RGM
Pool - General FAQs |
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Frequently Asked Questions
1 What is the RGM Pool?
2 What is being planned?
3 What is a Scheme of
Arrangement?
4 Who will be affected by the
proposed Scheme?
5 Has my broker been made
aware of this development?
6 What should I do now?
1 What is the RGM Pool ?
The RGM Pool is a pool which transacted
insurance and reinsurance business, of mainly US casualty exposures, from
August 1963 to November 1966.
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2 What
is being planned?
The Scheme Company is entering into a
Solvent Scheme of Arrangement with its creditors, pursuant to Section 425 of
the Companies Act 1985 of Great Britain to finalise its insurance and
reinsurance liabilities in relation to business in respect of its participation
within Reinsurance Group Managers Limited ( "RGM Pool" ) ( other than
liabilities arising out of claims which have been agreed by or on behalf of the
Scheme Company but not paid prior to the date on which the Scheme becomes
effective. )
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3 What is a Scheme of Arrangement?
A Scheme of Arrangement is a compromise or
arrangement between a company and some or all of its creditors or any class of
them entered into pursuant to Section 425 of the Companies Act 1985 of England
& Wales, which becomes legally binding on a company and its creditors or
any class of them, if:
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a majority in number representing not less than 75% in
value of the creditors or class of creditors present and voting in person or by
proxy, vote in favour of the Scheme of Arrangement at a meeting or meetings
convened with the permission of the Court; and
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the Court subsequently sanctions the Scheme of
Arrangement; and
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an office copy of the order of the Court to that
effect is delivered for registration to the Registrar of Companies.
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4 Who
will be affected by the proposed Scheme?
You will be affected by the proposed Scheme if
you have a claim against the Scheme Company in respect of insurance
business written through RGM Pool.
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5 Has my broker been made aware of this
development?
Where PRO has addresses, all known brokers or
intermediaries whom PRO believes may have acted for relevant Scheme Creditors
in placing business have been informed of developments relating to the Scheme
Company in respect of insurance business written through the RGM Pool.
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6 What
should I do now?
With the Solvent Scheme becoming effective on 23
January 2007, Scheme Creditors must submit a Claim Form to the Scheme Manager
in respect of their Scheme Liabilities by 5:00pm London Time on 23 July 2007.
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