D Y Schwarzmann and P A B Evans are the appointed Scheme Administrators of OIC Run-Off Limited (formerly The Orion Insurance Company plc) and The London and Overseas Insurance Company Limited (together "OIC").
This website is for Scheme Creditors to notify them of some important matters regarding the Amending Scheme of Arrangement (“Amending Scheme”), which became effective on 14 January 2016.
The Bar Date for claims was Monday 12 September 2016. On 17 February 2017, the Scheme Administrators were able to confirm that the Opt Out Proportion Figure (as defined in the Amending Scheme) was less than 30%. As a result, the crystallisation and payment provisions of the Amending Scheme are now being implemented.
A revised Payment Percentage of 76% has been announced with effect from 14 August 2019. This represents an increase of 4% on the previous Payment Percentage of 72%.A News Release providing further information in this regard as well as an update with regard to the indicative timeline is included in the section ‘Other Documents’.
The Amending Scheme requires a number of provisions to be made to satisfy potential future claims. The provisions relating to potential future claims from Qualifying ILUPolicyholders, who are not individuals and did not opt out of the Amending Scheme, as well as potential individual direct action claimants have now been determined in accordance with paragraphs 43 to 45 of the Amending Scheme. The provision relating to potential individual direct action claimants was determined through an adjudication process and a copy of the Scheme Adjudicator's decision is available on request by contacting the Run-off Company using the details provided below.
Should Scheme Creditors have any questions with regard to the Amending Scheme please contact the Run-off Company, Armour Risk Management, either by email at OICClosureHelpdesk@armourrisk.com or by telephone on +44 (0) 207 382 2020.
Each creditor of OIC should not construe the contents of this website as legal, tax, financial or other professional advice.Each creditor should consult its own professional advisers as to the legal, tax, financial or other matters relevant to the action he should take in connection with the Amending Scheme.