RE CHUBB LIFE INSURANCE COMPANY LTD AND ANOTHER

RE CHUBB LIFE INSURANCE COMPANY LTD AND ANOTHER

The court was satisfied all mandatory requirements of s24 and court directions were complied with, the independent actuary concluded the Scheme would not materially adversely affect policyholders' contractual rights, expectations, solvency or service levels, and the Insurance Authority raised no objection; consequently the court exercised its discretion to sanction the Scheme as fair and binding under s24.

Citation
[2024] HKCFI 3347
Parties
1st Petitioner: Chubb Life Insurance Company Ltd.; 2nd Petitioner: Chubb Life Insurance Hong Kong Limited; Interested Party: Insurance Authority
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
25 November 2024
Case Number
HCMP1217/2023
Procedural Posture
Scheme for Transfer of Long Term Insurance Business Under Insurance Ordinance S24 / Sanction Hearing; Order Granted
Outcome
Scheme sanctioned; order granted under section 24 of the Insurance Ordinance
Legal Topics
Scheme of Transfer, Court Sanction, Independent Actuary Report, Solvency, Policyholder Protection, Regulatory Compliance
Source Language
EN
Insurance Law Company Law Regulatory Law Procedural Law Scheme of Transfer Court Sanction Independent Actuary Report Solvency +2 more

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Parties

Chubb Life Insurance Company Ltd.

1st Petitioner

Chubb Life Insurance Hong Kong Limited

2nd Petitioner

Insurance Authority

Interested Party

Procedural Posture

Scheme for Transfer of Long Term Insurance Business Under Insurance Ordinance S24 / Sanction Hearing; Order Granted

Legal Issues

  1. 1 Whether mandatory requirements of s24 Insurance Ordinance and court directions were complied with
  2. 2 Whether transferee will be authorized to carry on the transferred long term business
  3. 3 Whether the scheme is fair to affected policyholders and will not materially adversely affect their contractual rights, reasonable expectations or financial security

Ratio Decidendi

The court was satisfied all mandatory requirements of s24 and court directions were complied with, the independent actuary concluded the Scheme would not materially adversely affect policyholders' contractual rights, expectations, solvency or service levels, and the Insurance Authority raised no objection; consequently the court exercised its discretion to sanction the Scheme as fair and binding under s24.

Court Disposition

Scheme sanctioned; order granted under section 24 of the Insurance Ordinance

Orders

  • Order sanctioning the Scheme for the transfer of the Transferring Business from Chubb Life Insurance Company Ltd. to Chubb Life Insurance Hong Kong Limited under s24 Insurance Ordinance
  • Scheme to take effect on the Effective Date of 1 December 2023 and binding on transferor, transferee and affected policyholders