Questions & Answers
What is the transfer process?
Before we can carry out the proposed transfer, we must follow a set approval process. This involves:
- appointing an Independent Expert, approved by the Prudential Regulation Authority, in consultation with the Financial Conduct Authority, to consider policyholders’ interests. This expert will prepare a report to the court on our proposals. Read a summary of his report or read his full report;
- consulting closely with the Financial Conduct Authority, the Prudential Regulation Authority and the Central Bank of Ireland;
- the approval of the boards of Aviva Insurance Limited, Aviva Direct Ireland Limited and Aviva Insurance Ireland DAC; and
- final approval by the court at a hearing in Edinburgh. At this hearing, the court will consider reports from the Independent Expert, the Prudential Regulation Authority, the Financial Conduct
Why is there a court hearing?
The transfer process for the UK insurance industry is governed by Part VII of the Financial Services and Markets Act 2000. This says that a court must agree to the transfer. As your policy was written by Aviva Insurance Limited which is incorporated in Scotland, the Court of Session in Edinburgh is the relevant court and so the court hearing will be in Edinburgh as part of this process.
Why is the court hearing in Edinburgh?
As your policy is with Aviva Insurance Limited (a company registered in Scotland), the court hearing will be in Edinburgh.
Will there be a different process and court hearing for policyholders not based in the UK?
Policyholders not based in the UK are subject to the decision made at the court hearing in Edinburgh.