Representation of Phoenix Life Assurance Ltd, Standard Life Assurance Ltd and Phoenix Life Ltd [2023] JRC 208 (17 October 2023)

Representation of Phoenix Life Assurance Ltd, Standard Life Assurance Ltd and Phoenix Life Ltd [2023] JRC 208 (17 October 2023)

All procedural requirements were satisfied, the independent actuary confirmed no material adverse effect, there were no objections, and the scheme's stated purpose benefits policy holders; therefore, the Court sanctions the Jersey Scheme and approves amendments to superseded schemes.

Citation
[2023] JRC 208
Parties
Representor: Phoenix Life Assurance Limited; Representor: Standard Life Assurance Limited; Representor: Phoenix Life Limited
Jurisdiction
Jersey
Judgment Date
17 October 2023
Procedural Posture
Application for Sanction of Insurance Transfer Scheme / Final Judgment
Outcome
scheme sanctioned
Legal Topics
Scheme Sanction, Transfer of Insurance Business, Procedural Compliance
Insurance Law Company Law Scheme Sanction Transfer of Insurance Business Procedural Compliance

Case Brief

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Parties

Phoenix Life Assurance Limited

Representor

Standard Life Assurance Limited

Representor

Phoenix Life Limited

Representor

Procedural Posture

Application for Sanction of Insurance Transfer Scheme / Final Judgment

Legal Issues

  1. 1 Whether the Jersey Scheme for transfer of insurance business should be sanctioned under Article 27 and Schedule 2 of the Insurance Business (Jersey) Law 1996
  2. 2 Whether procedural requirements for sanctioning the scheme have been satisfied
  3. 3 Whether the scheme has any material adverse effect on policy holders

Ratio Decidendi

All procedural requirements were satisfied, the independent actuary confirmed no material adverse effect, there were no objections, and the scheme's stated purpose benefits policy holders; therefore, the Court sanctions the Jersey Scheme and approves amendments to superseded schemes.

Court Disposition

scheme sanctioned

Orders

  • Jersey Scheme sanctioned for transfer of insurance business to Phoenix Life Limited
  • Amendment and replacement of seven superseded schemes approved