In the matter of USAA Limited
All statutory requirements for sanctioning the scheme under FSMA are satisfied, there is no material adverse impact on policyholders or reinsurers, and the scheme is an appropriate response to Brexit-related regulatory changes. The court sanctions the scheme.
- Parties
- Transferor: USAA Limited; Transferee: USAA S.A.; Transferee (uk Branch): USAA S.A. UK Branch
- Jurisdiction
- England and Wales
- Judgment Date
- 21 November 2022
- Procedural Posture
- Insurance Business Transfer Scheme Application / Final Sanction Hearing
- Outcome
- Scheme sanctioned
- Legal Topics
- Insurance Business Transfer, Brexit Related Restructuring, Solvency II Compliance, Regulatory Approvals
Case Brief
Summary, issues, holding and outcome
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Parties
USAA Limited
Transferor
USAA S.A.
Transferee
USAA S.A. UK Branch
Transferee (uk Branch)
Procedural Posture
Insurance Business Transfer Scheme Application / Final Sanction Hearing
Legal Issues
- 1 Whether the court should sanction the insurance business transfer scheme under s.111(1) of FSMA
- 2 Whether all statutory requirements and regulatory approvals have been satisfied
- 3 Whether the scheme causes material adverse impact to policyholders or reinsurers
Ratio Decidendi
All statutory requirements for sanctioning the scheme under FSMA are satisfied, there is no material adverse impact on policyholders or reinsurers, and the scheme is an appropriate response to Brexit-related regulatory changes. The court sanctions the scheme.
Court Disposition
Scheme sanctioned
Orders
- Insurance business transfer scheme sanctioned under s.111(1) FSMA
- Ancillary orders made as necessary under s.112 FSMA
Full Case Text
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