Section 377H

A reduction in the value of a liability of an insurer under a write-down order ceases to have effect— 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 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). In the following table— the first column specifies each event which is a termination event for the purposes of this section, and the second column specifies, in relation to each termination event, the date on which the event happens for the purposes of this section. The write-down order being— by an order under section 377I revoked, or varied so as to remove the liability in question from its scope, The date specified in the order under section 377I as the date on which the revocation or variation is to take effect, or if no date is specified, the date on which the order under section 377I is made Where a write-down order is varied, this section applies as if references to the write-down order were to the order as varied.

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