Schedule 12: Write-down orders Part 3 – Further provision about write-down orders New Schedule 19B
Paragraph 3 of Schedule 12 inserts a new Schedule 19B into FSMA 2000, which provides for:
restrictions on the enforcement against an insurer (including the enforcement of security over the insurer’s property) (Part 1);
restrictions on the insurer’s dealing with assets, paying variable renumeration and making of distributions to shareholders (Part 2);
the treatment of an insurer’s liabilities in certain circumstances (Part 3); and
the interest payable in respect of liabilities reduced under a write-down order (Part 4).
	The effects of the provisions included in Schedule 19B are described in further detail below.