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UKE Transfer - Legal Notice
UKE Transfer - Legal Notice
Published: 12 October 2020
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
COMPANIES COURT (ChD)
IN THE MATTER OF THE UNITED KINGDOM MUTUAL STEAM SHIP ASSURANCE ASSOCIATION (EUROPE) LIMITED
AND IN THE MATTER OF UK P&I CLUB NV
AND IN THE MATTER OF PART VII OF THE FINANCIAL SERVICES AND MARKETS ACT 2000
NOTICE IS HEREBY GIVEN that on 20 August 2020 The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited (‘UKE’) and UK P&I Club NV (‘UKNV’) applied to the High Court of Justice of England and Wales pursuant to section 107(1) of the Financial Services and Markets Act 2000 (‘FSMA’) for:
- an Order sanctioning an insurance business transfer scheme providing for the transfer to UKNV of certain of the insurance and reinsurance business of UKE (the ‘Scheme’); and
- an Order making ancillary provisions in connection with the Scheme pursuant to section 112 of FSMA.
If you are in any doubt as to whether your policy is affected by the proposed transfer or if you are a policyholder and have any questions about the proposed transfer, please contact UKE by email at firstname.lastname@example.org. Alternatively, you can write to ‘UKE Part VII Transfer’ at The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited, 90 Fenchurch Street, London EC3M 4ST or call +44 (0)20 7283 4646 between 10am and 4pm UK time.
Copies of a report on the terms of the Scheme prepared by an independent expert as required under section 109 of FSMA, a summary of that report and a statement setting out the terms of the Scheme can be obtained free of charge from UKE’s website at www.ukpandi.com or by sending an email to email@example.com, writing to the ‘Part VII Transfer’ address or calling the telephone number given above.
UKNV is regulated by the De Nederlandsche Bank NV and the Autoriteit Financiële Marketen, and any policy which is transferred to UKNV pursuant to the Scheme will be subject to a broadly equivalent regulatory regime.
If (i) the Scheme is approved, (ii) you meet the criteria to benefit from the dispute resolution services provided by the Financial Ombudsman Service (‘FOS’) and (iii) your policy transfers to UKNV, you will maintain the right to bring a complaint to the FOS in relation to the acts and omissions of UKE prior to the Scheme taking effect but you will not have any such rights in relation to the acts and omissions of UKNV from the Scheme taking effect. The qualifying criteria to bring a complaint to the FOS can be viewed at https://www.financial-ombudsman.org.uk/faqs/using-service.
If (i) the Scheme is approved, (ii) you meet the criteria to benefit from protection by the Financial Services Compensation Scheme (‘FSCS’) and (iii) your policy transfers to UKNV pursuant to the Scheme, the protection currently available from the FSCS will cease.
The Scheme is inter-conditional on the approval by the Court of a proposed insurance business transfer scheme providing for the transfer from The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited (UKL’) to UKE of the whole of the insurance business of UKL (the ‘UKL Scheme’). If the UKL Scheme is approved by the Court, the UKL Scheme will take effect at noon UK time on 30 December 2020.
The application is directed to be heard before a Judge of the Business and Property Courts of the High Court at The Rolls Building, 7 Rolls Buildings, Fetter Lane, London, EC4A 1NL on 17 December 2020. If approved by the Court, it is proposed that the Scheme will take effect at noon UK time on 31 December 2020. Any person who alleges that he or she would be adversely affected by the carrying out of the Scheme is entitled to appear at the hearing and/or to make representations in person and/or to instruct someone to appear at the hearing and make representations on his or her behalf and/or to make written representations about the Scheme without appearing at the hearing.
If anyone intends to appear at the hearing in person, or to instruct someone to appear on their behalf at the hearing, we would request that he or she give notice of their intention to do so setting out the reasons why he or she would be adversely affected (but please note that he or she is not obliged to do so). In addition, any person may make written representations about the Scheme without appearing at the hearing (or without instructing someone to appear on their behalf at the hearing). Such notices and representations should be sent to UKE and UKNV in writing by email to firstname.lastname@example.org or by post to the ‘UKE Part VII Transfer’ address given above, or they can be given over the telephone by calling the telephone number given above, in each case as soon as possible and no later than close of business on 10 December 2020. All representations will be provided to the Court at the hearing.
DATED this 13th day of October 2020
Reed Smith LLP
The Broadgate Tower
20 Primrose Street
Tel: +44 (0)20 3116 3000
Solicitors for UKE and UKNV
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