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Prudential Moves on With-Profits
Prudential has hired ex-Freshfields partner Peter Bloxham as Policyholder Advocate (PHA), plan to release up to £9b orphan estate in its with-profit fund Guardian Prudential has bought Equitable's with-profits bulk annuity fund 15.03.07 Times, Equitable Life, In-House Lawyers
Easier Rules on Reinsurance Vehicles
FSA and HMRC to relax rules on insurance special purpose vehicles (ISPVs) for life assurers, allow formation onshore in UK, used to reinsure high volatility risks such as hurricane damage 21.06.06 Reuters, Capital Markets, Financial Services, Insurance, UK Tax
Inheritance Tax
ABI says millions will be affected by change in IHT, lawyers no longer writing wills, assurers freeze sales of new life policies, Treasury says only 20k affected, those with accumulation and maintenance (A&M) and income in possession (IIP) trusts 06.04.06 Telegraph, Inheritance Tax, UK Tax, UK Tax Avoidance Schemes, Wills and Probate
Insurance Commissions
Head of Marsh in UK Bruce Carnegie-Brown says regime of voluntary disclosure of commissions is inadequate, 'controversial' payments are widespread 29.03.06 Telegraph, Financial Services, Insurance
Medical Records
Law Commission is to investigate claims that assurers are refusing cover where they are not given complete answers on medical issues 24.02.06 Insurance Business Review, Data Protection, Privacy
Standard Life
Directors said to be considering stock market float to raise money to meet new capital adequacy rules 04.01.06 Observer, Capital Markets, Financial Services
Orphan Estate
Aviva to be first life office to carve up orphan estate under new FSA rules, £3.3b 'windfall' of unclaimed assets to be divided up among shareholders and policy-holders 28.10.05 Telegraph, Capital Markets Links, Financial Services Links
Life Insurance Tax
ABI is to write to HMRC in 'strongest terms' protesting at change in tax rules for life assurers, intended to stop avoidance through artificial losses or reducing profit, association complains of complexity and lack of response from Revenue 04.10.05 Telegraph, Financial Services Links
Equitable
Equitable and auditor Ernst & Young are on brink of a deal, due to go back to court today in £700m suit over liability for guaranteed annuities 19.09.05 Telegraph, Corporate Governance Links, Equitable Links
Equitable
Life assurer reduced claim for damages from £758m to £674m prior to dropping £1.3b claim for 'lost sales' 22.07.05 Telegraph, Equitable Links