Legal and General Assurance Society Ltd, Re [2020] EWHC 756 (Ch) (30 March 2020)

Legal and General Assurance Society Ltd, Re [2020] EWHC 756 (Ch) (30 March 2020)

The court declined to issue an interim judgment on the objections to the Scheme, holding that the ultimate question of sanction must be determined by reference to the circumstances as they exist at the adjourned hearing, particularly given the uncertainty caused by COVID-19.

Citation
[2020] EWHC 756 (Ch)
Parties
Transferor: Legal and General Assurance Society Limited; Transferee: ReAssure Limited; Regulator: Financial Conduct Authority; Regulator: Prudential Regulation Authority; Policyholder Objector: Mr John Gorrod; Policyholder Objector: Mrs Susan Mulholland; Policyholder Objector: Dr Kerry Platman; Policyholder Objector: Ms Tamara Schillinger; Policyholder Objector: Mr Joseph Sebastian; Policyholder Objector: Mr Eugene Nathan
Jurisdiction
England and Wales
Judgment Date
30 March 2020
Procedural Posture
Part VII Insurance Business Transfer Application / Sanction Hearing Adjourned
Outcome
Application adjourned; no sanction granted at this stage.
Legal Topics
Part VII Transfer, Scheme Sanction, COVID 19 Operational Impact, Policyholder Protection
Company Law Insurance Law Financial Regulation Part VII Transfer Scheme Sanction COVID 19 Operational Impact Policyholder Protection

Case Brief

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Parties

Legal and General Assurance Society Limited

Transferor

ReAssure Limited

Transferee

Financial Conduct Authority

Regulator

Prudential Regulation Authority

Regulator

Mr John Gorrod

Policyholder Objector

Mrs Susan Mulholland

Policyholder Objector

Dr Kerry Platman

Policyholder Objector

Ms Tamara Schillinger

Policyholder Objector

Mr Joseph Sebastian

Policyholder Objector

Mr Eugene Nathan

Policyholder Objector

Procedural Posture

Part VII Insurance Business Transfer Application / Sanction Hearing Adjourned

Legal Issues

  1. 1 Whether the Scheme should be sanctioned under Part VII FSMA
  2. 2 Impact of COVID-19 on operational feasibility and policyholder interests
  3. 3 Appropriateness of issuing interim judgment

Ratio Decidendi

The court declined to issue an interim judgment on the objections to the Scheme, holding that the ultimate question of sanction must be determined by reference to the circumstances as they exist at the adjourned hearing, particularly given the uncertainty caused by COVID-19.

Court Disposition

Application adjourned; no sanction granted at this stage.

Orders

  • Matter reserved to Mr Justice Zacaroli for adjourned hearing.
  • No interim judgment issued on Scheme objections.