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  1. Point in time
    2016-04-28

article 9 default

3(as defined in article 2(2) of the compensation transitionals order) any of the following:

  1. (a) the passing of a resolution for the voluntary winding up of an authorised insurance company within the meaning of section 3 of the Policyholders Protection Act 1975 in circumstances falling within section 5(1)(a) of that Act;
  2. (b) the making by the court of an order for the winding up of such a company in accordance with section 5(1)(b) of that Act;
  3. (c) the appointment of a provisional liquidator in the circumstances falling within section 15 of that Act in respect of such a company;
  4. (d) such a company becoming a company in financial difficulties within the meaning of section 16 of that Act;
  5. (e) a participating deposit-taker becoming insolvent for the purposes of Part II of the Banking Act 1987;
  6. (f) a participating institution becoming insolvent within the meaning of section 25A of the Building Societies Act 1986;
  7. (g) the beginning of a dissolution or transfer of engagements of a member society in accordance with rule 9(2) of the Rules of the Friendly Societies Protection Scheme.