Canada Life Ltd v Scottish Friendly Assurance Society Ltd

Canada Life Ltd v Scottish Friendly Assurance Society Ltd

The proposed transfer scheme does not have a material adverse impact on any relevant person, is not unfair, and there is no reason for the court to withhold sanction. The statutory requirements and established legal principles are satisfied. The scheme is sanctioned.

Parties
Applicant: Canada Life Limited; Applicant: Scottish Friendly Assurance Society Limited; Regulator: Prudential Regulation Authority and Financial Conduct Authority; Objector: Owen Carr
Jurisdiction
England and Wales
Judgment Date
22 October 2019
Procedural Posture
Insurance Business Transfer Application / Final Sanction Hearing
Outcome
application granted; scheme sanctioned
Legal Topics
Part VII Transfer, Court Sanction of Insurance Business Transfer, Policyholder Protection, Regulatory Approval
Insurance Law Financial Regulation Part VII Transfer Court Sanction of Insurance Business Transfer Policyholder Protection Regulatory Approval

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Parties

Canada Life Limited

Applicant

Scottish Friendly Assurance Society Limited

Applicant

Prudential Regulation Authority and Financial Conduct Authority

Regulator

Owen Carr

Objector

Procedural Posture

Insurance Business Transfer Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the proposed transfer scheme has a material adverse impact on relevant persons
  2. 2 Whether the proposed transfer scheme is unfair to any relevant person
  3. 3 Whether the court should sanction the transfer scheme under section 111 of FSMA

Ratio Decidendi

The proposed transfer scheme does not have a material adverse impact on any relevant person, is not unfair, and there is no reason for the court to withhold sanction. The statutory requirements and established legal principles are satisfied. The scheme is sanctioned.

Court Disposition

application granted; scheme sanctioned

Orders

  • Sanction of the transfer scheme under section 111 FSMA as drafted