Representation of Prudential Annuities Ltd [2014] JRC 178A (23 September 2014)

Representation of Prudential Annuities Ltd [2014] JRC 178A (23 September 2014)

The court is satisfied that the procedural requirements have been met, the Independent Actuary confirms no material adverse effect on policyholders, no objections have been received, and the scheme is fair as between all classes of persons affected. The court therefore sanctions the Jersey Scheme.

Citation
[2014] JRC 178A
Parties
Transferor: Prudential Annuities Limited; Transferee: The Prudential Assurance Company Limited
Jurisdiction
Jersey
Judgment Date
23 September 2014
Procedural Posture
Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Scheme of Arrangement, Court Sanction, Policyholder Protection
Insurance Law Corporate Law Insurance Business Transfer Scheme of Arrangement Court Sanction Policyholder Protection

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 5 Party arguments 2
Sign in to unlock

Parties

Prudential Annuities Limited

Transferor

The Prudential Assurance Company Limited

Transferee

Procedural Posture

Insurance Business Transfer Scheme Sanction Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the Jersey Scheme for transfer of long term insurance business should be sanctioned under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996
  2. 2 Whether the procedural requirements for notification and reporting have been met
  3. 3 Whether any policyholder, employee, or other person would be adversely affected by the scheme

Ratio Decidendi

The court is satisfied that the procedural requirements have been met, the Independent Actuary confirms no material adverse effect on policyholders, no objections have been received, and the scheme is fair as between all classes of persons affected. The court therefore sanctions the Jersey Scheme.

Court Disposition

Scheme sanctioned

Orders

  • The Jersey Scheme for the transfer of the whole of the long term insurance business from Prudential Annuities Limited to The Prudential Assurance Company Limited is sanctioned under Article 27 and Schedule 2 to the Insurance Business (Jersey) Law 1996.