ARTICLE · 03 APRIL 2019

Scottish Widows Ltd, Re: Part VII Transfers In Light Of Brexit Developments

Clyde & Co

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The applicant sought the sanction of the court for its Part VII insurance business transfer scheme. The scheme provides for the transfer, from the UK company to a newly formed Luxembourg subsidiary,

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Court sanctions Part VII transfer after considering recent Brexit developments

The applicant sought the sanction of the court for its Part VII insurance business transfer scheme. The scheme provides for the transfer, from the UK company to a newly formed Luxembourg subsidiary, of all of the insurance business written by the UK company (with a reinsurance back to the UK of the unitised with-profits business). Some of the transferring policyholders raised objections, including the following:

(1) They questioned the need for the transfer. This was an objection raised in the recent decision in Aviva Life and Pensions UK Ltd & Ors, Re but there have been further developments since then, including the issue of draft legislation in Germany and Italy (where some of the policyholders reside) which would allow UK (re)insurers a transitional period until December 2020 to continue to service existing business in the event of a no-deal Brexit. However, Snowden J said that these

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