Representation of the Prudential Assurance Company Limited and Rothesay Life PLC [2022] JRC 001 (04 January 2022)

Representation of the Prudential Assurance Company Limited and Rothesay Life PLC [2022] JRC 001 (04 January 2022)

The Jersey Scheme was sanctioned because the court found, after considering the independent actuary's report and the non-objection of the Jersey Financial Services Commission, that the transfer would not have any material adverse effect on the receipt of payments by policyholders or on service standards, and no other relevant objections or adverse factors were present.

Citation
[2022] JRC 001
Parties
Transferor: The Prudential Assurance Company Limited; Transferee: Rothesay Life PLC
Jurisdiction
Jersey
Judgment Date
04 January 2022
Procedural Posture
Insurance Business Transfer Scheme / Sanction Hearing
Outcome
Jersey Scheme sanctioned
Legal Topics
Insurance Business Transfer, Court Sanction of Schemes, Policyholder Protection, Judicial Discretion in Schemes
Insurance Law Company Law Insurance Business Transfer Court Sanction of Schemes Policyholder Protection Judicial Discretion in Schemes

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Parties

The Prudential Assurance Company Limited

Transferor

Rothesay Life PLC

Transferee

Procedural Posture

Insurance Business Transfer Scheme / Sanction Hearing

Legal Issues

  1. 1 Whether the Jersey Scheme for transfer of long-term insurance business from PAC to Rothesay should be sanctioned under Article 27 and Schedule 2 to the Insurance Business (Jersey) Law
  2. 2 Whether the transfer would have any material adverse effect on policyholders' receipt of payments or service standards

Ratio Decidendi

The Jersey Scheme was sanctioned because the court found, after considering the independent actuary's report and the non-objection of the Jersey Financial Services Commission, that the transfer would not have any material adverse effect on the receipt of payments by policyholders or on service standards, and no other relevant objections or adverse factors were present.

Court Disposition

Jersey Scheme sanctioned

Orders

  • The transfer of certain long-term insurance business from The Prudential Assurance Company Limited to Rothesay Life PLC under the Jersey Scheme is sanctioned.