Equitas Ltd (the Names At Lloyd's for the 1992 and Prior Years of Account), Re

Equitas Ltd (the Names At Lloyd's for the 1992 and Prior Years of Account), Re

The scheme does not materially disadvantage any group of policyholders or interested parties, meets all statutory requirements, and is fair as between the interests of different classes affected. The objections raised do not provide grounds to withhold sanction. The court therefore sanctions the scheme under section 111 of the Financial Services and Markets Act 2000.

Parties
Applicant: Equitas Ltd; Applicant: Equitas Insurance Ltd (formerly Speyford Ltd); Interested Party: Society of Lloyd’s; Regulator: Financial Services Authority (FSA); Objector: Christopher Stockwell; Objector: Stephen Merrett
Jurisdiction
England and Wales
Judgment Date
07 July 2009
Procedural Posture
Insurance Business Transfer Scheme / Application for Sanction of Scheme Under Section 111 of the Financial Services and Markets Act 2000
Outcome
scheme sanctioned
Legal Topics
Business Transfer Schemes, Reinsurance, Regulatory Approval, Policyholder Protection
Insurance Law Financial Regulation Business Transfer Schemes Reinsurance Regulatory Approval Policyholder Protection

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Parties

Equitas Ltd

Applicant

Equitas Insurance Ltd (formerly Speyford Ltd)

Applicant

Society of Lloyd’s

Interested Party

Financial Services Authority (FSA)

Regulator

Christopher Stockwell

Objector

Stephen Merrett

Objector

Procedural Posture

Insurance Business Transfer Scheme / Application for Sanction of Scheme Under Section 111 of the Financial Services and Markets Act 2000

Legal Issues

  1. 1 Whether the court should sanction the insurance business transfer scheme under section 111 of the Financial Services and Markets Act 2000
  2. 2 Whether the scheme adversely affects policyholders or other interested parties
  3. 3 Whether the scheme meets all jurisdictional and procedural requirements under Part VII of the Act

Ratio Decidendi

The scheme does not materially disadvantage any group of policyholders or interested parties, meets all statutory requirements, and is fair as between the interests of different classes affected. The objections raised do not provide grounds to withhold sanction. The court therefore sanctions the scheme under section 111 of the Financial Services and Markets Act 2000.

Court Disposition

scheme sanctioned

Orders

  • The scheme for the transfer of the 1992 and Prior Business to Equitas Insurance Ltd is sanctioned under section 111 of the Financial Services and Markets Act 2000.
  • Applicants, associated entities, the Society of Lloyd’s, and Lioncover Insurance Company Limited are to be bound by the scheme and do what is necessary or expedient to give effect to it.