Legal And General Assurance Society Ltd, Re
The scheme is fair in all the circumstances, does not materially adversely affect any group of policyholders, meets all statutory and regulatory requirements, and objections raised do not justify refusal. The court is satisfied by the independent expert's analysis, regulatory oversight, and the commercial rationale. The scheme is sanctioned.
- Parties
- Applicant/transferor: Legal and General Assurance Society Limited; Applicant/transferee: ReAssure Limited; Regulator: Financial Conduct Authority; Regulator: Prudential Regulation Authority; Objector/policyholder: John Gorrod; Objector/policyholder: Susan Mulholland; Objector/policyholder: Kerry Platman; Objector/policyholder: Tamara Schillinger; Objector/policyholder: Joseph Sebastian; Objector/policyholder: Eugene Nathan; Objector/policyholder: Martin Smith (for Anne Smith); Objector/policyholder: James Mallon; Objector/policyholder: MK Tarling; Objector/policyholder: Howard Phillips; Objector/policyholder: Keith Saxby; Objector/policyholder: Kevin Francis
- Jurisdiction
- England and Wales
- Judgment Date
- 20 August 2020
- Procedural Posture
- Insurance Business Transfer Scheme (part VII Fsma) / Final Sanction Hearing and Judgment
- Outcome
- scheme sanctioned
- Legal Topics
- Part VII Transfer, Policyholder Protection, Scheme Sanction, Solvency Requirements, With Profits Funds, Regulatory Approval, Objections Handling
Case Brief
Summary, issues, holding and outcome
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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
Objector/policyholder
Susan Mulholland
Objector/policyholder
Kerry Platman
Objector/policyholder
Tamara Schillinger
Objector/policyholder
Joseph Sebastian
Objector/policyholder
Eugene Nathan
Objector/policyholder
Martin Smith (for Anne Smith)
Objector/policyholder
James Mallon
Objector/policyholder
MK Tarling
Objector/policyholder
Howard Phillips
Objector/policyholder
Keith Saxby
Objector/policyholder
Kevin Francis
Objector/policyholder
Procedural Posture
Insurance Business Transfer Scheme (part VII Fsma) / Final Sanction Hearing and Judgment
Legal Issues
- 1 Whether the proposed insurance business transfer scheme under Part VII FSMA should be sanctioned by the court
- 2 Whether the scheme is fair and does not materially adversely affect policyholders
- 3 Whether the statutory and regulatory requirements are met
Ratio Decidendi
The scheme is fair in all the circumstances, does not materially adversely affect any group of policyholders, meets all statutory and regulatory requirements, and objections raised do not justify refusal. The court is satisfied by the independent expert's analysis, regulatory oversight, and the commercial rationale. The scheme is sanctioned.
Court Disposition
scheme sanctioned
Orders
- Sanction of the insurance business transfer scheme under Part VII FSMA from Legal and General Assurance Society Limited to ReAssure Limited
- Ancillary orders under FSMA s.112(1)(d) to effect transfer of related assets, contracts, and arrangements necessary for the scheme
Full Case Text
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