Zurich Assurance Ltd v Scottish Widows Ltd

Zurich Assurance Ltd v Scottish Widows Ltd

The scheme gives effect to a reasonable commercial objective, does not have a material adverse effect on policyholders, has regulator and independent expert approval, has been fully explained to policyholders, and meets all statutory pre-conditions; therefore, it is appropriate to sanction the scheme.

Parties
Applicant: Zurich Assurance Ltd; Respondent: Scottish Widows Ltd
Jurisdiction
England and Wales
Judgment Date
12 June 2019
Procedural Posture
Insurance Business Transfer Scheme Application / Final Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Sanction of Scheme, FSMA 2000, Policyholder Protection
Financial Services Law Insurance Law Insurance Business Transfer Sanction of Scheme FSMA 2000 Policyholder Protection

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 6 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Zurich Assurance Ltd

Applicant

Scottish Widows Ltd

Respondent

Procedural Posture

Insurance Business Transfer Scheme Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the statutory conditions under s.111 of FSMA 2000 for sanctioning an insurance business transfer scheme are satisfied
  2. 2 Whether the scheme is fair and reasonable to policyholders
  3. 3 Whether all procedural and regulatory requirements have been met

Ratio Decidendi

The scheme gives effect to a reasonable commercial objective, does not have a material adverse effect on policyholders, has regulator and independent expert approval, has been fully explained to policyholders, and meets all statutory pre-conditions; therefore, it is appropriate to sanction the scheme.

Court Disposition

Scheme sanctioned

Orders

  • Insurance business transfer scheme sanctioned under s.111 FSMA 2000
  • Ancillary orders made under s.112 FSMA 2000 to ensure effective implementation of the scheme