Hong Kong Case Law: Decisions & Judgments

Topic

Solvency requirements

Legal area

Court

16 Oct 2012

RE AXA (HONG KONG) LIFE INSURANCE CO LTD

Citation

RE AXA (HONG KONG) LIFE INSURANCE CO LTD
Court

Court of First Instance
Case number

HCMP1647/2012

The court sanctioned the transfer scheme because the transferee was authorised to carry the business, statutory notice and procedural requirements were complied with, the independent actuary and the Insurance Authority concluded there would be no significant adverse effect on policyholders reasonable expectations or financial security, and the objections raised were insufficient to render the Scheme unfair.
25 Oct 2007

RE PRINCIPAL INSURANCE CO (HONG KONG) LTD

Citation

RE PRINCIPAL INSURANCE CO (HONG KONG) LTD
Court

Court of First Instance
Case number

HCMP1770/2007

The petition to reduce share capital was confirmed because the company met the statutory and Insurance Authority conditions (including a paid-up capital floor and a solvency ratio substantially above the statutory minimum), held sufficient liquid assets, obtained necessary consents, there was no opposition and the reduction would not prejudice creditors.
8 Sept 2006

RE CIGNA WORLDWIDE INSURANCE CO AND ANOTHER

Citation

RE CIGNA WORLDWIDE INSURANCE CO AND ANOTHER
Court

Court of First Instance
Case number

HCMP1039/2006

The court sanctioned the scheme because the statutory requirements of s24(3) were complied with, the independent actuary's report was favourable, the Insurance Authority had been consulted and indicated conditional approval, policyholder enquiries and objections were addressed and no substantive opposition was before the court, and on balance the scheme was fair to policyholders.

Hong Kong Case Law

RE AXA (HONG KONG) LIFE INSURANCE CO LTD

RE PRINCIPAL INSURANCE CO (HONG KONG) LTD

RE CIGNA WORLDWIDE INSURANCE CO AND ANOTHER