Document library
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- Author:
- P J Sweeting
- Source:
- British Actuarial Journal [BAJ] (2004) 10: 353-418
Pension schemes and fixed income investment
PENSION SCHEMES AND FIXED INCOME INVESTMENT By P. J. Sweeting [Presented to the Institute of Actuaries, 26 January 2004] abstract The purpose of this paper is to investigate the role that fixed income securities should play ... read more >>
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- Source:
- British Actuarial Journal [BAJ] (2004) 10(5): 1047-1070
The Penrose report. A discussion meeting held by the Institute of Actuaries. Abstract of the discussion
The `Report of the Equitable Life Enquiry', by The Right Honourable Lord Penrose, was delivered to Treasury Ministers on 23 December 2003, and was published on 8 March 2004 by The Stationary Office (also at www.hm-treasury.gov.uk). Members were encouraged ... read more >>
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- Author:
- T J Sheldon; A D Smith
- Source:
- British Actuarial Journal [BAJ] (2004) 10(3): 543-626
Market consistent valuation of life assurance business
In recent years there has been a trend towards market consistent valuation in those institutions for which actuaries have responsibilities. The larger United Kingdom with-profits insurance companies are now preparing realistic balance sheets, both for ... read more >>
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- Author:
- R C Willets; A P Gallop; T Leandro; J L C Lu; A S Macdonald; K A Miller; S J Richards; N Robjohns; J P Ryan; H R Waters
- Source:
- British Actuarial Journal [BAJ] (2004) 10(4): 685-832
Longevity in the 21st century
The main objective of this paper is to offer a detailed analysis of mortality change in the United Kingdom at the beginning the 21st century. Starting from an exploration of 20th century mortality trends, focusing in particular on the 1990s, underlying ... read more >>
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- Author:
- M H Tripp; H L Bradley; R Devitt; G C Orros; G L Overton; L M Pryor; R A Shaw
- Source:
- British Actuarial Journal [BAJ] (2004) 10(5): 919-1026
Quantifying operational risk in general insurance companies
The paper overviews the application of existing actuarial techniques to operational risk. It considers how, working in conjunction with other experts, actuaries can develop a new framework to monitor/review, establish context, identify, understand and ... read more >>
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- Author:
- Life Office Taxation Working Party
Pre-budget report 2003
The pre-budget report on 10 December 2003 covered a number of areas of interest to life insurance companies. These included management expenses, transfer pricing, savings products, pensions, and share and property derivatives. Pre Budget Report 2003 ... read more >>
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- Author:
- Disciplinary Review Working Party
Institute of Actuaries disciplinary scheme (effective 1 January 2004)
Institute Disciplinary Scheme 2004. This disciplinary scheme replaces the 1995 scheme. It is a mirror scheme to that of the Faculty so that, for the first time, members of both bodies face the same disciplinary processes. Though for legal reasons the ... read more >>
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- Author:
- Life Office Taxation Working Party\; Keith Wild
Use and valuation of NCI losses
In the Finance Act 2003, legislation was changed to allow shareholder losses in life companies to be carried forward and to be used to reduce future tax liabilities. This brings life companies into line with the existing treatment of losses for all other ... read more >>
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- Author:
- Life Office Taxation Working Party\; Paul Turnbull
Contingent loans - the good, the bad and the ugly
The Finance Act 2003 introduced more change to the taxation of life business. Many of those changes were aimed at preventing perceived abuse of tax legislation. One such change affects the taxation of companies that have contingent loans. Contingent loans ... read more >>
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- Author:
- Faculty and Institute Councils
Faculty and Institute Councils - framework for action
The Councils are accountable to the membership to run the Faculty and Institute in accordance with their Charters, (Rules) and Bye-laws. Council meetings focus on exploratory debates on possible new areas of work, public interest issues, public policy ... read more >>
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- Author:
- Bruce Porteous and Louise McCulloch
- Source:
- Credit Today, August 2003
An underestimated risk
Persistency risk can have a great impact on a firm's economic value and the markets may underestimate its importance. This article explains how it can affect a company's value. Keywords: persistency\; risk\; banking\; finance\; capital adequacy\; Basel ... read more >>
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- Author:
- Life Office Taxation Working Party\; Matthew Taylor
Secondary legislation on tax (summary version)
The Inland Revenue issued five sets of regulations in July and August 2003. Two cover fairly obscure points, but a brief description of the others is given here. Secondary legislation on tax Actuarial Profession Life Office Taxation Working Party ... read more >>
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- Author:
- Life Office Taxation Working Party\; Paul Turnbull
Consultation from the Inland Revenue
The Inland Revenue issued its second consultation on the subject of corporation tax in August 2003. It refers to the specific issues and difficulties in relation to life assurance. The areas of proposed change include taxation of capital gains, the ... read more >>
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- Author:
- Life Office Taxation Working Party\; Matthew Taylor
Secondary legislation on tax (full version)
The Inland Revenue have issued five sets of regulations in July and August 2003. A brief description of each is given here. Secondary legislation on tax Actuarial Profession Life Office Taxation Working Party September 2003 The Inland Revenue have ... read more >>
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- Author:
- Mark Joannes\; Scott Robinson\; Frank Fletcher
Will sales regulation change the face of the mortgage industry? Learning from history
FSA regulation of mortgage sales is scheduled to be introduced on 31 October 2004. The purpose of this report, published in July 2003, some 15 months before the regulations come into effect, is to assess the likely implications of this for the structure ... read more >>
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- Author:
- Finance & Investment Board
- Source:
- Response from the Actuarial Profession
21st century investment inquiry
In August 2002 the Centre for Tomorrow's Company, a business think tank set up by the Royal Society of Arts, after a Charles Handy lecture asking 'what is a company for?', initiated the 21st Century Investment Inquiry. The profession's response is set out ... read more >>
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- Author:
- David Lewis
- Source:
- Social Policy and the Public Interest seminar, 9 June 2003
Ageing population group
Presentation on the new group. The ageing population group is a committee of the social policy board. The current ageing population group is a merger of the original ageing population group and the pension provision taskforce. Ageing Population Group ... read more >>
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- Author:
- A J Hibbert; C J Turnbull
- Source:
- British Actuarial Journal [BAJ] (2003) 9: 725-786
Measuring and managing the economic risks and costs of with-profit business
MEASURING AND MANAGING THE ECONOMIC RISKS AND COSTS OF WITH-PROFITS BUSINESS By A.J. Hibbert and C.J. Turnbull [This paper was written following a presentation to a meeting of the Faculty of Actuaries on 17 February ... read more >>
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- Author:
- Life Board\; Control Processes Working Party
Report of the Control Processes Working Party
In the context of discussions in 2002 of the FSA's proposals for the future governance of with-profits business, the working party's report looks at the current activity of the appointed actuary and how this might be allocated under those proposals. In ... read more >>
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Memorandum of understanding between the Financial Services Authority and the Institute of Actuaries
This memorandum concerns: exempt professional firms\; pre-N2 business conducted by firms certified by the Institute of Actuaries under section 15 of the Financial Services Act 1986\; and authorised professional firms. MEMORANDUM OF UNDERSTANDING BETWEEN ... read more >>