Marine and General Mutual Life Assurance Society - proposed transfer of business to Scottish Friendly

Slaughter and May is advising Marine and General Mutual Life Assurance Society (MGM), a mutual society specialising in long-term insurance, on the proposed transfer of its entire business to Scottish Friendly Assurance Society Limited (Scottish Friendly), a financial mutual, by way of an insurance business transfer scheme under Part VII FSMA.

The transfer is expected to complete in the second quarter of this year, subject to approval by the members of MGM and Scottish Friendly, the FCA and PRA and the sanction of the High Court.