Representation of Zurich Insurance Plc and Zurich Insurance Company Ltd [2022] JRC 250 (09 November 2022)

The Jersey Scheme is sanctioned because the transfer is necessary for regulatory compliance post-Brexit, the Independent Actuary and regulator have no objections, no policyholders objected, and there is no material adverse effect on policyholders.

Citation: [2022] JRC 250
Parties: Transferor: Zurich Insurance Public Limited Company; Transferee: Zurich Insurance Company Ltd
Jurisdiction: Jersey
Judgment Date: 09 November 2022
Procedural Posture: Application for Court Sanction of Insurance Business Transfer Scheme / Final Hearing and Sanction Order
Outcome: Scheme sanctioned
Legal Topics: Insurance Business Transfer, Court Sanction of Schemes, Post Brexit Regulatory Compliance

Insurance Law Company Law Insurance Business Transfer Court Sanction of Schemes Post Brexit Regulatory Compliance

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Parties

Zurich Insurance Public Limited Company

Transferor

Zurich Insurance Company Ltd

Transferee

Procedural Posture

Application for Court Sanction of Insurance Business Transfer Scheme / Final Hearing and Sanction Order

Legal Issues

1 Whether the Jersey Scheme for transfer of insurance business should be sanctioned under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996
2 Whether the transfer materially adversely affects policyholders

Ratio Decidendi

Court Disposition

Scheme sanctioned

Orders

The Jersey Scheme is sanctioned and orders are made in terms of the draft supplied, subject to minor changes.