Report Of The Equitable Life Inquiry

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Report of the Equitable Life Inquiry

Author : Equitable Life Inquiry
Publisher :
ISBN 13 : 9780102926880
Total Pages : 817 pages
Book Rating : 4.9/5 (268 download)

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Book Synopsis Report of the Equitable Life Inquiry by : Equitable Life Inquiry

Download or read book Report of the Equitable Life Inquiry written by Equitable Life Inquiry and published by . This book was released on 2004 with total page 817 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the report of the investigation by Lord Penrose into the financial crisis at the life assurance company, Equitable Life, the world's oldest mutual life insurer. The company's problems were revealed when it emerged it had insufficient funds to honour Guaranteed Annuity Rate policies (GARs), which gave investors a guaranteed minimum income when they retired. It suffered a near collapse in 2000 after it lost a House of Lords court case brought by GAR policyholders, leaving the mutual society with a liability of £1.5 billion and forcing its closure to new business. It is thought about 800,000 policyholders have suffered financial losses to their policy entitlements as a result. The report concludes that the company's own failings were the main cause of the financial crisis, with regulatory system failures being secondary factors. The company had deep-seated financial and managerial problems that pre-dated the emergence of the annuity guarantee problem. Critical responsibilities for valuing liabilities, assessing liability implications of new products, identifying and monitoring risk were discharged by a discrete part of the company without effective scrutiny. The Board had insufficient knowledge and skills to provide an effective challenge to the executive management, and at no stage got fully to grips with the company's financial position. Auditing and actuarial failings are also identified, including an over-reliance on the appointed actuary, who was also the chief executive over the critical period from 1991-97. There was also a general failure on the part of the regulators and the Government Actuaries Department to follow-up regulatory issues and to mount an effective challenge of the management. Lord Penrose's report identifies a number of lessons to be learned for the conduct, administration and regulation of the life insurance sector, relating to: regulatory accounting, including accounting for with-profits policies; the need for regulatory systems to keep up with market developments; auditing standards; corporate governance and the role of actuaries.

Report of the Equitable Life Inquiry

Author :
Publisher :
ISBN 13 :
Total Pages : 783 pages
Book Rating : 4.:/5 (55 download)

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Book Synopsis Report of the Equitable Life Inquiry by :

Download or read book Report of the Equitable Life Inquiry written by and published by . This book was released on 2004 with total page 783 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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

Download 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 PDF Online Free

Author : Financial Services Authority (Great Britain)
Publisher :
ISBN 13 : 9780102912586
Total Pages : 264 pages
Book Rating : 4.9/5 (125 download)

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Book Synopsis 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 by : Financial Services Authority (Great Britain)

Download or read book 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 written by Financial Services Authority (Great Britain) and published by . This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Policyholder's Reasonable Expectations

Author : Yong Qiang Han
Publisher : Bloomsbury Publishing
ISBN 13 : 1509900756
Total Pages : 280 pages
Book Rating : 4.5/5 (99 download)

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Book Synopsis Policyholder's Reasonable Expectations by : Yong Qiang Han

Download or read book Policyholder's Reasonable Expectations written by Yong Qiang Han and published by Bloomsbury Publishing. This book was released on 2016-11-03 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, protecting contractual parties' reasonable expectations has incrementally gained judicial recognition in English contract law. In contrast, however, the similar 'doctrine' of 'policyholder's reasonable expectations' has been largely rejected in English insurance law. This is injurious, firstly, to both the consumer and business policyholder's reasonable expectations of coverage of particular risks, and, secondly, to consumer policyholder's reasonable expectations of bonuses in with-profits life insurance. To remedy these problems, this book argues for an incremental but definite acceptance of the conception of policyholder's reasonable expectations in English insurance law. It firstly discusses the homogeneity between insurance law and contract law, as well as the role of (reasonable) expectations and their relevance to the emerging duty of good faith in contract law. Secondly, following a review and re-characterisation of the American insurance law 'doctrine' of reasonable expectations, the book addresses the conventional English objections to the reasonable expectations approach in insurance law. In passing, it also rethinks the approach to the protection of policyholder's reasonable expectations of bonuses in with-profits life insurance through a revisit to the (in)famous case Equitable Life Assurance Society v Hyman [2000] UKHL 39, particularly to its relevant business and regulatory background.

Street Data

Author : Shane Safir
Publisher : Corwin
ISBN 13 : 1071812661
Total Pages : 281 pages
Book Rating : 4.0/5 (718 download)

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Book Synopsis Street Data by : Shane Safir

Download or read book Street Data written by Shane Safir and published by Corwin. This book was released on 2021-02-12 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: Radically reimagine our ways of being, learning, and doing Education can be transformed if we eradicate our fixation on big data like standardized test scores as the supreme measure of equity and learning. Instead of the focus being on "fixing" and "filling" academic gaps, we must envision and rebuild the system from the student up—with classrooms, schools and systems built around students’ brilliance, cultural wealth, and intellectual potential. Street data reminds us that what is measurable is not the same as what is valuable and that data can be humanizing, liberatory and healing. By breaking down street data fundamentals: what it is, how to gather it, and how it can complement other forms of data to guide a school or district’s equity journey, Safir and Dugan offer an actionable framework for school transformation. Written for educators and policymakers, this book · Offers fresh ideas and innovative tools to apply immediately · Provides an asset-based model to help educators look for what’s right in our students and communities instead of seeking what’s wrong · Explores a different application of data, from its capacity to help us diagnose root causes of inequity, to its potential to transform learning, and its power to reshape adult culture Now is the time to take an antiracist stance, interrogate our assumptions about knowledge, measurement, and what really matters when it comes to educating young people.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Fair Society, Healthy Lives

Author : Michael Marmot
Publisher : Olschki
ISBN 13 : 9788822262516
Total Pages : 74 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Fair Society, Healthy Lives by : Michael Marmot

Download or read book Fair Society, Healthy Lives written by Michael Marmot and published by Olschki. This book was released on 2013 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Model Rules of Professional Conduct

Author : American Bar Association. House of Delegates
Publisher : American Bar Association
ISBN 13 : 9781590318737
Total Pages : 216 pages
Book Rating : 4.3/5 (187 download)

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Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates

Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.

Commercial Law

Author : Nicholas Ryder
Publisher : Cambridge University Press
ISBN 13 : 0521758025
Total Pages : 653 pages
Book Rating : 4.5/5 (217 download)

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Book Synopsis Commercial Law by : Nicholas Ryder

Download or read book Commercial Law written by Nicholas Ryder and published by Cambridge University Press. This book was released on 2012-06-14 with total page 653 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovative textbook that examines core principles of commercial law and the social and political context in which they develop.

Communities in Action

Author : National Academies of Sciences, Engineering, and Medicine
Publisher : National Academies Press
ISBN 13 : 0309452961
Total Pages : 583 pages
Book Rating : 4.3/5 (94 download)

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Book Synopsis Communities in Action by : National Academies of Sciences, Engineering, and Medicine

Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.

Banking Regulation of UK and US Financial Markets

Author : Dalvinder Singh
Publisher : Routledge
ISBN 13 : 1317176324
Total Pages : 238 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Banking Regulation of UK and US Financial Markets by : Dalvinder Singh

Download or read book Banking Regulation of UK and US Financial Markets written by Dalvinder Singh and published by Routledge. This book was released on 2016-04-15 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States, Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 with Addendum Covering Matters Referred to Therein

Download Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States, Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 with Addendum Covering Matters Referred to Therein PDF Online Free

Author : New York (State). Insurance Dept
Publisher :
ISBN 13 :
Total Pages : 150 pages
Book Rating : 4.:/5 (1 download)

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Book Synopsis Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States, Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 with Addendum Covering Matters Referred to Therein by : New York (State). Insurance Dept

Download or read book Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States, Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 with Addendum Covering Matters Referred to Therein written by New York (State). Insurance Dept and published by . This book was released on 1905 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Justice Delayed

Author : Great Britain: Parliament: House of Commons: Public Administration Select Committee
Publisher : The Stationery Office
ISBN 13 : 9780215525536
Total Pages : 52 pages
Book Rating : 4.5/5 (255 download)

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Book Synopsis Justice Delayed by : Great Britain: Parliament: House of Commons: Public Administration Select Committee

Download or read book Justice Delayed written by Great Britain: Parliament: House of Commons: Public Administration Select Committee and published by The Stationery Office. This book was released on 2008-12-15 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report contains the Committee's views on the Ombudsman's report on the prudential regulation of Equitable Life throughout the 1990's until it was forced to close to new business in December 2000. Noting aswell that, now eight years later, the situation remains unresolved. The Committee feels that the Government should, without further delay, accept the Ombudsman's findings of maladministration on the part of the former Department of Trade and Industry, the Government Actuary's Department, and the Financial Services Authority. They support the Ombusman's recommendation for a full and unreserved apology from those public bodies concerned. There are valid arguments to be had about the means of providing redress, but there is concern that the Government may choose to act as judge on its own behalf by refusing to accept that maladministration took place. This would seroiusly undermine the Ombudsman;s office and the ability to learn lessons from the Equiable Life affair. The Committee also strongly supports the recommendation for a compensation scheme. Where regulators have been shown to fail so thoroughly, compensation should be a duty, not a matter of choice. While the aim should be restore individuals to the position they would have been had the maladministration not occurred, it is essential that the public purse benefits from an appropriate measure of protection. In particular, the emphasis must be on compensating individuals only for that loss that is fairly attributable to regulatory failure. Further, despite the basic presumption that loss must be accurately assessed, the main priority must be prompt resress. Policyholders have already been waiting almost a decade and substantial numbers have either died or are advancing in years. Justice delayed will mean justice denied to even more people.

Cases, Materials and Commentary on Administrative Law

Author : S. H. Bailey
Publisher : Sweet & Maxwell
ISBN 13 : 9780421900707
Total Pages : 1196 pages
Book Rating : 4.9/5 (7 download)

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Book Synopsis Cases, Materials and Commentary on Administrative Law by : S. H. Bailey

Download or read book Cases, Materials and Commentary on Administrative Law written by S. H. Bailey and published by Sweet & Maxwell. This book was released on 2005 with total page 1196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a set of commentaries on a contractual history of an oil or gas field, from the initial formation of a consortium to bid on concessions, to the abandonment of the facilities. The book is accompanied by a disk containing precedents, to accompany and illustrate the principles described.

Dealing in Uncertainty

Author : Arjen van der Heide
Publisher : Policy Press
ISBN 13 : 1529221358
Total Pages : 208 pages
Book Rating : 4.5/5 (292 download)

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Book Synopsis Dealing in Uncertainty by : Arjen van der Heide

Download or read book Dealing in Uncertainty written by Arjen van der Heide and published by Policy Press. This book was released on 2023-04 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance is an important - if still poorly understood - mechanism for dealing with a broad variety of risks associated with modern life. This book conducts an in-depth examination of one of the largest and longest-established private insurance industries in Europe: British life insurance. In doing so, it draws on over 40 oral history interviews to trace how the sector has changed since the 1970s, a period characterized by rampant financialization and neoliberalization. Combining insights from science and technology studies and economic sociology, this is an unprecedented study of the evolution of insurance practices and an invaluable contribution to our understanding of financial capitalism.

Equity and Well-Being

Author : Hyun Hwa Son
Publisher : Routledge
ISBN 13 : 113657932X
Total Pages : 274 pages
Book Rating : 4.1/5 (365 download)

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Book Synopsis Equity and Well-Being by : Hyun Hwa Son

Download or read book Equity and Well-Being written by Hyun Hwa Son and published by Routledge. This book was released on 2013-04-03 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Equity is an abstract concept covering philosophical issues such as fairness and social justice, making its definition and measurement complex. This volume tackles these complexities head-on. The book is enriched with many empirical analyses and provides a comprehensive analysis of equity ranging from concepts and measurements to empirical illustrations and policy implications. After an extensive discussion on equity in the introduction, this volume begins with a chapter on well-being where the concepts of functioning and capability are discussed. This is followed by a few chapters on what an equitable distribution is and how equity can be measured. The volume then provides a definition and a methodology to measure equitable growth, examining the relationship between growth, inequality, and poverty. It also presents various empirical illustrations and country-specific experiences with three country case studies which assess whether publicly provided health and education services are equitable in developing Asia, examining the extent to which these social services favor the poor as well as the policy challenges to a more equitable delivery of these services. Finally, these country studies provide evidence–based policy recommendations to improve equity in social service delivery in developing countries. Achieving social equity has long been an important policy goal. There are relatively few studies on equity. This book aims to help fill this gap with an in-depth analysis of the issues associated with equity, covering its concept, measurement, and policy practices and implications.

Annuity Markets

Author : Edmund Cannon
Publisher : Oxford University Press
ISBN 13 : 0199216991
Total Pages : 316 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Annuity Markets by : Edmund Cannon

Download or read book Annuity Markets written by Edmund Cannon and published by Oxford University Press. This book was released on 2008 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Crisis concerns the changing demographic profile of the economy: an increasing number of elderly persons supported by fewer young people. Understanding and tackling this impending crisis is a key task for public policy. An annuity protects an individual from outliving their savings, and is central to pensions policy: this book explores the issues surrounding annuities.