The above Order, SI 2010/3023, which came into force on 1 February 2011, consolidates the modifications made to Part II of the Insolvency Act 1986 in relation to insurers and makes further modifications:

  1. imposing a duty on the administrator of an insurer to assist the Financial Services Compensation Scheme in administering the compensation scheme in relation to contracts of insurance, and in securing continuity of insurance in relation to contracts of long-term insurance; and
  2. ensuring that an administrator of an insurer is subject to the same duties as liquidator to carry on the insurer’s business as far as it relates to contracts of long-term insurance.

An explanatory memorandum has also been published.