Schedule 19A, paragraph 3

The manager must monitor the insurer’s affairs for the purpose of forming a view as to whether— it remains the case that the write-down order is reasonably likely to lead to a better outcome for the insurer’s policyholders and other creditors (taken as a whole) than if the write-down order were not in effect, or that will remain the case, or once again be the case, if the directors of the insurer were to take certain action or refrain from taking certain action. If the manager forms the view mentioned in sub-paragraph (1)(b), the manager may make such recommendations to the directors of the insurer as the manager thinks appropriate. In forming a view mentioned in sub-paragraph (1), the manager is entitled to rely on information provided by the insurer, unless the manager has reason to doubt its accuracy. If directed to do so by the FCA or the PRA, the manager must provide a report to that regulator on such matters relating to the insurer’s affairs, and at such intervals, as that regulator may specify.

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Source: legislation.gov.uk · retrieved 2026-09-04