|Date published||20 August 2020|
Notice is hereby given that an Application (the Application) for an Order sanctioning an insurance business transfer scheme (the Jersey Scheme) pursuant to Article 27 of and Schedule 2 to the Insurance Business (Jersey) Law 1996 (the Law) was presented to the Royal Court of Jersey (the Royal Court) by Police Mutual Assurance Society Limited (Police Mutual) and The Royal London Mutual Insurance Society Limited (Royal London) on 11 June 2020. Police Mutual and Royal London are hereinafter together known as the Representors. The Royal Court has given directions regarding notification to policyholders and members and fixed a date for hearing the Application as specified in the final paragraph of this notice. The Jersey Scheme provides for the transfer by Police Mutual to Royal London of the entirety of its business conducted in or from within Jersey (the Jersey Business). The Jersey Scheme relates to and incorporates the terms of the UK Transfer which will be considered, and if deemed fit, sanctioned by the UK Prudential Regulation Authority pursuant to section 86 of the Friendly Societies Act 1992.
The proposed transfer will, once effective, result in the Jersey Business which is currently carried on by Police Mutual being carried on by Royal London. If the Jersey Scheme is sanctioned by the Royal Court it will result in the transfer to Royal London of all the policies, assets, engagements, liabilities and contracts of Police Mutual comprised in or attributable to the transferring Jersey Business. All claims and liabilities in respect of the policies comprised within the Jersey Business shall, upon the transfer becoming effective, be dealt with by Royal London.
A report has been prepared by an independent actuary (the Report) in accordance with the provisions of the Law. A summary of the Report, together with a copy of the full Report and a statement setting out the terms of the UK Transfer and the Jersey Scheme, can be obtained free of charge from the following website: www.policemutual.co.uk. Hardcopy documents may be requested by post by emailing: firstname.lastname@example.org or writing to: The Company Secretary, Police Mutual, Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS. Copies of the aforementioned documents together with a copy of the Representation to the Royal Court can also be obtained from free of charge from the offices of Carey Olsen Jersey LLP, 47 Esplanade, St Helier, Jersey JE1 0BD during the period up to the date of sanction of the Jersey Scheme. This service is by appointment only (please email email@example.com) and is subject to any restrictions which may be imposed by law.
The application for sanction of the Jersey Scheme is due to be heard on 24 September 2020 at 9.00am by the Royal Court at Royal Court House, Royal Square, St Helier, Jersey, JE1 1JG. Any person who believes that he or she would be adversely affected by the carrying out of the Jersey Scheme has the right to be heard (in person or by an Advocate of the Royal Court or remotely by video link) at the hearing or to make written representations to the Royal Court. Any person who intends to exercise this right, and any person who objects to the Jersey Scheme but does not intend to appear at the hearing, is requested to notify the Representors (by email or post using the contact details for the Representors set out above) or Carey Olsen (by email or post using the contact details for Carey Olsen set out above) setting out the reasons why he or she may be adversely affected by or otherwise objects to the Jersey Scheme. Any person who wishes to address the Court by video link is requested to inform Carey Olsen at least 7 days before the hearing so the necessary arrangements can be made. The rights of persons to attend the court hearing and object in person are not affected by whether or not they have notified the Representors of their objections prior to the hearing.
Dated this 20 August 2020
Presented by: Carey Olsen Jersey LLP