11.3. The Scheme Report
11.3.1. The Skilled Person
A Scheme Report may only be made by a person (the Skilled Person):
11.3.2. The Scheme Report
A Scheme Report must
- (a) be in a form approved by the AFSA;
- (b) include a reasoned opinion as to whether or not the scheme (if it is sanctioned by the Court) is expected to have any material adverse impact on any of the policyholders of the transferor or the transferee; and
- (c) include a reasoned conclusion as to whether (if the scheme is sanctioned by the Court) each AIFC-Incorporated Insurer concerned with the scheme (whether as transferee or as transferor) will, taking the scheme into account, comply with the requirements of PINS.
11.3.3. The Scheme Summary
The Scheme Summary must
- (a) contain sufficient information, in language that is clear, fair and not misleading, to enable policyholders to understand how they may be affected if the scheme is sanctioned by the Court;
- (b) be prepared or approved by the Skilled Person; and
- (c) be approved by the AFSA.