Representation of Royal London 360 Ltd [2011] JRC 192 (30 September 2011)

Representation of Royal London 360 Ltd [2011] JRC 192 (30 September 2011)

The scheme is fair, no policyholder will be adversely affected, all procedural requirements have been met, the independent actuary and the Jersey Financial Services Commission support the scheme, and there are no objections.

Citation
[2011] JRC 192
Parties
Transferor: Royal London 360 Limited; Transferee: Royal London 360 Insurance Company Limited
Jurisdiction
Jersey
Judgment Date
30 September 2011
Procedural Posture
Insurance Business Transfer Scheme Approval / Application for Court Sanction
Outcome
scheme approved
Legal Topics
Scheme of Transfer, Long Term Insurance Business, Court Sanction, Policyholder Protection
Insurance Law Company Law Scheme of Transfer Long Term Insurance Business Court Sanction Policyholder Protection

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Parties

Royal London 360 Limited

Transferor

Royal London 360 Insurance Company Limited

Transferee

Procedural Posture

Insurance Business Transfer Scheme Approval / Application for Court Sanction

Legal Issues

  1. 1 Whether the scheme of transfer of Jersey long term insurance business should be sanctioned under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996
  2. 2 Whether the scheme is fair and whether policyholders may be adversely affected

Ratio Decidendi

The scheme is fair, no policyholder will be adversely affected, all procedural requirements have been met, the independent actuary and the Jersey Financial Services Commission support the scheme, and there are no objections.

Court Disposition

scheme approved

Orders

  • Order made in the terms of the draft produced to the court approving the scheme of transfer.