Prudential Regulation Authority Rulebook

3.1

For the purposes of section 377F(4)(a) of FSMA, the following information is specified:

1. (1) the fact a write-down order has been made;
2. (2) details of where a copy of the write-down order may be obtained or inspected;
3. (3) an explanation of why the application for a write-down order was made and by whom;
4. (4) an explanation of the effect of the write-down order and of the impact of Chapter 5A of the Policyholder Protection Part, and must in particular include a summary of:
1. (a) how the contractual and associated rights and obligations of affected persons are affected as a result of the write-down order;
2. (b) how payments will be made by the insurer under write-down and whether and in what quantity payments will be reduced, including after taking into account the effect of Chapter 5A of the Policyholder Protection Part;
3. (c) the rights and obligations affected persons have in connection with the write-down order and the write-down manager, including the right to apply to court to vary or revoke a write-down order or to challenge the actions of the write-down manager; and
4. (d) where the insurer under write-down carries out relevant contracts of insurance, the effect of Part 2 of Schedule 19C to FSMA (Policyholder surrender rights), including the process for applying for consent under paragraph 5 of Schedule 19C of FSMA (Consent to exceed surrender limit);
5. (5) a summary of the effect of Part 3 of Schedule 19C to FSMA (Termination etc of relevant contracts), including the process for applying for consent under paragraph 8 of Schedule 19C of FSMA (Consent to terminate relevant contracts);
6. (6) a statement that the insurer under write-down continues to be regulated by the PRA and the FCA;
7. (7) a summary of the functions of the court, the write-down manager and the insurer under write-down, the PRA and the FCA; and
8. (8) contact details for the insurer under write-down and the write-down manager, with a statement directing affected persons to contact those parties with queries.