Section 379

Winding-up rules may include provision— for determining the amount of the liabilities of an insurer to policyholders of any class or description for the purpose of proof in a winding up; and generally for carrying into effect the provisions of this Part with respect to the winding up of insurers. Winding-up rules may, in particular, make provision for all or any of the following matters— the identification of assets and liabilities; the apportionment, between assets of different classes or descriptions, of— the costs, charges and expenses of the winding up; and any debts of the insurer of a specified class or description; the determination of the amount of liabilities of a specified description; the application of assets for meeting liabilities of a specified description; the application of assets representing any excess of a specified description. “Specified” means specified in winding-up rules. “Winding-up rules” means rules made under section 411 of the 1986 Act (or Article 359 of the 1989 Order). Nothing in this section affects the power to make winding-up rules under the 1986 Act or the 1989 Order.

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