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In Ireland, a transfer of insurance business from one insurer to another requires Irish High Court approval. This stems from regulation 13(4) Assurance Companies Act 1909 which states:
“No assurance company shall amalgamate with another, or transfer its business to another, unless the amalgamation or transfer is sanctioned by the Court in accordance with this section.”
The role of the “Independent Actuary” is to assess the Scheme and provide an independent view to the Court on the “long term likely impacts” of the Scheme on policyholders’ benefits, security of benefits and reasonable expectations.
In Ireland, and in the UK and Asia (which have similar systems to Ireland), we have extensive experience in discharging the role of Independent Actuary. We can help identify the key issues in advance of finalising any Scheme of Transfer and ensure the process avoids any unnecessary rework or potential negative publicity from a rejected Scheme.
In Ireland, we have worked with many legal firms and are very familiar with the Court and Senior Counsel legal process. We have also worked with companies in their liaison with regulators and other interested parties.
Our senior consultants in Ireland have been involved in portfolio transfers as Independent Actuaries and also as Appointed Actuaries of either the transferor or transferee. We have the experience and expertise to provide the services you need in a practical and efficient way.
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To speak with an expert, please contact a member of our Dublin office or fill out the form below.