The Transfer Independent Expert
is appointed by the Society and Utmost to report on the terms of the proposed Scheme providing for the Transfer of the majority of the Equitable’s long-term insurance business to Utmost.
The Independent Expert’s letter, which was written to summarise his conclusions on the outstanding points in his Report, produced for the Court Hearing in July, was published here in order to allow policyholders to consider his updated conclusions in advance of the Scheme vote held on 1 November.
In his letter the Independent Expert has provided an update on the impact of the Transfer on:
- The benefit security of Non-Transferring Policyholders; and
- The benefit expectations of Non-Transferring Policyholders with UK-style German With-Profits Policies.
The Independent Expert has now produced his Supplementary Report, the purpose of which is to consider any developments since the publication of his Report and his letter, as well as provide an update on certain aspects of the Transfer that he could not conclude on at that time.
In his Supplementary Report, the Independent Expert has confirmed that there have been no developments which have changed the conclusions set out in his Report or in his letter.
The Independent Expert’s Supplementary Report will be submitted to the court prior to the Sanctions Hearing scheduled for 22 November