IOM Scheme Transfer

UPDATE ON SCHEME TRANSFER

The insurance business transfer from Utmost Limited to Utmost International Isle of Man Limited was approved following the sanction of the High Court of Justice of the Isle of Man (on 9 November), the Royal Court of Guernsey (on 11 November) and the Royal Court of Jersey (on 14 November). The transfer took effect on 30 November 2022. Policyholders can still contact us about the transfer but can no longer have any objection heard by the Courts.

Important information:

Please note that as of 21 October 2022, Quilter International Isle of Man Limited (QIIOM) has been renamed as Utmost International Isle of Man Limited. This change of name is independent of the now completed Scheme Transfer. In the documentation and commentary below all references to Quilter International Isle of Man Limited or QIIoM should be read as references to Utmost International Isle of Man Limited.

Please also note that while we have updated our literature and systems to reflect the transfer and this name change, production and dispatch of quarter three valuation statements began before these changes were effected. They therefore show Utmost Limited as the issuer but, for Utmost Limited, please read Utmost International Isle of Man Limited as your insurer. Quarter four statements, due to be issued in early January 2023, will show the correct name for your insurer which is Utmost International Isle of Man Limited.

Introduction

This website page is dedicated to the transfer the long-term insurance business of Utmost Limited (UL) to QIIoM (the “transfer”).

Please read the UL Policyholder Circular by clicking on this link or the QIIoM Policyholder Circular by clicking on this link. Download and save a copy for your records.

Please read the Policyholder Circular which contains important information about the transfers, summarises key aspects of each scheme, including the Summary of the Independent Actuary’s Report, provides answers to commonly asked questions, including information on how to object to the transfers, and provides contact details if you wish to get in touch with us.

We have not sent out hard copies of the Policyholder Circular for environmental reasons, but please contact us if you would like to receive a copy by post, free of charge. Contact details are provided below.

The Schemes

We have now transferred the long term business of UL to QIIoM. This transfer is referred to as the “Isle of Man Scheme”.

The transfer includes a small number of policies issued by UL which were concluded with policyholders resident in Guernsey. As a result of this, the sanction of the Royal Court of Guernsey was sought for a separate scheme of transfer (the “Guernsey Scheme”).

Since UL holds a category A permit to conduct long term insurance business in Jersey, the sanction of the Royal Court of Jersey was also sought for a separate scheme of transfer (the “Jersey Scheme” and, together with the Isle of Man Scheme and the Guernsey Scheme, the “Schemes”). The Jersey Scheme will be based upon and incorporate the terms of the Isle of Man Scheme.

Documents available for inspection

As well as being available online, the Application to the High Court of Justice of the Isle of Man including the terms of the Isle of Man Scheme, the Application to the Royal Court of Guernsey including the terms of the Guernsey Scheme, the Application to the Royal Court of Jersey including the terms of the Jersey Scheme and a report on the terms of the Schemes prepared by an Independent Actuary (the “Independent Actuary’s Report”) is also available for inspection (and collection) during normal business hours on any weekday (Monday to Friday except public holidays) as per section 6 of the Policyholder Circular.

Link to Section 6 of the Policyholder Circular (page 34)

Key dates

A petition (or application) for the Isle of Man Scheme was presented by the directors of UL to the High Court of Justice of the Isle of Man on 24 August 2022 asking the High Court of Justice of the Isle of Man to sanction the Isle of Man Scheme. This application was considered by the High Court of Justice of the Isle of Man on 9 November 2022. The Isle of Man Scheme was approved by the High Court of Justice of the Isle of Man, and subsequently the Guernsey Scheme and Jersey Scheme are sanctioned by the Royal Court of Guernsey on 11 November 2022 and Royal Court of Jersey on 14 November 2022, respectively. The Schemes became effective on 30 November 2022 (the “Effective Date”).

The Schemes were Sanctioned by the Isle of Man High Court of Justice on 9 of November 2022, the Royal Court of Guernsey on 11 November 2022 and the Royal Court of Jersey on 14 November 2022.

Documentation

Relevant documents and a description of same are summarised in the table below. Please review the documents by clicking on the links.

Document name	Document Description	Link
Isle of Man Scheme Document	The Isle of Man scheme document submitted to the High Court of Justice of the Isle of Man for approval (incorporating minor amendments since the Directions Hearing).	View Document
Isle of Man Newspaper Notice	Notice published in two newspapers in the Isle of Man.	View Document
Financial Times International edition newspaper notice	Notice to be published in the Financial Times International edition.	View Document
Claim Form submitted to the High Court of Justice of the Isle of Man	Application to the High Court of Justice of the Isle of Man including the terms of the Isle of Man Scheme.	View Document
Guernsey Scheme Document	The Guernsey scheme document submitted to the Royal Court of Guernsey for approval.	View Document
Guernsey Application	Application to the Royal Court of Guernsey including the terms of the Guernsey Scheme.	View Document
Guernsey La Gazette Officielle Notice	Notice published in the Guernsey La Gazette Officielle.	View Document
Jersey Scheme Document	The Jersey scheme document submitted to the Royal Court of Jersey for approval.	View Document
Jersey Application	Application to the Royal Court of Jersey including the terms of the Jersey Scheme.	View Document
Jersey Gazette Notice	Notice published in the Jersey Gazette.	View Document
Policyholder Circular (UL policyholder’s version)	Containing a summary of the Schemes, a questions and answers section, a summary of the Independent Actuary’s Report, the relevant legal notices and contact details for UL and QIIoM.	View Document
Policyholder Circular (QIIoM policyholder’s version)	Containing a summary of the Schemes, a questions and answers section, containing a summary of the Independent Actuary’s Report, the relevant legal notices and contact details for UL and QIIoM.	View Document
Independent Actuary’s Report	Report of the Independent Actuary on the impact of the Schemes on UL and QIIoM policyholders.	View Document
Supplementary Independent Actuary’s Report	Second report of the Independent Actuary on the impact of the Schemes on UL and QIIoM policyholders (examining (for confirmation) the conclusions reached in the first report for the Directions Hearing).	View Document
UL HOAF Report	Report of the Head of Actuarial Function at UL on the impact of the Schemes on policyholders.	View Document
QI HOAF Report	Report of the Head of Actuarial Function at QIIoM on the impact of the Schemes on QIIoM policyholders.	View Document
Policyholder Notification Letter	Letters sent to transferring UL policyholders advising them of the Schemes.	View Document
Stamped Court Order Documents	To be posted here after the Sanctions Hearings if the Schemes are approved.	Isle of Man stamped Court Order 9 November Jersey stamped Court Order 16 November Guernsey stamped Court Order 11 November

Please let us know if you would like to be provided with a copy of any of the above documents, and we will provide a copy free of charge.

We are changing our name

Separate to the transfer of business from UL to QIIoM, we have changed our name from QIIoM to Utmost International Isle of Man Limited. This name change took place on 21 October 2022. You will now see our new name and logo on our letters, website, and other formal correspondence.

The graph below summarises the key events and dates relating to the Schemes in 2022.

Life Companies

Questions and Answers

Please click on the links below to read commonly asked questions and answers.

Please read Section 3 of the UL Policyholder Circular by clicking on this link or the QIIoM Policyholder Circular by clicking on this link

How to object

All of the information regarding the proposed transfer on this webpage is for information purposes. If, having read such information, asked any questions of UL and QIIoM and sought any advice needed, you are happy with our proposals, you are not required to take any action. If you wish to raise any objection to the proposals, details of how to do this are given in Section 3 of the Policyholder Circulars. If you are a UL policyholder, please refer to question 10 in Section 3 of the UL Policyholder Circular by clicking on this link. If you are a QIIoM policyholder, please refer to question 9 in Section 3 of the QIIoM Policyholder Circular by clicking on this link.

Contact details

If you would like to contact us about the proposed transfers, please use the contact details in the following link.

Link to Section 6 of the Policyholder Circular (page 34)