IOM Scheme Transfer

UPDATE ON THE SCHEME TRANSFER OF LONG TERM BUSINESS FROM UTMOST LIMITED (UL) TO QUILTER INTERNATIONAL ISLE OF MAN LIMITED (QIIOM)

Introduction

This website page is dedicated to our proposal to transfer the long-term insurance business of 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 proposed 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 are proposing to transfer 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 will be 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 will be 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. We expect this application will be considered by the High Court of Justice of the Isle of Man on 09 November 2022. If the Isle of Man Scheme is 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 are expected to become effective on 30 November 2022 (the “Effective Date”).

The outcome of the Sanctions Hearings will be posted on this webpage. There will not be a mailing out to policyholders.

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 that will be submitted to the High Court of Justice of the Isle of Man for approval.	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 that will be 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 that will be 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
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.	TBC during 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 are also proposing to change our name from QIIoM to Utmost International Isle of Man Limited. It is anticipated that this name change will take place on or around 24 October 2022. From the date of our name change, you will see our new name and logo on our letters, website, and other formal correspondence.

The graph below summarises the key events and dates in the coming months

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)