Representation of Friends Life Assurance [2012] JRC 232 (13 December 2012)

Representation of Friends Life Assurance [2012] JRC 232 (13 December 2012)

The Court is satisfied that all procedural requirements have been met and that no policyholder or other person will be materially adversely affected by the scheme; therefore, the transfer is approved.

Citation
[2012] JRC 232
Parties
Transferor: Friends Life Assurance Society Limited; Transferor: Friends Life Company Limited; Transferee: Friends Life Limited
Jurisdiction
Jersey
Judgment Date
13 December 2012
Procedural Posture
Insurance Business Transfer Application / Approval of Scheme
Outcome
application granted
Legal Topics
Transfer of Insurance Business, Policyholder Protection, Regulatory Compliance
Insurance Law Corporate Law Transfer of Insurance Business Policyholder Protection Regulatory Compliance

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Parties

Friends Life Assurance Society Limited

Transferor

Friends Life Company Limited

Transferor

Friends Life Limited

Transferee

Procedural Posture

Insurance Business Transfer Application / Approval of Scheme

Legal Issues

  1. 1 Whether the procedural requirements for transfer under the Insurance Business (Jersey) Law 1996 have been complied with
  2. 2 Whether any policyholder or other person would be materially adversely affected by the scheme

Ratio Decidendi

The Court is satisfied that all procedural requirements have been met and that no policyholder or other person will be materially adversely affected by the scheme; therefore, the transfer is approved.

Court Disposition

application granted

Orders

  • Scheme approved in the terms of the draft Act produced to the Court.
  • Act to be registered in the Public Registry.