Representation of Scottish Widows PLC [2015] JRC 248 (02 December 2015)

The Court is satisfied that all procedural requirements have been met, the scheme does not materially adversely affect any group of policyholders, and the Court has jurisdiction to make supplementary orders to amend previous schemes. The scheme is therefore approved.

Citation: [2015] JRC 248
Parties: Transferor: First Representor; Transferor: Second Representor; Transferee: Clerical Medical
Jurisdiction: Jersey
Judgment Date: 02 December 2015
Procedural Posture: Application Under Article 27 of Schedule 2 of the Insurance Business (jersey) Law 1996 / Final Sanction Hearing
Outcome: application granted
Legal Topics: Insurance Business Transfer, Court Sanction of Schemes, Policyholder Protection

Insurance Law Company Law Insurance Business Transfer Court Sanction of Schemes Policyholder Protection

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 1 Party arguments 2

Parties

First Representor

Transferor

Second Representor

Transferor

Clerical Medical

Transferee

Procedural Posture

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

Legal Issues

1 Whether the procedural requirements of the Insurance Business (Jersey) Law 1996 and Schedule 2 have been complied with
2 Whether the scheme adversely affects the interests of any policyholders
3 Whether the Court has jurisdiction to amend previous schemes to facilitate the current transfer

Ratio Decidendi

Court Disposition

application granted

Orders

Scheme sanctioned as per draft order
Previous schemes amended to cease effect upon commencement of the current scheme