Representation of Canada Life 28-Oct-2019 [2019] JRC 214A (28 October 2019)
No policyholder will be materially adversely affected by the Jersey Scheme; procedural requirements have been complied with; the Scheme is fair overall.
- Citation
- [2019] JRC 214A
- Parties
- Applicant: Canada Life Limited; Applicant: Scottish Friendly Assurance Society Limited; Regulator: Jersey Financial Services Commission; Regulator: Comptroller of Taxes; Objector: Unnamed Objector
- Jurisdiction
- Jersey
- Judgment Date
- 28 October 2019
- Procedural Posture
- Insurance Business Transfer Sanction / Final Sanction Hearing
- Outcome
- sanction granted
- Legal Topics
- Business Transfer, Policyholder Protection, Regulatory Compliance
Case Brief
Summary, issues, holding and outcome
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Parties
Canada Life Limited
Applicant
Scottish Friendly Assurance Society Limited
Applicant
Jersey Financial Services Commission
Regulator
Comptroller of Taxes
Regulator
Unnamed Objector
Objector
Procedural Posture
Insurance Business Transfer Sanction / Final Sanction Hearing
Legal Issues
- 1 Whether procedural requirements under Insurance Business (Jersey) Law 1996 have been complied with
- 2 Whether the Jersey Scheme is fair and does not materially adversely affect policyholders
Ratio Decidendi
No policyholder will be materially adversely affected by the Jersey Scheme; procedural requirements have been complied with; the Scheme is fair overall.
Court Disposition
sanction granted
Orders
- Sanction to the Jersey Scheme granted.
- Order made in terms of the draft produced to the Court.
Full Case Text
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