Representation of AIG Europe Limited and Others [2018] JRC 224 (05 December 2018)

Representation of AIG Europe Limited and Others [2018] JRC 224 (05 December 2018)

The Jersey Scheme is fair between the interests of the different classes of persons affected, does not materially adversely affect policyholders, and meets all statutory requirements. The Court's discretion is exercised in favour of sanctioning the scheme, recognising the commercial judgment of directors and the independent actuary's assessment.

Citation
[2018] JRC 224
Parties
Transferor: AIG Europe Limited; Transferee: AIG UK Transferee; Transferee: AIG European Transferee
Jurisdiction
Jersey
Judgment Date
05 December 2018
Procedural Posture
Insurance Business Transfer Scheme Sanction / Final Judgment
Outcome
Scheme sanctioned
Legal Topics
Business Transfer, Brexit Restructuring, Policyholder Protection, Cross Border Merger
Insurance Law Corporate Law European Law Business Transfer Brexit Restructuring Policyholder Protection Cross Border Merger

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Parties

AIG Europe Limited

Transferor

AIG UK Transferee

Transferee

AIG European Transferee

Transferee

Procedural Posture

Insurance Business Transfer Scheme Sanction / Final Judgment

Legal Issues

  1. 1 Whether the Jersey Scheme should be sanctioned under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996
  2. 2 Whether the transfer adversely affects policyholders
  3. 3 Whether the scheme is fair between classes of persons affected

Ratio Decidendi

The Jersey Scheme is fair between the interests of the different classes of persons affected, does not materially adversely affect policyholders, and meets all statutory requirements. The Court's discretion is exercised in favour of sanctioning the scheme, recognising the commercial judgment of directors and the independent actuary's assessment.

Court Disposition

Scheme sanctioned

Orders

  • Jersey Scheme sanctioned under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996