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ARTICLE · 02 FEBRUARY 2012

Recent Legislative Changes - Key Changes To Insurance Legislation

Matheson
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Effective from 18 November 2011, the Regulations give further effect to the provisions of Directive 2001/17/EC (the "Insurance Winding-Up Directive") on the reorganisation and winding up of insurance undertakings.

European UnionInsurance
Matheson Insurance Practice Group
Matheson Insurance Practice Group
Sharon Daly
Sharon Daly
Helen Noble
Helen Noble
Darren Maher
Darren Maher
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European Communities (Reorganisation and Winding Up of Insurance Undertakings) (Amendment) Regulations 2011 (SI 594/2011)

Effective from 18 November 2011, the Regulations give further effect to the provisions of Directive 2001/17/EC (the "Insurance Winding-Up Directive") on the reorganisation and winding up of insurance undertakings. The Regulations amend existing provisions to ensure that in circumstances where a life insurance company has been authorised to conduct non-life classes 1 and 2 business (see related article above), any insurance claim in relation to the life business of such an undertaking shall, with respect to the assets representing the life technical reserves, take absolute precedence over any claim in relation to non-life classes 1 and 2 business. Equally, any insurance claim taken in respect of any non-life classes 1 and 2, with respect to the assets representing the non-life technical reserves, shall have absolute precedence over any claims in

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