USAA Ltd, Re [2022] EWHC 3161 (Ch) (21 November 2022)

USAA Ltd, Re [2022] EWHC 3161 (Ch) (21 November 2022)

The Scheme meets all statutory requirements under FSMA, including regulatory certificates and authorisations, and is an appropriate response to Brexit-related regulatory changes. There is no material adverse impact on policyholders or reinsurers, and no objections from regulators or policyholders. The court sanctions the Scheme as appropriate in all the circumstances.

Citation
[2022] EWHC 3161 (Ch)
Parties
Applicant/transferor: USAA Limited; Applicant/transferee: USAA S.A.; Applicant/transferee (uk Branch): USAA S.A. UK Branch
Jurisdiction
England and Wales
Judgment Date
21 November 2022
Procedural Posture
Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, FSMA Part VII, Brexit Transitional Arrangements, Regulatory Compliance, Solvency II, Policyholder Protection
Financial Services Law Insurance Law Company Law Insurance Business Transfer FSMA Part VII Brexit Transitional Arrangements Regulatory Compliance Solvency II +1 more

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Parties

USAA Limited

Applicant/transferor

USAA S.A.

Applicant/transferee

USAA S.A. UK Branch

Applicant/transferee (uk Branch)

Procedural Posture

Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning an insurance business transfer scheme under FSMA Part VII are satisfied
  2. 2 Whether the court should exercise its discretion to sanction the Scheme in all the circumstances

Ratio Decidendi

The Scheme meets all statutory requirements under FSMA, including regulatory certificates and authorisations, and is an appropriate response to Brexit-related regulatory changes. There is no material adverse impact on policyholders or reinsurers, and no objections from regulators or policyholders. The court sanctions the Scheme as appropriate in all the circumstances.

Court Disposition

Scheme sanctioned

Orders

  • Insurance business transfer scheme sanctioned under s.111(1) FSMA
  • Ancillary orders made under s.112 FSMA as necessary