Representation of SLFC Assurance (UK) Ltd [2012] JRC 055 (15 March 2012)

Representation of SLFC Assurance (UK) Ltd [2012] JRC 055 (15 March 2012)

The Court is satisfied that the scheme is fair, that statutory and procedural requirements have been met, that there is no material adverse effect on policyholders, and that there are no objections from stakeholders or the regulator. The Court therefore sanctions the scheme.

Citation
[2012] JRC 055
Parties
Applicant: First Representor (Transferor); Applicant: Second Representor (Transferee)
Jurisdiction
Jersey
Judgment Date
15 March 2012
Procedural Posture
Insurance Business Transfer Scheme / Application for Court Sanction
Outcome
scheme sanctioned
Legal Topics
Transfer of Insurance Business, Court Sanction of Schemes, Policyholder Protection
Insurance Law Company Law Transfer of Insurance Business Court Sanction of Schemes Policyholder Protection

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Parties

First Representor (Transferor)

Applicant

Second Representor (Transferee)

Applicant

Procedural Posture

Insurance Business Transfer Scheme / Application for Court Sanction

Legal Issues

  1. 1 Whether the Court should sanction the scheme to transfer long term insurance business from the first representor to the second representor under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996.

Ratio Decidendi

The Court is satisfied that the scheme is fair, that statutory and procedural requirements have been met, that there is no material adverse effect on policyholders, and that there are no objections from stakeholders or the regulator. The Court therefore sanctions the scheme.

Court Disposition

scheme sanctioned

Orders

  • The Court sanctions the Jersey scheme as set out in the Schedule to the Order, transferring the Jersey business, assets, liabilities, and contracts to the second representor.
  • The representors must deposit two office copies of the Order with the Jersey Financial Services Commission within 10 days or such longer period as the Commission may allow.