Representation of RSA and NWL [2011] JRC 183 (23 September 2011)

The scheme is fair to all parties, procedural requirements have been satisfied, and no policyholder will be adversely affected; therefore, the scheme is sanctioned.

Citation: [2011] JRC 183
Parties: Transferor: Royal Scottish Assurance Plc; Transferor: National Westminster Life Assurance Limited; Transferee: Aviva Life and Pensions UK Limited
Jurisdiction: Jersey
Judgment Date: 23 September 2011
Procedural Posture: Insurance Business Transfer Sanction Application / Final Judgment
Outcome: scheme sanctioned
Legal Topics: Insurance Business Transfer, Scheme Sanction, Policyholder Protection

Insurance Law Corporate Law Insurance Business Transfer Scheme Sanction Policyholder Protection

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Parties

Royal Scottish Assurance Plc

Transferor

National Westminster Life Assurance Limited

Transferor

Aviva Life and Pensions UK Limited

Transferee

Procedural Posture

Insurance Business Transfer Sanction Application / Final Judgment

Legal Issues

1 Whether procedural requirements under Insurance Business (Jersey) Law 1996 and Schedule 2 are satisfied
2 Whether the scheme is fair to all interested parties, particularly policyholders

Ratio Decidendi

The scheme is fair to all parties, procedural requirements have been satisfied, and no policyholder will be adversely affected; therefore, the scheme is sanctioned.

Court Disposition

scheme sanctioned

Orders

Order made in terms of the draft supplied to the Court