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Chapter 12
Portfolio transfers, Part VII transfers (Part VII transfers…
Chapter 12
Portfolio transfers, Part VII transfers
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Run off to exhaustion
no new business written, but existing business continues
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Commutations
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payments should reflect uncertainty, cost saving, investment returns and financial strength
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Part VII transfers
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PH consent is not needed, no vote necessary
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schemes of arrangements
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needs court sanction and a majority vote
- directions hearing and sanctions hearing
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Sale of business
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can sell the whole company, renewal rights, or reinsurance assets