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Report Of The Equitable Life Inquiry
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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.
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:
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.
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:
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)
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.
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.
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.
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.
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:
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)
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.
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.
Book Synopsis From Equity Talk to Equity Walk by : Tia Brown McNair
Download or read book From Equity Talk to Equity Walk written by Tia Brown McNair and published by John Wiley & Sons. This book was released on 2020-01-22 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide for achieving equitable outcomes From Equity Talk to Equity Walk offers practical guidance on the design and application of campus change strategies for achieving equitable outcomes. Drawing from campus-based research projects sponsored by the Association of American Colleges and Universities and the Center for Urban Education at the University of Southern California, this invaluable resource provides real-world steps that reinforce primary elements for examining equity in student achievement, while challenging educators to specifically focus on racial equity as a critical lens for institutional and systemic change. Colleges and universities have placed greater emphasis on education equity in recent years. Acknowledging the changing realities and increasing demands placed on contemporary postsecondary education, this book meets educators where they are and offers an effective design framework for what it means to move beyond equity being a buzzword in higher education. Central concepts and key points are illustrated through campus examples. This indispensable guide presents academic administrators and staff with advice on building an equity-minded campus culture, aligning strategic priorities and institutional missions to advance equity, understanding equity-minded data analysis, developing campus strategies for making excellence inclusive, and moving from a first-generation equity educator to an equity-minded practitioner. From Equity Talk to Equity Walk: A Guide for Campus-Based Leadership and Practice is a vital wealth of information for college and university presidents and provosts, academic and student affairs professionals, faculty, and practitioners who seek to dismantle institutional barriers that stand in the way of achieving equity, specifically racial equity to achieve equitable outcomes in higher education.
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.
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.
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.
Book Synopsis Ethically Challenged by : Laura Katz Olson
Download or read book Ethically Challenged written by Laura Katz Olson and published by JHU Press. This book was released on 2022-03-08 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revealing the dark truth about the impact of predatory private equity firms on American health care. Won Gold from the Axiom Book Award in the Category of Business Ethics, the Benjamin Franklin Awards by the Independent Book Publishers Association and the North American Book Award in the Catergory of Business Finance, Finalist of the American Book Fest Best Book Social Change and Current Events by the American Book Fest Private equity (PE) firms pervade all aspects of our modern lives. Unlike other corporations, which generally manufacture products or provide services, they leverage considerable debt and other people's money to buy and sell businesses with the sole aim of earning supersized profits in the shortest time possible. With a voracious appetite and trillions of dollars at its disposal, the private equity industry is now buying everything from your opioid treatment center to that helicopter that helps swoop you up from a car crash site. It may even control how and when you can get your kidney dialysis. In Ethically Challenged, Laura Katz Olson describes how PE firms are gobbling up physician and dental practices; home care and hospice agencies; substance abuse, eating disorder, and autism services; urgent care facilities; and emergency medical transportation. With a sharp eye on cost and quality of care, Olson investigates the PE industry's impact on these essential services. She explains how PE firms pile up massive debt on their investment targets and how they bleed these enterprises with assorted fees and dividends for themselves. Throughout, she argues that public pension funds, which provide the preponderance of equity for PE buyouts, tend to ignore the pesky fact that their money may be undermining the very health care system their workers and retirees rely on. Weaving together insights from interviews with business owners and experts, newspaper articles, purchased data sets, and industry publications, Olson offers a unique perspective and appreciation of the significance of PE investments in health care. The first book to comprehensively address private equity and health care, Ethically Challenged raises the curtain on an industry notorious for its secrecy, exposing the nefarious side of its maneuvers.
Book Synopsis Challenging choices by : Clarke, Michael
Download or read book Challenging choices written by Clarke, Michael and published by Policy Press. This book was released on 2010-02-17 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice pervades our society: it is founded on political rights to choose and our economy on market choices, but we have now reached the point where choice is extended almost everywhere. This lively and topical book provides a critique of choice in contemporary society and policy, arguing that we can have too much of a good thing. And there are alternatives. In part one, the author shows how choice works at a personal level, its demands, and how it can fail. By examining healthcare, education and pensions, he then explores the alternatives, such as provision. In part two the book reviews the impact of choice through the life cycle, in areas such as careers, relationships fertility, retirement and death. The author considers whether this enhances or burdens our lives, and questions the assumption that more choice is always for the better.
