Representation of EC Insuance Company Limited and Markel International Insurance Company Limited [2020] JRC 041 (06 March 2020)

Representation of EC Insuance Company Limited and Markel International Insurance Company Limited [2020] JRC 041 (06 March 2020)

The court is satisfied that the procedural and substantive requirements for sanctioning the Jersey Scheme have been met, no party is adversely affected, and all regulatory approvals have been obtained; therefore, the scheme is sanctioned.

Citation
[2020] JRC 041
Parties
Transferor: First Representor (Transferor); Transferee: Second Representor (Transferee)
Jurisdiction
Jersey
Judgment Date
06 March 2020
Procedural Posture
Insurance Business Transfer Scheme / Sanctions Hearing
Outcome
application granted
Legal Topics
Insurance Business Transfer, Scheme of Arrangement, Regulatory Approval
Insurance Law Corporate Law Insurance Business Transfer Scheme of Arrangement Regulatory Approval

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Parties

First Representor (Transferor)

Transferor

Second Representor (Transferee)

Transferee

Procedural Posture

Insurance Business Transfer Scheme / Sanctions Hearing

Legal Issues

  1. 1 Whether the Jersey Scheme for transfer of insurance business should be sanctioned
  2. 2 Whether policyholders or other interested parties are adversely affected by the transfer

Ratio Decidendi

The court is satisfied that the procedural and substantive requirements for sanctioning the Jersey Scheme have been met, no party is adversely affected, and all regulatory approvals have been obtained; therefore, the scheme is sanctioned.

Court Disposition

application granted

Orders

  • The Jersey Scheme is sanctioned as prayed in the Representation.
  • No order as to costs.