Transfer of business from Domestic & General Life
Assurance to Forester Life
1 August 2008
Following a review of its insurance operations, Domestic &
General Life Assurance Company Limited (DGLA) has agreed to
transfer the whole of its life assurance business to Forester Life
Limited.
We are now arranging for the formal transfer of DGLA's policies
and DGLA's obligations under these policies to Forester Life by
means of an insurance business transfer scheme (the Scheme) under
the Financial Services and Markets Act 2000.
In order for the proposed transfer to take place, the approval
of the Scheme by the High Court of Justice in England (the Court)
must be obtained. The formal hearing by the Court is expected to
take place on 24 October 2008.
As part of this process:
We
are working closely with the industry regulator, the Financial
Services Authority (FSA).
An
Independent Expert (approved by the FSA) has been appointed to
report on the impact of the transfer on policyholders. This
Independent Expert has concluded that the interests of
policyholders would be properly protected under the transfer
arrangements.
A
formal scheme document, setting out the details of the proposals,
has been prepared for consideration by the Court.
Any person who believes that he or she would be
adversely affected by the carrying out of the proposals is entitled
to be heard by the Court.
Available documents:
1. Scheme
2. Scheme
Report
3.
Summary of Scheme and Scheme Report
4. Notice
5.
Order for directions