A review of the law relating to insolvent life insurance companies and proposals for reform

Abstract

The initial object of this paper was to make general observations on the draft Insurance Companies (Winding-Up) Rules 1983 which were circulated for comment and would be made under Section 59 of the Insurance Companies Act 1982. They concern the identification of general and long-term assets and liabilities, and the evaluation of policyholders' claims, in a winding-up. The wider objective is to review insolvency law generally in relation to long-term insurers and in particular the interaction between the general law concerning companies and the specific law relating to insurance companies. This review leads the authors to set out the case for a radical new approach.