Prudential Annuities Ltd & Ors, Re [2014] EWHC 4770 (Ch) (13 November 2014)

Prudential Annuities Ltd & Ors, Re [2014] EWHC 4770 (Ch) (13 November 2014)

The scheme is fair as between the interests of the different classes of persons affected, complies with all statutory and regulatory requirements, and does not materially alter the rights or security of policyholders. The independent expert's report and the absence of regulatory objection support sanctioning the scheme.

Citation
[2014] EWHC 4770 (Ch)
Parties
Applicant: Prudential Annuities Limited; Applicant: The Prudential Assurance Company Limited; Regulator: Prudential Regulatory Authority
Jurisdiction
England and Wales
Judgment Date
13 November 2014
Procedural Posture
Part 8 Claim (insurance Business Transfer Scheme) / Final Hearing for Sanction of Scheme
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Court Sanction of Schemes, Regulatory Compliance, Policyholder Protection, Solvency Requirements
Insurance Law Financial Regulation Company Law Insurance Business Transfer Court Sanction of Schemes Regulatory Compliance Policyholder Protection Solvency Requirements

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Parties

Prudential Annuities Limited

Applicant

The Prudential Assurance Company Limited

Applicant

Prudential Regulatory Authority

Regulator

Procedural Posture

Part 8 Claim (insurance Business Transfer Scheme) / Final Hearing for Sanction of Scheme

Legal Issues

  1. 1 Whether the proposed insurance business transfer scheme should be sanctioned under the Financial Services and Markets Act 2000 (FSMA)
  2. 2 Whether the scheme is fair to policyholders and complies with statutory requirements

Ratio Decidendi

The scheme is fair as between the interests of the different classes of persons affected, complies with all statutory and regulatory requirements, and does not materially alter the rights or security of policyholders. The independent expert's report and the absence of regulatory objection support sanctioning the scheme.

Court Disposition

Scheme sanctioned

Orders

  • The insurance business transfer scheme is sanctioned under s111 of the Financial Services and Markets Act 2000.
  • Ancillary orders under s112 FSMA granted as sought.