Lloyd's Insurance Company SA, Re [2018] EWHC 3228 (Ch) (21 November 2018)

Lloyd's Insurance Company SA, Re [2018] EWHC 3228 (Ch) (21 November 2018)

On the evidence presented, there is no feature of the proposed scheme that renders it obviously incapable of satisfying statutory or authoritative criteria for sanction; the application is fit for consideration for directions and sanction.

Citation
[2018] EWHC 3228 (Ch)
Parties
Claimant: Society of Lloyd's; Claimant: Lloyd's Insurance Company SA; Interested Party: Prudential Regulation Authority; Interested Party: Financial Conduct Authority
Jurisdiction
England and Wales
Judgment Date
21 November 2018
Procedural Posture
Part VII Insurance Business Transfer Scheme Application / Preliminary Directions Hearing
Outcome
Order made that the draft scheme is fit for consideration for directions and sanction; no statutory or authoritative roadblock identified at this stage.
Legal Topics
Part VII Transfer, Passporting Rights, Business Transfer Scheme, Notification of Policyholders, Reinsurance Arrangements
Insurance Law Financial Regulation Corporate Law Part VII Transfer Passporting Rights Business Transfer Scheme Notification of Policyholders Reinsurance Arrangements

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Parties

Society of Lloyd's

Claimant

Lloyd's Insurance Company SA

Claimant

Prudential Regulation Authority

Interested Party

Financial Conduct Authority

Interested Party

Procedural Posture

Part VII Insurance Business Transfer Scheme Application / Preliminary Directions Hearing

Legal Issues

  1. 1 Whether the draft insurance business transfer scheme is fit for consideration by the court for directions and sanction
  2. 2 Whether Lloyd's can appoint itself as transferor for its members
  3. 3 Whether the scheme's definition of 'transferring policy' is sufficiently certain

Ratio Decidendi

On the evidence presented, there is no feature of the proposed scheme that renders it obviously incapable of satisfying statutory or authoritative criteria for sanction; the application is fit for consideration for directions and sanction.

Court Disposition

Order made that the draft scheme is fit for consideration for directions and sanction; no statutory or authoritative roadblock identified at this stage.

Orders

  • Court records that the scheme is fit for consideration for directions and sanction
  • Applicants may proceed with further development of scheme and notification programme