Representation of The Equitable Life Assurance Society and Utmost Life and Pensions Ltd [2019] JRC 240 (10 December 2019)
The Court is satisfied that all procedural requirements have been met and that the scheme will not materially adversely affect any policyholder, and is fair overall.
- Citation
- [2019] JRC 240
- Parties
- Transferor: Equitable Life Assurance Society; Transferee: Utmost Life and Pensions Limited
- Jurisdiction
- Jersey
- Judgment Date
- 10 December 2019
- Procedural Posture
- Application for Sanction of Insurance Business Transfer Scheme / Final Sanction Hearing
- Outcome
- sanction granted
- Legal Topics
- Insurance Business Transfer, Scheme of Arrangement, Policyholder Protection
Case Brief
Summary, issues, holding and outcome
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Parties
Equitable Life Assurance Society
Transferor
Utmost Life and Pensions Limited
Transferee
Procedural Posture
Application for Sanction of Insurance Business Transfer Scheme / Final Sanction Hearing
Legal Issues
- 1 Whether the procedural requirements under Article 27 and Schedule 2 of the Insurance Business Jersey Law have been complied with
- 2 Whether the Jersey Scheme is fair and does not materially adversely affect policyholders
Ratio Decidendi
The Court is satisfied that all procedural requirements have been met and that the scheme will not materially adversely affect any policyholder, and is fair overall.
Court Disposition
sanction granted
Orders
- Sanction of the Jersey Scheme in accordance with the draft Act.
Full Case Text
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