Proposed transfer of insurance business from Inora Life dac to Monument Life Insurance DAC

Proposed transfer of insurance business from Inora Life DAC to Monument Life Insurance DAC

The above companies are all part of the Monument Group and it is proposed to rationalise the number of Irish authorised entities by retaining Monument Life Insurance DAC and transferring Inora life DAC into Monument Life Insurance DAC and making all the corporate and financial reporting changes required in support of this. Following transfer, Inora Life DAC will be dissolved.

This rationalisation will make a significant contribution to our brand, resource and financial efficiencies resulting in benefits for the policyholder and shareholder along with other strategic benefits in line with the corporate strategy.

The Directions Hearing was held on 8 September 2020

Please note there will be no change to the administration and underwriting of the policies

The proposed transfer will not affect the terms and conditions of your policy. We encourage you to read the materials provided in the Document Library for the proposed transfer: CLICK HERE

Information regarding the proposed transfer provided by Inora Life to its policyholders is available at: http://www.inoralife.com/

What does this mean for existing Monument customers?

If you already have a policy with Monument, the proposed transfer will not affect your policy or the way we administer it. You will continue to use the same contact details as before to get in touch with us. You do not need to take any further action unless you want to object to the proposed transfer.

If you want to raise a concern or object?

If you wish to object to the proposed transfer, you are also entitled to attend the Irish High Court on the day of the hearing at which the approval of the Irish High Court to the proposed transfer (listed under record number [2020/271 COS]) will be sought (which we expect to be on 15 December 2020). The Sanctions Hearing is scheduled to take place on 15 December 2020 at 11am (Irish time). Due to the current situation with COVID 19, the court hearing will take place remotely. Details of the dial-in details will be uploaded here once available or please check www.courts.ie.

If you wish to be heard at the hearing of the Petition, you should:

  1. Notify our solicitors Matheson, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland, of this intention in writing with reference ‘DM/ELCA 666909.54’, marked for the attention of Elaine Long / Darren Maher; and
  2. File an affidavit setting out your objection and the evidence backing it, with the Central Office in the Four Courts, Inns Quay, Dublin 7 and serve a copy of that affidavit on Matheson Solicitors no later than 5pm GMT at least five working days in advance of the Court hearing.

Will the proposals automatically go ahead?

No. The proposed transfer will only proceed if it is approved by the Irish High Court.

The Irish High Court will only approve the changes if satisfied that the proposals are appropriate, fair to policyholders and meet the relevant legal requirements. To do this, the Irish High Court will consider the opinion of the Independent Actuary and note whether there has been any objection from relevant regulators. Objections received from policyholders will also be considered.

How will I know whether the court has approved the proposed transfer?

Following the court hearing, we will publicise confirmation that the proposed transfer has been sanctioned (and as a result has been implemented) through newspaper notices and on the following websites: http://www.inoralife.com and https://www.monumentregroup.com/

You do not need to take any action should the proposed transfer be sanctioned.

Select Language:

Document Library

The Petition

This is the formal request to the High court.

The Communications Circular

This is a copy of the communication posted to each policyholder

The Scheme Summary

This is a summary of the Scheme document.

Summary of the Independent Actuary Report

This is a summary of the Independent Actuary Report.

The Scheme Document

This is the legal document setting out the terms of the proposed transfer.

The Independent Actuary Report

This is the full report of the Independent Expert appointed to give his opinion on the likely impact of the proposed transfer on policyholders.

The Legal Notice

The Legal Notice for the Scheme.

ADDED 04 DECEMBER

Independent Actuary Supplementary Letter

This is the Independent Actuary’s supplementary letter

ADDED 21 DECEMBER 2020

Court Order

This is the court order

If you require hard copies of any of the above documents, please write to us at: MonumentOps@monumentinsurance.com

CONTACTS

Monument Re

Crown House
4 Par-la-Ville Road
Hamilton HM08
Bermuda

+1 441 400 9300

Monument Life Insurance DAC

Two Park Place,
Upper Hatch Street,
Dublin 2
Ireland

UK 0800 0969 127
Spain 902 12 72 72

Monument Assurance Belgium

Koloniënstraat | rue des Colonies 11
1000 Brussel | Bruxelles
Belgie | Belgique

+32 (0) 78 050 006

Monument Assurance Luxembourg S.A.

5, rue Eugène Ruppert
L-2453 Luxembourg

+352-264 98 1

Omega Life DAC

26 Upper Pembroke Street,
Dublin 2,
Ireland

+39 800 072 555

Inora Life DAC

Two Park Place,
Upper Hatch Street,
Dublin 2
Ireland

+353 15337596

Robein Leven NV

Noordeinde 35
2514 GC
The Hague
Netherlands

070 376 66 66

Nordben Life and Pension Insurance Co. Limited

OLD bank chambers
La grande rue
st martin
Guernsey
GY4 6rt

 

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