The Equitable Life Assurance Society -v- Canada Life Ltd [2016] JRC 052 (01 March 2016)

The Equitable Life Assurance Society -v- Canada Life Ltd [2016] JRC 052 (01 March 2016)

The procedural requirements for the transfer have been complied with as modified by the Court; the independent actuary, the Jersey Financial Services Commission, and the Comptroller of Taxes confirm no adverse effect on policyholders; no objections have been raised; the scheme is fair and equitable to all classes of policyholders.

Citation
[2016] JRC 052
Parties
Transferor: Equitable Life Assurance Society; Transferee: Canada Life Limited
Jurisdiction
Jersey
Judgment Date
01 March 2016
Procedural Posture
Insurance Business Transfer Application / Sanction Hearing Under Article 27 of Schedule 2 of the Insurance Business (jersey) Law 1996
Outcome
Application granted; Jersey Scheme sanctioned as amended.
Legal Topics
Transfer of Insurance Business, Policyholder Protection, Court Sanction of Schemes
Insurance Law Financial Regulation Transfer of Insurance Business Policyholder Protection Court Sanction of Schemes

Case Brief

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Parties

Equitable Life Assurance Society

Transferor

Canada Life Limited

Transferee

Procedural Posture

Insurance Business Transfer Application / Sanction Hearing Under Article 27 of Schedule 2 of the Insurance Business (jersey) Law 1996

Legal Issues

  1. 1 Whether the procedural requirements for the transfer have been met
  2. 2 Whether the Jersey Scheme would adversely affect any policyholder

Ratio Decidendi

The procedural requirements for the transfer have been complied with as modified by the Court; the independent actuary, the Jersey Financial Services Commission, and the Comptroller of Taxes confirm no adverse effect on policyholders; no objections have been raised; the scheme is fair and equitable to all classes of policyholders.

Court Disposition

Application granted; Jersey Scheme sanctioned as amended.

Orders

  • Leave granted to amend the Jersey Scheme as requested.
  • Jersey Scheme sanctioned as amended.