers: application of other assetsRegulation 28 Composite insurers: proof of debtsRegulation 28A Composite insurers: seeking decisions from creditorsRegulation 29 Composite insurers: general meetings of creditorsRegulation 30 Composite insurers: apportionment of costs payable out of the assetsRegulation 31 Summary remedy against liquidatorsRegulation 32 Priority of subrogated claims by the Financial Services Compensation SchemeRegulation 33 Voluntary arrangements: treatment of insurance debtsPart V Reorganisation or Winding Up of UK Insurers (regs. 34-47)Regulation 34 Application of this PartRegulation 35 Application of this Part: certain assets excluded from insolvent estate of UK insurerRegulation 36 Interpretation of this PartRegulation 37 Applicable law in the winding up of a UK insurerRegulation 38 Employment contracts and relationshipsRegulation 39 Contracts in connection with immovable propertyRegulation 40 Registrable rightsRegulation 41 Third parties' rights in remRegulation 42 Reservation of title agreements etc.Regulation 43 Creditors' rights to set offRegulation 44 Regulated marketsRegulation 45 Detrimental acts pursuant to the law of an EEA StateRegulation 46 Protection of third party purchasersRegulation 47 Lawsuits pendingPart VI Reorganisation or Winding Up of Third Country Insurers  (regs. 48-50)Regulation 48 Interpretation of this PartRegulation 49 Application of these Regulations to a third country insurerRegulation 50 Disclosure of confidential information: third country insurersPart VII Revocation and Amendments (regs. 51-53)Regulation 51 Amendment of the Insurers (Winding Up) Rules 2001 and the Insurers (Winding Up)(Scotland) Rules 2001Regulation 52 Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) Order 2002Regulation 53 Revocation and TransitionalSignatureExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 18 February 2004 - onwards
Version 2 of 2

Regulation 22 Composite insurers: preferential debts attributable to long term and general business

(1) This regulation applies in the case of the winding up of a non-transferring composite insurer.

(2) Subject to the payment of costs in accordance with regulation 30, the long term business assets and the general business assets must be applied separately in accordance with paragraphs (3) and (4).

(3) Subject to paragraph (6), the long term business assets must be applied in discharge of the long term business preferential debts in the order of priority specified in regulation 23(1).

(4) Subject to paragraph (8), the general business assets must be applied in discharge of the general business preferential debts in the order of priority specified in regulation 24(1).

(5) Paragraph (6) applies where the value of the long term business assets exceeds the long term business preferential debts and the general business assets are insufficient to meet the general business preferential debts.

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