“Ireland Financial Services” would actively manage the insurance portfolio transfer process, inwards or outwards. We would outline and plan the process to completing the transfer. The transfer from an Irish perspective will be undertaken under Section 13 of the 1909 Insurance Act.
“Ireland Financial Services” would actively engage with the Company’s legal advisor to support the drafting of the High Court papers and appoint the Senior Counsel; we would conduct a “RFQ” to determine which of the local actuarial practices would be best suited to prepare the “Independent Actuarial Report”, it’s purpose to assess whether any of the affected policyholders may be inconvenienced by the transfer, to the High Court.
“Ireland Financial Services” will establish & manage a forum to ensure all parties including the transferors lawyers, appointed actuary, independent actuary and the appointed actuary (or similar in continental Europe) for the transferee insurance company to the insurance portfolio transfer are kept abreast of developments and report on the adherence to established milestones.
Upon the conclusion of the of the High Court process the Board in discussions with Central Bank of Ireland would arrange to either confirm the insurance portfolio transfer has been completed and will continue its business in a modified manner subject to a revised business plan, transfer the insurance license to another party or retire it in writing to the Central Bank of Ireland, as necessary.