Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000, Which Her Majesty's Government Is Submitting As Evidence to the Inquiry Conducted by Lord Penrose

Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000, Which Her Majesty's Government Is Submitting As Evidence to the Inquiry Conducted by Lord Penrose
Author: Financial Services Authority (Great Britain)
Publisher:
Total Pages: 264
Release: 2001
Genre:
ISBN: 9780102912586

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On 8 December 2000 Equitable Life announced that it would stop writing new business. This followed a period of uncertainty following a House of Lords judgement, which ruled that it was a breach of contract for them to reduce the terminal bonuses of policyholders who had an annuity at a fixed guaranteed rate. This report examines background to the problems of Equitable Life and the regulatory lessons that could be learnt. It describes the regulatory structure under which Equitable Life operated; the nature of the Guaranteed Annuity Options of the policies and the solvency regime of the Insurance Companies Act 1982. This is followed by a narrative account of the events leading to the FSA assuming responsibility for the prudential regulation of Equitable Life and there is an assessment of the way the FSA and PIA discharged their statutory functions. Finally there are a number of recommendations that cover such issues as: solvency standards; guarantees and options within policies; financial reinsurance; control levels; the role of the appointed actuary; disclosure; the regulatory approach.

Banking Regulation of UK and US Financial Markets

Banking Regulation of UK and US Financial Markets
Author: Dalvinder Singh
Publisher: Routledge
Total Pages: 238
Release: 2016-04-15
Genre: Business & Economics
ISBN: 1317176324

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Dalvinder Singh provides an interdisciplinary analysis of the legal aspects of prudential supervision. This gives the reader a broader understanding of the core processes of banking supervision. By using the UK as a case study, a comparison is made with the US to illustrate the different ways of approaching the issues. The author examines the legal as well as the theoretical, economic, political and policy issues that underpin the purpose of prudential supervision, such as corporate governance, enforcement sanctions, the role of external auditors and accountability of financial regulators. These are considered in the context of broad-policy considerations which render prudential supervision necessary, namely financial stability and depositor protection. The book will be of interest to academics, policymakers, regulators and practitioners, and equally will serve specialist undergraduate and postgraduate programmes in law, management and economics which focus on financial regulation.

The Role of Principles and Practices of Financial Management in the Governance of With-Profits UK Life Insurers

The Role of Principles and Practices of Financial Management in the Governance of With-Profits UK Life Insurers
Author: Ian Dewing
Publisher: Butterworth-Heinemann
Total Pages: 81
Release: 2009-05-28
Genre: Business & Economics
ISBN: 0080963854

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PPFMs have emerged as key internal and external governance documents for the management and regulation of with-profits funds as boards must ensure that financial management practices are in accordance with PPFMs. This book presents the results of the special corporate governance arrangements of financial services firms. Management accountants have a role not only in the development and operation of systems producing PPFM information but will also need to use PPFM information to understand and compare financial performance. A significant contribution to the research literature on the regulation of the UK financial services industry and on the special corporate governance arrangements of financial services firms A greater knowledge of the development, use and perceived efficacy of principles and practices of financial management (PPFMs) will enhance the understanding of management accounting and reporting at varying levels of complexity so enabling management accountants to use PPFM information to understand and compare financial performance Enables Life Assurers to comply with the requirement by the Financial Services Authority to prepare and publish a document called 'Principles and Practices of Financial Management' which also has to be in a 'consumer friendly' version

Actuarial Science

Actuarial Science
Author: Hanji Shang
Publisher: World Scientific
Total Pages: 282
Release: 2006
Genre: Mathematics
ISBN: 9812565051

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Since actuarial education was introduced into China in the 1980s, Chinese scholars have paid greater attention to the theoretical research of actuarial science. Professors and industry experts from well-known universities in China recently worked together on the project ?Insurance Information Processing and Actuarial Mathematics Theory and Methodology?, which was supported by the Chinese government. Summarizing what they achieved, this volume provides a study of some basic problems of actuarial science, including risk models, risk evaluation and analysis, and premium principles. The contributions cover some new applications of probability and statistics, fuzzy mathematics and financial economics to the field of actuarial practices. Discussions on the new insurance market in China are also presented.

Red Tape

Red Tape
Author: Robin Ellison
Publisher: Cambridge University Press
Total Pages: 717
Release: 2018-06-14
Genre: Law
ISBN: 1108688241

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Red Tape tells the sometimes astonishing story of the making of laws, both good and bad, the recent explosion in rule making, and the failure of repeated attempts to rationalise the statute books - even governments themselves are concerned about the increasing number and complexity of our laws. Society requires the rule of law, but the rule of too much law means that the general public faces frustrating excesses created by overzealous regulators and lawmakers. Robin Ellison reveals the failure of repeated attempts to limit the number and complexity of new laws, and the expansion of regulators. He challenges the legislature to introduce fewer yet better laws and regulators by encouraging lawmakers to adopt practices which improve the efficiency of the law and the lives of everyone. Too much law leads to frustration for all - Red Tape is a long overdue exposé of our legal system for practitioners and consumers alike.

Return to an Order of the Honourable the House of Commons Dated 16 October 2001 for the Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000, which Her Majesty's Government is Submitting as Evidence to the Inquiry Conducted by Lord Penrose

Return to an Order of the Honourable the House of Commons Dated 16 October 2001 for the Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000, which Her Majesty's Government is Submitting as Evidence to the Inquiry Conducted by Lord Penrose
Author:
Publisher:
Total Pages:
Release: 2002
Genre:
ISBN:

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Journals of the House of Commons

Journals of the House of Commons
Author: Great Britain. Parliament. House of Commons
Publisher:
Total Pages: 952
Release: 2001
Genre: Great Britain
ISBN:

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Parliamentary Debates (Hansard).

Parliamentary Debates (Hansard).
Author: Great Britain. Parliament. House of Commons
Publisher:
Total Pages: 752
Release: 2001
Genre: Great Britain
ISBN:

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HMSO Annual Catalogue

HMSO Annual Catalogue
Author: Great Britain. Her Majesty's Stationery Office
Publisher:
Total Pages: 740
Release: 2001
Genre: Government publications
ISBN:

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The Stationery Office Annual Catalogue

The Stationery Office Annual Catalogue
Author: Great Britain. Her Majesty's Stationery Office
Publisher:
Total Pages: 748
Release: 2001
Genre: Government publications
ISBN:

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