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AXA Sun Life PLC - Transfer Scheme.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made (31/08/2006) regarding Invitation for Minister to comment upon an amendment to the AXA Sun Life PLC Transfer Scheme.

Subject:

Invitation for Minister to comment upon an amendment to the AXA Sun Life Plc Transfer Scheme

Decision Reference:

MD-E-2006-0144

Exempt clause(s):

 

Type of Report:

(oral or written)

Written

Person Giving Report (if oral):

 

Telephone or

e-mail Meeting?

 

Report

File ref:

 

Written report – Title

AXA Sun Life – Amendment to Transfer Scheme

Written report – Author

(name and job title)

Paul de Gruchy, Director, Finance Industry Development

Decision(s):

To notify the Jersey Financial Services Commission that the Minister has no comments to make in respect of the amendment to the transfer scheme.

Reason(s) for decision:

The Minister relies on the conclusions of the Commission, based upon an actuarial report, to the effect that policyholders will not be prejudiced by the amendment to the transfer scheme.

Action required:

PDG to notify Commission that the Minister has no comment to make and that the Royal Court be informed that he has no objections or comments to make in respect of the amendment to the transfer scheme.

Signature:

Connetable G.W.Fisher

(Assistant Minister)

Date of Decision:

31 August 2006

Hide report
AXA Sun Life PLC - Transfer Scheme.

MINISTER FOR ECONOMIC DEVELOPMENT

AXA SUN LIFE – AMENDMENT TO TRANSFER SCHEME

1 THE ISSUE

1.1 Under the provisions of the Insurance Business (Jersey) Law 1996 (the “Insurance Law”), when an insurance company holding a permit under that law wishes to transfer its assets and liabilities to another insurance company a Formal Transfer Scheme (the “Scheme”) must be produced for the approval of the Royal Court. The law provides for the Scheme to be reviewed by the Minister, and for the Minister to make such representations to the court as it considers desirable.

1.2 A transfer scheme in relation to AXA Sun Life was approved by the Royal Court on 22 December 2000. As a result of changes to the Financial Services Authority’s regulatory requirements, it is proposed that the transfer scheme be amended so as to ensure actuarial oversight of underlying insurance business is FSA compliant.

1.3 The purpose of this Paper is to set out the background to the proposal and to recommend that the Minister informs the Commission that he has no objections or observations to make in respect of the Scheme.

2 BACKGROUND

2.1 The Background to this proposal is set out in sections 3 and 4 of the annex to this paper, which was prepared by David Hart of the Financial Services Commission.

2.2 The Commission has carried out a review of the documentation intended to effect the amendment to the Scheme, and has noted the contents of an actuarial report into the same. The Commission is of the view that, according to the terms of the Scheme, the expectations of policyholders will not be adversely affected by the proposed transfer which is, in all material respects, fair to all eligible members and policyholders.

3 ISSUE AND RECOMMENDATION

3.1 It is recommended that the Minister accepts the observations of the Commission and agree that, should the opinion of the Minister be sought by the Royal Court, a representative of the Commission be asked to inform the Court that the Minister has no objections or comments to make in relation to the proposed amendment to the Scheme.

PAUL DE GRUCHY

Director, Finance Industry Development

30 August 2006

Annex

JFSC Paper of 18 August 2006

 

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