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On the 18 October 2019, Red Sands Life Assurance Company (Gibraltar) Limited submitted an application, by petition, to the Supreme Court of Gibraltar (the “Court”) pursuant to Part I of Schedule 10 to the Financial Services (Insurance Companies) Act, under which all of its life insurance business was proposed to be transferred to an EEA transferee, subject to an order from the Court sanctioning the scheme. The petition submitted to the Court has now been withdrawn. On the 25 November 2019 EIOPA responded to the letter sent by the Company on the 4 November 2019, replying, inter alia, that EIOPA will follow closely the developments and will engage with National Authorities as part of its monitoring role.


Below is a copy of the relevant Court documents.

Court Affidavit (to withdraw petition)

Supreme Court Order (withdrawing petition)

Red Sands Life Assurance Company (Gibraltar) Limited continues to work towards another portfolio transfer and this page will be updated periodically as the process continues.