In the matter of National Provident Life Limited [2015] JRC 108 (18 May 2015)
The procedural requirements under the Law, as modified by the Court, have been satisfied and there is no evidence that any policyholder will be adversely affected by the Jersey scheme; therefore, the scheme is sanctioned.
- Citation
- [2015] JRC 108
- Parties
- Transferor: National Provident Life Limited; Transferee: Phoenix Life Assurance Limited
- Jurisdiction
- Jersey
- Judgment Date
- 18 May 2015
- Procedural Posture
- Insurance Business Transfer Application / Final Sanction Hearing
- Outcome
- application granted
- Legal Topics
- Transfer of Insurance Business, Policyholder Protection, Court Sanction of Schemes
Case Brief
Summary, issues, holding and outcome
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Parties
National Provident Life Limited
Transferor
Phoenix Life Assurance Limited
Transferee
Procedural Posture
Insurance Business Transfer Application / Final Sanction Hearing
Legal Issues
- 1 Whether the procedural requirements under the Insurance Business (Jersey) Law 1996 have been complied with
- 2 Whether the Jersey scheme would adversely affect any policyholder
Ratio Decidendi
The procedural requirements under the Law, as modified by the Court, have been satisfied and there is no evidence that any policyholder will be adversely affected by the Jersey scheme; therefore, the scheme is sanctioned.
Court Disposition
application granted
Orders
- Leave to amend the Jersey scheme as requested
- Sanction of the Jersey scheme as amended
Full Case Text
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