8 Oct 2008
RE TRANSAMERICA OCCIDENTAL LIFE INSURANCE CO
- Citation
- RE TRANSAMERICA OCCIDENTAL LIFE INSURANCE CO
- Court
- Court of First Instance
- Case number
- HCMP1354/2008
The court held that the statutory conditions of s.24 were satisfied: the Insurance Authority's approval in principle and undertaking to issue formal authorisation upon receipt of a sealed order satisfied s.24(6)'s immediacy requirement; the independent actuary's report was not shown to be tainted and supported that no group of policyholders would be materially adversely affected; the scheme was fair as a whole and provided adequate protections, and therefore the court exercised its discretion to sanction the scheme and made the order in the terms submitted.