Lloyd’s Insurance Company SA, Re

Lloyd’s Insurance Company SA, Re

On the evidence presented, there is no statutory or authoritative bar to the proposed scheme proceeding to the next stage; the application is fit for consideration for directions and sanction, subject to further evidence, regulatory input, and the development of the scheme's details.

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
Insurance Business Transfer Scheme Application / Preliminary Directions Hearing
Outcome
Order granted (preliminary directions)
Legal Topics
Part VII Transfer, Passporting Rights, Policyholder Notification, Jurisdiction, Scheme Sanction
Insurance Law Financial Services Regulation Part VII Transfer Passporting Rights Policyholder Notification Jurisdiction Scheme Sanction

Case Brief

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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

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 under Part VII of the Financial Services and Markets Act 2000
  2. 2 Whether Lloyd's can appoint itself as transferor for all relevant members and former members
  3. 3 Whether the proposed definition of 'transferring policy' is sufficiently certain

Ratio Decidendi

On the evidence presented, there is no statutory or authoritative bar to the proposed scheme proceeding to the next stage; the application is fit for consideration for directions and sanction, subject to further evidence, regulatory input, and the development of the scheme's details.

Court Disposition

Order granted (preliminary directions)

Orders

  • The court finds no obvious legal bar to the proposed scheme proceeding to a directions and sanctions hearing.
  • The application is fit for consideration, subject to further evidence and regulatory and court review at later stages.