Appeal allowed: Part VII insurance transfers back in business

The role of the courts in relation to insurance business transfer schemes has been clarified in an important judgment of the Court of Appeal, alleviating uncertainty introduced in August last year when an application by the Prudential Assurance Company (“PAC”) and Rothesay Life Plc (“Rothesay”) was refused. The appeal by PAC and Rothesay against this decision has been allowed, and the matter remitted for a new sanctions hearing.