Rothesay Assurance Ltd, Re

Rothesay Assurance Ltd, Re

The scheme does not pose a material risk to the solvency of Rothesay Life or the security of transferring policyholders. Regulatory and internal capital requirements provide sufficient protection, and the scheme is equitable and within the range of reasonable and fair schemes. Policyholder objections do not establish real risks warranting refusal of approval.

Parties
Transferor: Rothesay Assurance Limited; Transferee: Rothesay Life Limited
Jurisdiction
England and Wales
Judgment Date
15 January 2016
Procedural Posture
Insurance Business Transfer Scheme / Judgment
Outcome
scheme approved
Legal Topics
Insurance Business Transfer, Capital Adequacy, Policyholder Protection, Solvency II, Regulatory Approval
Insurance Company Law Financial Regulation Insurance Business Transfer Capital Adequacy Policyholder Protection Solvency II Regulatory Approval

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Parties

Rothesay Assurance Limited

Transferor

Rothesay Life Limited

Transferee

Procedural Posture

Insurance Business Transfer Scheme / Judgment

Legal Issues

  1. 1 Whether the proposed insurance business transfer scheme adversely affects the security and reasonable benefit expectations of policyholders
  2. 2 Whether the scheme meets regulatory requirements and is equitable to all classes of policyholders

Ratio Decidendi

The scheme does not pose a material risk to the solvency of Rothesay Life or the security of transferring policyholders. Regulatory and internal capital requirements provide sufficient protection, and the scheme is equitable and within the range of reasonable and fair schemes. Policyholder objections do not establish real risks warranting refusal of approval.

Court Disposition

scheme approved

Orders

  • Court approves the insurance business transfer scheme under section 111 of the Financial Services and Markets Act 2000.
  • Scheme to become effective at 11.59 pm on 30 November 2015, subject to tax clearances.