IEIM404160 - Miscellaneous: Mergers and Bulk Acquisitions: Merger of CVIC

Miscellaneous: Mergers and Bulk Acquisitions: Merger of CVIC

It is fairly common for insurance companies in the UK to sell off “backbooks” of business to another company, especially when the insurance company no longer sells that type of business. Where this relates to pre-existing accounts, the transferor can continue to rely on the original identification of the transferee company.

Where the transferring company has relied on the exemption from reviewing accounts because they have effectively been prevented from selling to residents of overseas jurisdictions, the acquiring company can rely on the same exemption if they meet the same conditions.