Legal and General Assurance Society Ltd, Re

Legal and General Assurance Society Ltd, Re

The court declined to issue a judgment on the objections at this interim stage, holding that the ultimate decision must be based on all circumstances as they exist at the adjourned hearing, particularly given the uncertainties caused by COVID-19.

Parties
Applicant (transferor): Legal and General Assurance Society Limited; Applicant (transferee): ReAssure Limited; Regulator: Financial Conduct Authority; Regulator: Prudential Regulation Authority; Objecting Policyholder: John Gorrod; Objecting Policyholder: Susan Mulholland; Objecting Policyholder: Dr Kerry Platman; Objecting Policyholder: Tamara Schillinger; Objecting Policyholder: Joseph Sebastian; Objecting Policyholder: Eugene Nathan
Jurisdiction
England and Wales
Judgment Date
30 March 2020
Procedural Posture
Insurance Business Transfer Scheme Sanction Application / Adjournment Prior to Final Sanction Decision
Outcome
adjourned
Legal Topics
Part VII Transfer, Scheme Sanction, COVID 19 Operational Impact, Policyholder Objections
Insurance Law Financial Regulation Part VII Transfer Scheme Sanction COVID 19 Operational Impact Policyholder Objections

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Parties

Legal and General Assurance Society Limited

Applicant (transferor)

ReAssure Limited

Applicant (transferee)

Financial Conduct Authority

Regulator

Prudential Regulation Authority

Regulator

John Gorrod

Objecting Policyholder

Susan Mulholland

Objecting Policyholder

Dr Kerry Platman

Objecting Policyholder

Tamara Schillinger

Objecting Policyholder

Joseph Sebastian

Objecting Policyholder

Eugene Nathan

Objecting Policyholder

Procedural Posture

Insurance Business Transfer Scheme Sanction Application / Adjournment Prior to Final Sanction Decision

Legal Issues

  1. 1 Whether the court should issue a judgment on objections prior to final sanction hearing
  2. 2 Whether the scheme should be sanctioned in light of COVID-19 operational uncertainties

Ratio Decidendi

The court declined to issue a judgment on the objections at this interim stage, holding that the ultimate decision must be based on all circumstances as they exist at the adjourned hearing, particularly given the uncertainties caused by COVID-19.

Court Disposition

adjourned

Orders

  • Application for sanction of the scheme adjourned pending further developments and assessment of COVID-19 impact.