FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Administration Orders Relating to Insurers) (Northern Ireland) Order 2005
The Treasury, in exercise of the powers conferred upon them by sections 360, 426 and 428(3) of the Financial Services and Markets Act 2000( 1), with the consent of the Secretary of
State, hereby make the following Order:
Citation, commencement and interpretation
1.-(1) This Order may be cited as the Financial
Services and Markets Act 2000 (Administration Orders Relating to
Insurers) (Northern Ireland) Order 2005 and comes into force on 1
(2) In this Order-
"the 1989 Order" means the Insolvency (Northern Ireland) Order 1989( 2);
"Article 35 meeting" means a meeting held under Article 35 of the 1989 Order.
Modification of Part III of the 1989 Order in relation to insurers
2. Part III of the 1989 Order (administration orders)
applies in relation to insurers with the modifications specified in
the Schedule to this Order, and accordingly Article
21(5)(a)( 3) of that Order does not preclude the
making of an administration order in relation to an insurer.
Modification of the Insolvency Rules (Northern Ireland) 1991 in relation to insurers
3. The Insolvency Rules (Northern Ireland)
1991( 4), so far as they give effect to Part III
of the 1989 Order, have effect in relation to insurers with the
modification that in Rule 2. 10(1) of those Rules (the hearing) there
is inserted after sub-paragraph (a) the following sub-paragraph-
" (aa) the Financial Services Authority;".
Mutual credit and set-off
4. Where an insurer, in relation to which an administration
order has been made, subsequently goes into liquidation, sums due
from the insurer to another party are not to be included in the
account of mutual dealings rendered under Rule 4.096 of the
Insolvency Rules (Northern Ireland) 1991 (mutual credit and set-off)
if, at the time they become due, a petition has been presented to the
court under Article 22 of the 1989 Order (application for an
administration order) in relation to the insurer.
Two of the Lords Commissioners of Her Majesty's Treasury
20th June 2005
One of Her Majesty's Principal Secretaries of State
Northern Ireland Office 7th June 2005
MODIFICATIONS OF PART III OF THE 1989 ORDER IN RELATION TO INSURERS
1. In paragraph (3) of Article 26 (appointment of
administrator),( 5) at the end of paragraph (c) add-
" or(d) by the Financial Services Authority".
2. In paragraph (1) of Article 30 (discharge or...