Legal and General Assurance Society Limited v ReAssure Limited [2020] JRC 203 (02 October 2020)

Legal and General Assurance Society Limited v ReAssure Limited [2020] JRC 203 (02 October 2020)

The Jersey part of the scheme is fair and does not have a material adverse effect on policyholders; the scheme is equitable to all classes and generations of policyholders and meets all statutory and procedural requirements.

Citation
[2020] JRC 203
Parties
First Representor: Legal and General Assurance Society Limited (LGAS); Second Representor: ReAssure Limited; Regulator: Jersey Financial Services Commission
Jurisdiction
Jersey
Judgment Date
02 October 2020
Procedural Posture
Insurance Business Transfer Scheme / Sanction Hearing
Outcome
scheme sanctioned
Legal Topics
Insurance Business Transfer, Scheme of Arrangement, Policyholder Protection, Court Sanction of Schemes
Insurance Law Company Law Insurance Business Transfer Scheme of Arrangement Policyholder Protection Court Sanction of Schemes

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Parties

Legal and General Assurance Society Limited (LGAS)

First Representor

ReAssure Limited

Second Representor

Jersey Financial Services Commission

Regulator

Procedural Posture

Insurance Business Transfer Scheme / Sanction Hearing

Legal Issues

  1. 1 Whether the Jersey part of the insurance business transfer scheme should be sanctioned
  2. 2 Whether the scheme is fair to all classes and generations of policyholders
  3. 3 Whether the scheme would have a material adverse effect on policyholders

Ratio Decidendi

The Jersey part of the scheme is fair and does not have a material adverse effect on policyholders; the scheme is equitable to all classes and generations of policyholders and meets all statutory and procedural requirements.

Court Disposition

scheme sanctioned

Orders

  • The Jersey part of the insurance business transfer scheme is sanctioned.