27 Mar 2013
RE TRANSAMERICA LIFE INSURANCE CO
- Citation
- RE TRANSAMERICA LIFE INSURANCE CO
- Court
- Court of First Instance
- Case number
- HCMP2872/2012
The court will sanction the s.24 transfer only if statutory notices, independent actuary's report and regulatory authorizations are satisfactory and no class of policyholders will be materially adversely affected; here the independent actuary and Insurance Authority found no material adverse effect and the transferee has sufficient assets and contractual supports, but sanction is conditional on the Companies providing a limited indemnity/undertaking in respect of excise tax and any additional tax liability arising solely from the change to a non-U.S. issuer and undertakings on conversion pric…