Scottish Equitable PLC & Anor, In the Matter Of [2024] EWHC 2131 (Ch) (14 June 2024)

Scottish Equitable PLC & Anor, In the Matter Of [2024] EWHC 2131 (Ch) (14 June 2024)

The scheme is sanctioned because it meets all statutory and regulatory requirements, does not have a material adverse effect on policyholders or creditors, and the transfer continues rather than novates the policies, preserving their protected status.

Citation
[2024] EWHC 2131 (Ch)
Parties
Claimant: Scottish Equitable Plc; Claimant: The Royal London Mutual Insurance Society Limited
Jurisdiction
England and Wales
Judgment Date
14 June 2024
Procedural Posture
Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Sanction of Scheme, Policyholder Protection, FSMA Part 7, Protected Policies, Regulatory Compliance
Insurance Law Financial Regulation Company Law Insurance Business Transfer Sanction of Scheme Policyholder Protection FSMA Part 7 Protected Policies +1 more

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 2 Authorities cited 6 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Scottish Equitable Plc

Claimant

The Royal London Mutual Insurance Society Limited

Claimant

Procedural Posture

Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the proposed insurance business transfer scheme satisfies the statutory conditions under FSMA s.111
  2. 2 Whether the scheme has a material adverse effect on policyholders or creditors
  3. 3 Whether procedural requirements for notification and consultation have been met

Ratio Decidendi

The scheme is sanctioned because it meets all statutory and regulatory requirements, does not have a material adverse effect on policyholders or creditors, and the transfer continues rather than novates the policies, preserving their protected status.

Court Disposition

Scheme sanctioned

Orders

  • Sanction of the insurance business transfer scheme under FSMA s.111(1)
  • Ancillary orders under FSMA s.112, including a 'protected policies' order to preserve protected status under Schedule 18 to the Finance Act 2007