Re Windsor Life Assurance Company Ltd

Re Windsor Life Assurance Company Ltd

The scheme satisfies all statutory and regulatory requirements, the supervisory board's consent and independent advice have been obtained, the independent expert and FSA confirm no material adverse effect on policyholders, and objections raised do not warrant refusal; therefore, it is appropriate to sanction the scheme.

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
Insurance Business Transfer Scheme / Judgment on Application for Sanction
Outcome
scheme sanctioned
Legal Topics
Insurance Business Transfer, Policyholder Protection, Regulatory Compliance, Scheme Sanction, Corporate Restructuring
Insurance Law Company Law Financial Regulation 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

Insurance Business Transfer Scheme / Judgment on Application for Sanction

Legal Issues

  1. 1 Whether the scheme complies with statutory requirements for insurance business transfer under the Financial Services and Markets Act 2000
  2. 2 Whether clauses 48.5(b) and 59.2 of the NM scheme apply and have been satisfied
  3. 3 Whether the scheme adversely affects the reasonable expectations or protection of policyholders

Ratio Decidendi

The scheme satisfies all statutory and regulatory requirements, the supervisory board's consent and independent advice have been obtained, the independent expert and FSA confirm no material adverse effect on policyholders, and objections raised do not warrant refusal; therefore, it is appropriate to sanction the scheme.

Court Disposition

scheme sanctioned

Orders

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