Notice of Transfer of General Insurance Business of Dowa Insurance Company (Europe) Limited
Dowa Insurance Company (Europe) Limited ("DICEL") and Aioi Nissay Dowa Insurance Company of Europe Limited ("ANDIE")
NOTICE IS HEREBY GIVEN THAT, in accordance with section 114 the Financial Services and Markets Act 2000 (“FSMA”), an Order (“the Transfer Order”) of the High Court of Justice in England and Wales was made on 3 May 2016 in the above matter under sections 111 and 112 FSMA sanctioning the transfer to ANDIE of the entirety of the insurance and reinsurance business written, assumed or acquired by DICEL. All reinsurance protections and guarantees attached to the business will also be transferred, pursuant to section 112 of FSMA.
The business transferred represents all of DICEL’s insurance and reinsurance business including all the contracts of insurance and reinsurance policies underwritten, assumed or otherwise acquired by DICEL.
The Transfer Order also provides for the dissolution without winding up of DICEL and requires this notice to carry the following statement: the period during which the holder of any policy within the Transfer Scheme which is a contract of direct insurance as regards which an EEA State (other than the United Kingdom) is the EEA State of the commitment or in which the risk is situated, may exercise its right (if any) to cancel the policy, shall be the period of 21 days starting from the date of the publication of this notice or such other period (if any) as provided for by the laws of the relevant EEA State.
As all policies included in the Transfer Scheme have expired, neither DICEL nor ANDIE believe that there is any policy which is capable of cancellation as any right of cancellation will also have expired.
The transfer of the insurance business pursuant to the Transfer Scheme became effective on 17 May 2016.