In the matter of Monument Insurance [2020] JRC 021 (03 February 2020)

In the matter of Monument Insurance [2020] JRC 021 (03 February 2020)

The Court held that, given the ownership structure and the lack of material effect on certain policy holders, it was appropriate to dispense with notification to members and existing Laguna policy holders, and to approve the proposed notification strategy for Jersey resident policy holders.

Citation
[2020] JRC 021
Parties
Representor: Monument Insurance Designated Activity Company; Representor: Monument Assurance Designated Activity Company; Representor: Laguna Life Designated Activity Company
Jurisdiction
Jersey
Judgment Date
03 February 2020
Procedural Posture
Insurance Business Transfer Scheme Representation / Preliminary Directions Regarding Notification
Outcome
Orders granted as sought by the representors.
Legal Topics
Insurance Business Transfer, Court Sanction, Notification of Policy Holders, Dispensation of Notification Requirements
Insurance Law Company Law Insurance Business Transfer Court Sanction Notification of Policy Holders Dispensation of Notification Requirements

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Parties

Monument Insurance Designated Activity Company

Representor

Monument Assurance Designated Activity Company

Representor

Laguna Life Designated Activity Company

Representor

Procedural Posture

Insurance Business Transfer Scheme Representation / Preliminary Directions Regarding Notification

Legal Issues

  1. 1 Whether the Court should dispense with the requirement to notify members and certain policy holders under Schedule 2, paragraph 4(b) of the Insurance Business (Jersey) Law 1996 in relation to the proposed Jersey Scheme.

Ratio Decidendi

The Court held that, given the ownership structure and the lack of material effect on certain policy holders, it was appropriate to dispense with notification to members and existing Laguna policy holders, and to approve the proposed notification strategy for Jersey resident policy holders.

Court Disposition

Orders granted as sought by the representors.

Orders

  • Dispensation of notification to members of the companies.
  • Dispensation of notification to existing Laguna policy holders.