Treasury consults on changes to insolvency rules for insurers

The government is consulting on a series of targeted amendments to the insolvency arrangements for insurers, which would enable the UK authorities to better manage insurer distress

The amendments proposed include clarifications and enhancements to the court’s existing power under the Financial Services and Markets Act 2000 (FSMA).

The plans also suggest an introduction of new provisions to help mitigate business disruption and losses for insurers in distress, and a change to the protection provided by the Financial Services Compensation Scheme (FSCS) in the event of a write-down.

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