Re Windsor Life Assurance Company Ltd [2007] EWHC 3429 (Ch) (13 December 2007)

Re Windsor Life Assurance Company Ltd [2007] EWHC 3429 (Ch) (13 December 2007)

The scheme complies with all statutory and scheme requirements, including clauses 48.5(b) and 59.2 of the NM scheme, and provides satisfactory security and protection for all classes of policyholders. The reduction in security for NMP policyholders is not material and is offset by regulatory safeguards. The scheme is fair and appropriate for sanction.

Citation
[2007] EWHC 3429 (Ch)
Parties
Applicant: NM Pensions Limited; Applicant: NM Life Limited; Applicant: Windsor Life Assurance Limited; Interested Party: Supervisory Board; Interested Party: Financial Services Authority; Objector: Mr Frank Stanger; Objector: Mr Peter Graham; Objector: Mr Horrex; Objector: Mr and Mrs Barnett
Jurisdiction
England and Wales
Judgment Date
13 December 2007
Procedural Posture
Part 8 Claim for Insurance Business Transfer Scheme Sanction / Final Judgment on Sanction Application
Outcome
Scheme sanctioned, subject to resolution of Spanish regulatory issue.
Legal Topics
Insurance Business Transfer, Policyholder Protection, Regulatory Compliance, Scheme Sanction, Corporate Restructuring
Insurance Law Financial Regulation Company Law Insurance Business Transfer Policyholder Protection Regulatory Compliance Scheme Sanction Corporate Restructuring

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Parties

NM Pensions Limited

Applicant

NM Life Limited

Applicant

Windsor Life Assurance Limited

Applicant

Supervisory Board

Interested Party

Financial Services Authority

Interested Party

Mr Frank Stanger

Objector

Mr Peter Graham

Objector

Mr Horrex

Objector

Mr and Mrs Barnett

Objector

Procedural Posture

Part 8 Claim for Insurance Business Transfer Scheme Sanction / Final Judgment on Sanction Application

Legal Issues

  1. 1 Whether the proposed transfer scheme complies with statutory and scheme requirements
  2. 2 Whether clauses 48.5(b) and 59.2 of the NM scheme apply and are satisfied
  3. 3 Whether the scheme adversely affects policyholders' security or expectations

Ratio Decidendi

The scheme complies with all statutory and scheme requirements, including clauses 48.5(b) and 59.2 of the NM scheme, and provides satisfactory security and protection for all classes of policyholders. The reduction in security for NMP policyholders is not material and is offset by regulatory safeguards. The scheme is fair and appropriate for sanction.

Court Disposition

Scheme sanctioned, subject to resolution of Spanish regulatory issue.

Orders

  • Order under section 111(1) Financial Services and Markets Act 2000 sanctioning transfer to Windsor Life of entire long-term business of NM Pensions Limited and NM Life Limited, associated assets and liabilities.
  • Ancillary orders under section 112 Financial Services and Markets Act 2000.