(1) A reduction in the value of a liability of an insurer under a write-down order ceases to have effect -
(a) on such date as may be specified in the order (and different dates may be specified in relation to different liabilities or liabilities of different types), or
(b) if earlier, or if no such date is specified, the date on which a termination event happens (or, if more than one termination event happens, the earliest of those dates).
(2) In the following table -
(a) the first column specifies each event which is a termination event for the purposes of this section, and
(b) the second column specifies, in relation to each termination event, the date on which the event happens for the purposes of this section.
|
Event |
Date event happens |
|
The write-down order being - (a) revoked, or (b) varied so as to remove the liability in question from its scope, by an order under section 377I |
(a) The date specified in the order under section 377I as the date on which the revocation or |