Alba Life Ltd. & Ors, Re

Alba Life Ltd. & Ors, Re

The scheme is fair to all classes of policyholders, does not materially adversely affect their security or benefit expectations, complies with all statutory and regulatory requirements, and is appropriate to sanction under s.111 of the Financial Services and Markets Act 2000. Objections raised were either addressed by amendments or did not justify withholding sanction.

Parties
Applicant: Alba Life Limited; Applicant: Britannic Assurance Public Limited Company; Applicant: Britannic Retirement Solutions Limited; Applicant: Britannic Unit Linked Assurance Limited; Applicant: Century Life Plc; Applicant: Phoenix Life & Pensions Limited; Transferee: Phoenix Life Limited; Objector: Dr Malcolm Cohen; Objector: Dr Hedy Cohen; Objector: Mr Roland Baker; Objector: Mr Peter Lambert; Objector: Miss Winifred Houghton; Objector: Miss Norma Richards
Jurisdiction
England and Wales
Judgment Date
08 December 2006
Procedural Posture
Part 8 Claim (insurance Business Transfer and Capital Reduction) / Judgment on Application for Sanction of Insurance Business Transfer Scheme and Consequential Capital Reduction Petitions
Outcome
Application granted; scheme sanctioned; consequential capital reductions to be considered.
Legal Topics
Insurance Business Transfer, Capital Reduction, Court Sanction of Schemes, Policyholder Protection, Regulatory Compliance
Company Law Financial Services Law Insurance Law Insurance Business Transfer Capital Reduction Court Sanction of Schemes Policyholder Protection Regulatory Compliance

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Parties

Alba Life Limited

Applicant

Britannic Assurance Public Limited Company

Applicant

Britannic Retirement Solutions Limited

Applicant

Britannic Unit Linked Assurance Limited

Applicant

Century Life Plc

Applicant

Phoenix Life & Pensions Limited

Applicant

Phoenix Life Limited

Transferee

Dr Malcolm Cohen

Objector

Dr Hedy Cohen

Objector

Mr Roland Baker

Objector

Mr Peter Lambert

Objector

Miss Winifred Houghton

Objector

Miss Norma Richards

Objector

Procedural Posture

Part 8 Claim (insurance Business Transfer and Capital Reduction) / Judgment on Application for Sanction of Insurance Business Transfer Scheme and Consequential Capital Reduction Petitions

Legal Issues

  1. 1 Whether the proposed insurance business transfer scheme should be sanctioned under s.111 of the Financial Services and Markets Act 2000
  2. 2 Whether the consequential reductions of capital should be confirmed
  3. 3 Whether policyholders are materially adversely affected by the scheme

Ratio Decidendi

The scheme is fair to all classes of policyholders, does not materially adversely affect their security or benefit expectations, complies with all statutory and regulatory requirements, and is appropriate to sanction under s.111 of the Financial Services and Markets Act 2000. Objections raised were either addressed by amendments or did not justify withholding sanction.

Court Disposition

Application granted; scheme sanctioned; consequential capital reductions to be considered.

Orders

  • Sanction of the insurance business transfer scheme under s.111 of the Financial Services and Markets Act 2000, subject to amendments and undertakings as described.
  • Proceed to hear and determine the consequential petitions for capital reduction of the five applicants.