ACE Insurance Ltd, in the matter of ACE Insurance Ltd (No 2) [2016] FCA 1258

ACE Insurance Ltd, in the matter of ACE Insurance Ltd (No 2) [2016] FCA 1258

The implementation of the scheme for transfer of Chubb’s business to ACE will not materially adversely affect any relevant policyholders. It meets procedural and substantive statutory requirements, preserves contractual coverage, secures adequate post-transfer financial security and solvency, and thus should be confirmed without modification.

Jurisdiction
Australia
Judgment Date
12 October 2016
Procedural Posture
Application for Transfer of General Insurance Business / Scheme Confirmation Hearing
Outcome
Scheme confirmed without modification
Legal Topics
['transfer of Insurance Business' 'reinsurance' 'scheme Confirmation' 'prudential Regulation']
['insurance Law' 'corporations Law'] ['transfer of Insurance Business' 'reinsurance' 'scheme Confirmation' 'prudential Regulation']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Application for Transfer of General Insurance Business / Scheme Confirmation Hearing

Legal Issues

  1. 1 ['Should the scheme for transfer of all the insurance business of Chubb Insurance Company of Australia Limited to ACE Insurance Limited be confirmed under s 17F of the Insurance Act 1973 (Cth)?' 'Will confirmation of the scheme materially adversely affect policyholders of ACE or Chubb?' 'Are the procedural requirements for confirmation of the scheme satisfied?' 'Is it appropriate to transfer outwards reinsurance to ACE?']

Ratio Decidendi

The implementation of the scheme for transfer of Chubb’s business to ACE will not materially adversely affect any relevant policyholders. It meets procedural and substantive statutory requirements, preserves contractual coverage, secures adequate post-transfer financial security and solvency, and thus should be confirmed without modification.

Court Disposition

Scheme confirmed without modification

Orders

  • ['Scheme for transfer of all insurance business of Chubb Insurance Company of Australia Limited to ACE Insurance Limited confirmed (s 17F Insurance Act 1973)' 'All outwards reinsurance responding to contracts transferred to applicant from scheme effective date (s 17F(2) Insurance Act 1973)' "Scheme to become...