Representation of Sterling Insurance Co Ltd [2015] JRC 263 (18 December 2015)

The Court is satisfied that all procedural requirements have been met, no objections have been received, the Independent Actuary confirms no material adverse effect on policyholders, and the Jersey Financial Services Commission has no objections; therefore, the Jersey Scheme is sanctioned.

Citation: [2015] JRC 263
Parties: First Representor: Sterling Insurance Company Limited; Second Representor: Covea Insurance plc
Jurisdiction: Jersey
Judgment Date: 18 December 2015
Procedural Posture: Insurance Business Transfer Scheme / Application for Court Sanction
Outcome: Jersey Scheme sanctioned
Legal Topics: Transfer of Insurance Business, Court Sanction of Schemes, Internal Corporate Reorganisation

Insurance Law Corporate Law Transfer of Insurance Business Court Sanction of Schemes Internal Corporate Reorganisation

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Parties

Sterling Insurance Company Limited

First Representor

Covea Insurance plc

Second Representor

Procedural Posture

Insurance Business Transfer Scheme / Application for Court Sanction

Legal Issues

1 Whether the Jersey Scheme for transfer of general insurance business from Sterling to Covea should be sanctioned by the Court
2 Whether procedural requirements under the Insurance Business (Jersey) Law 1996 have been met
3 Whether the transfer adversely affects policyholders

Ratio Decidendi

Court Disposition

Jersey Scheme sanctioned

Orders

Order made in terms of the draft order supplied
Transfer of general insurance business from Sterling to Covea to take effect simultaneously with UK Scheme