Part 1 New Schedule 19C to FSMA 2000
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

SCHEDULE 13 Insurers in Financial Difficulties: Enforcement of Contracts

Section 58

Part 1 New Schedule 19C to FSMA 2000

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).â€

(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 difficultiesâ€

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 enforcement) has effect in relation to the insurer (see paragraph 1(1) and (2) of that Schedule);

(b)     the insurer is in administration,

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