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:
- 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
- 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.
This is the full report of the Independent Expert appointed to give his opinion on the likely impact of the proposed transfer on policyholders.
ADDED 04 DECEMBER
ADDED 21 DECEMBER 2020
4 Par-la-Ville Road
+1 441 400 9300
Monument Life Insurance DAC
Two Park Place,
Upper Hatch Street,
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
+352-264 98 1
Omega Life DAC
26 Upper Pembroke Street,
+39 800 072 555
Inora Life DAC
Two Park Place,
Upper Hatch Street,
Robein Leven NV
070 376 66 66
Nordben Life and Pension Insurance Co. Limited
OLD bank chambers
La grande rue