Court of Appeal restates the legal principles applicable to the sanction of Part VII transfers of insurance businesses
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The Court of Appeal has today upheld the joint appeals by The Prudential Assurance Company Limited (PAC) and Rothesay Life Plc (Rothesay) against Snowden J’s refusal to sanction the transfer of a portfolio of annuities from PAC to Rothesay under the provisions of Part VII of the Financial Services and Markets Act 2000 (FSMA) for insurance business transfer schemes.
This is the first occasion in the 150 years since the Life Assurance Companies Act 1870 first introduced court approval for insurance transfers that the law governing such transfers has been considered by the appellate courts.
The judgment is likely to become the definitive statement of the law in this area.
Allen & Overy LLP act for PAC, one of the successful Appellants.
Read our analysis of the judgment below.