IRLA Briefing - An end to Part VII transfers?

Target Audience

All legal and financial staff who are involved in the negotiation and implementation of finality solutions within the insurance and reinsurance market should attend this session to hear about the recent case of Prudential Insurance Company and Rothesay, where the Court appeared to be swayed by the objections of policyholders to the Part VII transfer of PAC’s annuity business to Rothesay and took the unusual step of exercising its discretion to block the transaction, despite the approval of the regulators and the independent expert.

Learning Objectives

The session will begin by looking at the general principles to be taken into account by the courts when assessing proposed Part VII transfers and will then explain the reasoning behind the decision in the PAC and Rothesay case and discuss the implications this has for the legacy market in particular. Our speaker will then explore possible practical steps to be taken by companies considering a Part VII transfer taking into account the points made in the judgement.