03 DECEMBER 2015

Assignment of claims

The ability to assign claims is an issue which has been raised regularly, both by life companies and policyholders. The legal position in the Isle of Man is that an assignment requires a Court Order before it can be put into effect. The process of obtaining a Court Order can be costly and this has acted as a barrier to creditors who want to simplify their affairs.

In order to assist the life companies and their policyholders, I have applied to Court and have received an Order which permits me to accept assignments from the life companies without the need for a Court Order. This Order does not compel the life companies to agree to requests from their policyholders for assignment, nor does it oblige me to approve them, however it does remove the final costly step from the assignment process.

Contacts

The best way to make contact is to write to the bank at PO Box 197, Third Floor, Sixty Circular Road, Douglas, Isle of Man, IM99 1SN, or email ksf@iom.pwc.com . If you need to telephone the bank, please use the number +44 1624 699222. All other numbers in previous use are now switched off or auto-forward to +44 1624 699222. Please be aware that all telephone calls are recorded for security purposes.


Mike Simpson
Liquidator