Schedule 13, Part 1 New Schedule 19C to FSMA 2000 (para. 1)

Section 58

1

(1) Part 24 of FSMA 2000 (insolvency) is amended as follows.

(2) After section 377J (further provision about write-down orders), inserted by Part 1 of Schedule 12 to this Act, insert -

"377K Insurers in financial difficulties: enforcement of contracts

Schedule 19C makes provision about the enforcement of certain contracts to which an insurer is a party while the insurer is in financial difficulties (within the meaning given by the Schedule)."

(3) After Schedule 19B (further provision about write-down orders), inserted by Part 3 of Schedule 12 to this Act, insert -

"Schedule 19c Insurers in financial difficulties: enforcement of contracts

Section 377K

Part 1 Introductory

Application of this Schedule

1 This Schedule applies in relation to an insurer while the insurer is in financial difficulties.

"Financial difficulties"

2

(1) An insurer is in "financial difficulties" for the purposes of this Schedule if -

(a) Part 1 of Schedule 19B (write-down orders: restrictions on enforc

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