Transfer of insurance business: annuity business

Part VII of the Financial Services and Markets Act 2000 requires judicial approval for the transfer of any insurance business. Various important procedural steps must first be taken, and the transfer must be supported by an expert report and by the regulators, but even then the court has the right to refuse approval in its discretion. Most applications are approved if they have cleared the procedural hurdles, but the decision of Snowden J in Re Prudential Assurance Company Ltd [2019] EWHC 2245 (Ch) is an important exception. This case shows that the discretion is particularly important where the policy is long-term in its nature.

Prudential :the facts