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Jersey Unreported Judgments |
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You are here: BAILII >> Databases >> Jersey Unreported Judgments >> Lloyds TSB Assurance transfer business to Scottish [2004] JRC 210 (03 December 2004) URL: http://www.bailii.org/je/cases/UR/2004/2004_210.html Cite as: [2004] JRC 210 |
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[2004]JRC210
royal court
(Samedi Division)
3rd December, 2004
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Before: |
M.C. St. J. Birt, Esq., Deputy Bailiff, and Jurats Bullen and Clapham. |
In the matter of the transfer of long term insurance business by
Lloyds TSB Life Assurance Company Limited
To
Scottish Widows PLC
Under Article 26 and the Second schedule
to the Insurance Business (Jersey) Law 1996
Application to sanction transfer of long term insurance business.
Advocate M.S.D. Yates for Lloyds TSB Life Assurance Co. Ltd.
judgment
the deputy bailiff:
1. This is an application by Lloyds TSB Life Assurance Company Limited, under Article 26 of the Insurance Business (Jersey) Law 1996, to sanction the transfer of all of its long term insurance business to Scottish Widows PLC.
2. Both of those companies are part of the Lloyds TSB Group PLC and accordingly this is a re-organisation within the Group.
3. The Court has to consider whether any such reorganisation may prejudice any policyholder. We have had an independent actuary's report. He has confirmed that there will be no adverse effect in terms either of security or of benefit expectation.
4. Furthermore, it is part of an overall scheme, re-organising all of the company's business and transferring it to all to Scottish Widows PLC and the scheme has been approved by the Court of Session on 1st December, 2004.
5. The second aspect about which we must be satisfied is that all the procedural requirements of the law have been met. We have had affidavits and we are satisfied that they have.
6. We note that there have been no objections from any of the policyholders and that the Economic Development Committee, on the advice of the Jersey Financial Services Commission, has no observation to make. A representative of the Commission was present in Court today.
7. In all the circumstances we are satisfied that it is right to sanction this scheme and we make an order in accordance with the draft produced to us.
