Equitas Ltd (the Names At Lloyd's for the 1992 and Prior Years of Account), Re [2009] EWHC 1595 (Ch) (07 July 2009)

Equitas Ltd (the Names At Lloyd's for the 1992 and Prior Years of Account), Re [2009] EWHC 1595 (Ch) (07 July 2009)

The scheme meets all statutory requirements, does not materially disadvantage any policyholder or affected party, and is fair as between the interests of different classes. Objections raised do not provide grounds to refuse sanction. The court exercises its discretion to sanction the scheme.

Citation
[2009] EWHC 1595 (Ch)
Parties
Applicant: Equitas Ltd; Applicant: Equitas Insurance Ltd (formerly Speyford Ltd); Interested Party: Society of Lloyd's; Interested Party: Financial Services Authority (FSA); Objector: Christopher Stockwell; Objector: Stephen Merrett
Jurisdiction
England and Wales
Judgment Date
07 July 2009
Procedural Posture
Application for Sanction of Insurance Business Transfer Scheme / Final Hearing and Judgment
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Part VII Financial Services and Markets Act 2000, Reinsurance, Solvency, Policyholder Protection
Insurance Law Financial Regulation Company Law Insurance Business Transfer Part VII Financial Services and Markets Act 2000 Reinsurance Solvency Policyholder Protection

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 9 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Equitas Ltd

Applicant

Equitas Insurance Ltd (formerly Speyford Ltd)

Applicant

Society of Lloyd's

Interested Party

Financial Services Authority (FSA)

Interested Party

Christopher Stockwell

Objector

Stephen Merrett

Objector

Procedural Posture

Application for Sanction of Insurance Business Transfer Scheme / Final Hearing and Judgment

Legal Issues

  1. 1 Whether the scheme for transfer of 1992 and prior Lloyd's business to Equitas Insurance Ltd should be sanctioned under Part VII of the Financial Services and Markets Act 2000
  2. 2 Whether policyholders or other affected parties would be materially disadvantaged by the scheme
  3. 3 Whether the scheme meets statutory jurisdictional requirements

Ratio Decidendi

The scheme meets all statutory requirements, does not materially disadvantage any policyholder or affected party, and is fair as between the interests of different classes. Objections raised do not provide grounds to refuse sanction. The court exercises its discretion to sanction the scheme.

Court Disposition

Scheme sanctioned

Orders

  • Order made sanctioning the scheme for transfer of 1992 and prior Lloyd's business to Equitas Insurance Ltd under section 111 of the Financial Services and Markets Act 2000
  • Applicants, associated entities, Society of Lloyd's, and Lioncover Insurance Company Limited to be bound by the scheme and to do what is necessary or expedient to give effect to it