In the Matter of Phoenix Life Limited

In the Matter of Phoenix Life Limited

The scheme meets all statutory and regulatory requirements, does not cause any material adverse effect to policyholders or other stakeholders, and is appropriate to sanction in all the circumstances, particularly as it is necessitated by external events (Brexit) and is supported by the independent expert and regulators.

Parties
Applicant/transferor: Phoenix Life Limited; Applicant/transferor: ReAssure Life Limited; Transferee: Phoenix Life Assurance Europe DAC
Jurisdiction
England and Wales
Judgment Date
24 October 2022
Procedural Posture
Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing and Judgment
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Solvency II Compliance, Brexit Related Regulatory Changes, Policyholder Protection, Cross Border Transfers, Judicial Discretion in Sanctioning Schemes
Insurance Law Financial Services Regulation Company Law Insurance Business Transfer Solvency II Compliance Brexit Related Regulatory Changes Policyholder Protection Cross Border Transfers +1 more

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Parties

Phoenix Life Limited

Applicant/transferor

ReAssure Life Limited

Applicant/transferor

Phoenix Life Assurance Europe DAC

Transferee

Procedural Posture

Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing and Judgment

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning the insurance business transfer scheme under section 111 of FSMA are met
  2. 2 Whether the scheme causes any material adverse effect to policyholders or other stakeholders
  3. 3 Whether the technical, notification, and regulatory requirements have been satisfied

Ratio Decidendi

The scheme meets all statutory and regulatory requirements, does not cause any material adverse effect to policyholders or other stakeholders, and is appropriate to sanction in all the circumstances, particularly as it is necessitated by external events (Brexit) and is supported by the independent expert and regulators.

Court Disposition

Scheme sanctioned

Orders

  • Sanction of the insurance business transfer scheme under section 111 FSMA
  • Incidental, consequential, and supplementary orders under section 112(1)(d) FSMA to secure effective implementation of the scheme