The European Union’s (EU’s) Insurers Reorganisation and Winding Up Directive will be implemented in the UK by 20 April, 2003. When it is enacted, it will have a fundamental impact on the outcome of future insurance insolvencies and should already be leading to structural change in the London insurance market, although there is little sign of that currently.
The Directive does not seek to harmonise national legislation concerning reorganisation measures and winding up proceedings, but aims at ensuring mutual recognition of member states’ legislation and proceedings concerning insurance undertakings.
