IN THE MATTER OF PHOENIX LIFE LIMITED & Ors

IN THE MATTER OF PHOENIX LIFE LIMITED & Ors

The court has jurisdiction to sanction a transitional insurance business transfer scheme by order made before 31 December 2022, even if the scheme becomes effective after that date, and may make ancillary orders under s.112 FSMA after 31 December 2022, provided the sanction order is made before that date.

Parties
Applicant: Phoenix Life Limited; Applicant: Reassure Life Limited; Applicant: Phoenix Life Assurance Europe Designated Activity Company; Regulator: PRA; Regulator: FCA
Jurisdiction
England and Wales
Judgment Date
15 June 2022
Procedural Posture
Insurance Business Transfer Scheme Application / Preliminary Application for Prospective Guidance on Jurisdiction
Outcome
Prospective guidance granted; court confirms jurisdiction as contended by applicants, subject to policyholders' right to object at sanction hearing.
Legal Topics
Insurance Business Transfer, Brexit Transitional Provisions, Jurisdiction of Court Under FSMA, Interpretation of Financial Services (miscellaneous) (amendment) (eu Exit) Regulations 2019
Financial Services Law Insurance Law Statutory Interpretation Insurance Business Transfer Brexit Transitional Provisions Jurisdiction of Court Under FSMA Interpretation of Financial Services (miscellaneous) (amendment) (eu Exit) Regulations 2019

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Parties

Phoenix Life Limited

Applicant

Reassure Life Limited

Applicant

Phoenix Life Assurance Europe Designated Activity Company

Applicant

PRA

Regulator

FCA

Regulator

Procedural Posture

Insurance Business Transfer Scheme Application / Preliminary Application for Prospective Guidance on Jurisdiction

Legal Issues

  1. 1 Whether the court has jurisdiction to sanction a transitional insurance business transfer scheme under s.111 FSMA before 31 December 2022 where the scheme becomes effective after that date
  2. 2 Whether ancillary orders under s.112 FSMA can be made after 31 December 2022 in relation to a scheme sanctioned before that date

Ratio Decidendi

The court has jurisdiction to sanction a transitional insurance business transfer scheme by order made before 31 December 2022, even if the scheme becomes effective after that date, and may make ancillary orders under s.112 FSMA after 31 December 2022, provided the sanction order is made before that date.

Court Disposition

Prospective guidance granted; court confirms jurisdiction as contended by applicants, subject to policyholders' right to object at sanction hearing.

Orders

  • The court considers, without prejudice to submissions by policyholders at the sanction hearing, that it has jurisdiction to sanction the scheme by order made before 31 December 2022, even if the scheme becomes effective after that date, and may make ancillary orders under s.112 FSMA after that date.