Companies - application to the court to sanction the Jersey Scheme.
Before : |
Sir William Bailhache, Bailiff, and Jurats Olsen and Dulake. |
IN THE MATTER OF HISCOX INSURANCE COMPANY LIMITED (FIRST REPRESENTOR)
AND IN THE MATTER OF HISCOX S.A (SECOND REPRESENTOR)
AND IN THE MATTER OF AN APPLICATION PURSUANT TO ARTICLE 27 OF AND SCHEDULE 2 TO THE INSURANCE BUSINESS (JERSEY) LAW 1996.
Advocate L. A. Woolrich for the Representors.
judgment
the bailiff:
1. The Court has received an application by Hiscox Insurance Company Limited and Hiscox SA to approve a Scheme pursuant to Article 27 in Schedule 2 of the Insurance Business (Jersey) Law 1996. It is the Scheme for the transfer of general insurance business in Jersey to go from Hiscox Insurance UK to Hiscox SA.
2. There are legitimate business reasons for this transfer, namely the preparations for Brexit, and indeed a full description of those business reasons was given by this Court on 5th December in relation to the Representation of AIG Europe Limited and Others [2018] JRC 224.
3. The Court is satisfied that the procedural directions which were set out in the Court's Order of 6th August, 2018 have been complied with, that is to say the policy holder pack has been put together in accordance with a Court Order and a covering letter explaining the Representors intention to transfer business to Hiscox SA has been sent to the holders of the transferred Jersey Policies and in that connection we have looked at the evidence in detail.
4. Notification was not given in respect of lapsed policies, jointly held policies and policies issued to people who are now deceased and that is the explanation for why only 175 policy holder packs have been sent out rather than the 207 policy holders who have been identified in the books and records of the Representors; that was also made plain to the Court in August when directions were sought. We accept there was good reason for that approach.
5. There have been no objections from any policy holders. There is a report from the independent expert Mr Tiffin, which makes it plain there is no disadvantage to policy holders in making this transfer and the regulators, Jersey Financial Services Commission have given no objections.
6. In the circumstances the Scheme is approved and we make the Order in accordance with the draft.
7. Advocate Woolrich, for all the difficult questions that might have been put to you the paperwork is immaculate.
Authorities
Insurance Business (Jersey) Law 1996.
Representation of AIG Europe Limited and Others [2018] JRC 224.