Preliminary hearing for Part VII Transfer
On 20 November 2018 Lloyd’s will seek preliminary directions from the High Court of England and Wales on the legal principles to be applied in the Part VII Transfer of all European Economic Area business to Lloyd’s Brussels.
This preliminary hearing is scheduled to be heard by a Judge of the High Court at The Rolls Building, Fetter Lane, London, EC4A 1NL, United Kingdom. The time of this hearing will be published on this webpage closer to the date.
Following the preliminary hearing, Lloyd’s intends to fully engage with Lloyd’s market participants to communicate its plans relating to the Part VII Transfer and outline next steps in relation to the process. Lloyd’s will also be required to attend further court hearings for directions on publicising the transfer and the High Court’s approval of the transfer.
Lloyd’s announced on 2 July 2018 that it was working on transferring all European Economic Area business to Lloyd’s Brussels before the end of 2020 via an insurance business transfer under Part VII of the Financial Services and Markets Act 2000. Preparatory work on the area of contract continuity and the Part VII Transfer had been undertaking for some time ahead of that announcement.
For further information contact Paul.Thornton@lloyds.com