Part VII Transfer
Part VII Transfer
Following the UK’s withdrawal from the European Union (“Brexit”), Stonebridge will be
unable to continue to provide benefits for our customers that are based in the EU, as we will no longer have the necessary authorisation to carry on insurance business in the European Economic Area (“EEA”).
As part of our contingency planning, we have been working towards transferring these policies to Advent Insurance PCC Ltd – UIB Cell (“UIB Cell”), who are an EEA insurer that
is part of the Stonebridge group.
This won’t impact your policy in any way as you are based in the UK and Stonebridge will continue to insure and provide the benefits / services for your policy once the EEA policies transfer to the UIB Cell.
Stonebridge and the UIB Cell have applied to the High Court of Justice for an Order under Part VII of the Financial Services and Markets Act 2000, as modified by the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (SI2019/710), sanctioning a scheme providing for the transfer of Stonebridge’s EEA policies to the UIB Cell. This is a legal process known as a Part VII Transfer.
The application is directed to be heard before the Companies Court Judge at 7 Rolls
Buildings, Royal Courts of Justice, Fetter Lane, London EC4A 1NL, United Kingdom on 14 October 2022. Formal notice of the application to sanction the scheme can be found here. In light of the COVID-19 pandemic, it is possible that the hearing will be conducted remotely, and that no one will attend in person. In that event, details of how to attend the hearing remotely will be provided on this website.
Details of how to raise questions, convey views, or make representations in relation to the transfer are given in the formal notice and in the circular here.
We are currently in the process of communicating this transfer to our European customers. Further information on this process and other relevant information can be found in the below links.
This is a summary of the legal document that sets out the terms of the transfer in the UK.
This is the report from the Independent Expert, who was appointed to give his opinion on the likely effect of the proposal on policyholders.
This is a summary of the Independent Expert Report.