Clifford Chance
2011 - The Year of the Insurance Business Transfer
9 February 2012
2011 saw a significant increase in the number of insurance business transfers under Part VII of the Financial Services and Markets Act 2000 ("FSMA").
Valuable guidance as to the factors the court should take into account when deciding whether or not to waive strict compliance with the advertising and notification requirements on a Part VII transfer was also set out in two judgements. This was a welcome development, particularly as the volume of transfers looks set to remain high as insurers continue to reorganise their businesses in preparation for the implementation of Solvency II.
