Consultation on strengthening the administration regime for insurers
The Treasury have published a consultation document which seeks views on "Strengthening the administration regime for insurers...". See here. The report notes:
"This consultation seeks views on Government proposals to improve the protection and payment
of benefits for holders of insurance contracts with an insurer facing financial difficulties, in
particular addressing gaps in protection that remain in the administration regime for insurers in
comparison to the liquidation regime. The Government proposals include:
- changing the law to require administrators to provide assistance to the FSCS to
enable it to administer the compensation scheme and secure continuity of
contracts of insurance; and
- applying existing powers relating to continuity of contracts of long-term
insurance on the liquidation of an insurer to administration."
"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...