Document library
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- Author:
- Life Office Taxation Working Party\; Trevor Fannin
European Court adds VAT to outsourcing costs
A European Court of Justice Ruling issued earlier this year effectively added VAT to a wider range of oursourcing activity than hitherto anticipated. Not only is this a setback to all the recent work to reduce costs by use of outsourcing, this ruling also ... read more >>
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- Author:
- Life Office Taxation Working Party\; Andrew Rendell
Pensions business and withholding tax
This paper summarises an agreeement made by HM Revenue and Customs to allow pooled arrangements recover withholding tax on pensions business. Pensions Business And Withholding Tax Andrew Rendell summarises an agreement made by HM Revenue Customs to ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working Paper 15. Covering letter
Continuous Mortality Investigation Working Paper 15 – Projecting Future Mortality: Towards a proposal for a stochastic methodology The CMI is pleased to announce the publication of Working Paper 15 which provides a summary of the CMI’s proposed ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 15. Projecting future mortality: Towards a proposal for a stochastic methodology
Continuous Mortality Investigation Mortality Committee Working Paper 15 Projecting future mortality: Towards a proposal for a stochastic methodology July 2005 1 Continuous Mortality Investigation Mortality Committee Working Paper 15 ... read more >>
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- Author:
- Richard Verrall, Steven Haberman and Zoltan Butt
An investigative study on current practice of estimating the loss of earnings in personal injury claims in England and Wales. The Ogden Tables and contingencies other than mortality
The purpose of this paper is to review the rationale and the suitability of the Ogden Tables to current population worklife expectancy and labour force participation projections in the light of the latest methodological advances. An investigative study on ... read more >>
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- Author:
- Life Board
GN41: The role of the with-profits actuary. Version 1.2 [adopted by BAS on 19 May 2006]
This life insurance Guidance Note has been adopted by the Board for Actuarial Standards. The latest version is available on the <a href\="http://www.frc.org.uk/bas/actuarial/index.cfm" target\="external">BAS website</a>. MAP/GN41 V1.2 B41.1 ... read more >>
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- Author:
- Chief Risk Officer Forum
A framework for incorporating diversification in the solvency assessment of insurers
This paper sets out the case for recognising diversification benefits in solvency assessment as well as a practical approach to incorporate effectively these diversification benefits into solvency assessments. 10 June 2005 A framework for incorporating ... read more >>
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- Author:
- Chief Risk Officer Forum
Principles for regulatory admissibility of internal models
This presentation is based on research (Internal Models Benchmarking Study) carried out on behalf of the Chief Risk Officer Forum by Damir Filipovic and Daniel Rost of the University of Munich, with additional support from Mercer Oliver Wyman in the ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 14. Methodology underlying the 1999-2002 CMI critical illness experience investigation
CMI Working paper 14. Methodology underlying the 1999-2002 CMI critical illness experience investigation Continuous Mortality Investigation Critical Illness Committee WORKING PAPER 14 Methodology underlying the 1999-2002 CMI Critical Illness ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 13. Draft mortality coding guide
CMI Working paper 13. Draft mortality coding guide CMI 1 Continuous Mortality Investigation Mortality Committee Working Paper 13 Draft Mortality Investigation Coding Guide Draft Mortality Investigation Coding Guide CMI 2 Continuous ... read more >>
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- Author:
- Chris George; Colin Ledlie; James Tuley
- Source:
- Current Issues in Life Assurance seminar 2005
Treating with-profits policyholders fairly (handouts)
1 Treating With-Profits Policyholders Fairly Chris George Colin Ledlie James Tuley Treating With-Profits Policyholders Fairly Session aims Briefly review FSA proposals Comment on (some of) the issues Provide a forum for discussion Focus is on treating ... read more >>
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- Author:
- P O J Kelliher\; D L Bartlett\; M Chaplin\; K Dowd\; C O'Brien
Liquidity management in UK life insurance. A discussion paper. Version 2.0
Life insurers are required to consider liquidity risk in their individual capital assessments (ICA) as part of the new FSA rules. This paper seeks to discuss issues surrounding liquidity risk in life insurance companies, the sources of liquidity available ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 12. The graduation of the CMI 1999-2002 mortality experience: Feedback on Working paper 8 and proposed assured lives graduations
CMI Working paper 12. The graduation of the CMI 1999-2002 mortality experience: Feedback on Working paper 8 and proposed assured lives graduations Continuous Mortality Investigation Mortality Committee Working Paper 12 The Graduation of the CMI ... read more >>
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- Author:
- P J L O'Keeffe\; A J Desai\; K Foroughi\; G J Hibbett\; A F Maxwell\; A C Sharp\; N H Taverner\; M B Ward\; F J P Willis
- Source:
- Sessional meeting paper
Current developments in embedded value reporting [mp3 sound file]
This paper reviews the developments in reporting of traditional embedded value and summarises some of the reasons why this is now undergoing change. It considers the purpose of an embedded value calculation and the effect of differing attitudes to risk. ... read more >>
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- Author:
- P J L O'Keeffe; A J Desai; K Foroughi; G J Hibbett; A F Maxwell; A C Sharp; N H Taverner; M B Ward; F J P Willis
- Source:
- Sessional meeting paper
Current developments in embedded value reporting
This paper reviews the developments in reporting of traditional embedded value and summarises some of the reasons why this is now undergoing change. It considers the purpose of an embedded value calculation and the effect of differing attitudes to risk. ... read more >>
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- Author:
- Life Office Taxation Working Party\; Steve Jones
Taxing the estate
This paper summarises the Inland Revenue's proposal, revealed in the Pre-Budget announcement, to increase the tax payable by with profit life companies. The article outlines the background and the effect of the change, as currently drafted, on a company ... read more >>
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- Author:
- Continuous Mortality Investigation
CMI Working paper 11. Responses to Working paper 3 entitled Projecting future mortality: A discussion paper and further commentary thereon
Continuous Mortality Investigation Mortality Committee Working Paper 11 Responses to Working Paper 3 entitled Projecting future mortality: A discussion paper and further commentary thereon January 2005 1 Continuous ... read more >>
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- Author:
- P J L O'Keeffe; A J Desai; K Foroughi; G J Hibbett; A F Maxwell; A C Sharp; N H Taverner; M B Ward; F J P Willis
- Source:
- British Actuarial Journal [BAJ] (2005) 11(3): 407-496
Current developments in embedded value reporting
This paper reviews the developments in reporting of traditional embedded value and summarises some of the reasons why this is now undergoing change. It considers the purpose of an embedded value calculation and the effect of differing attitudes to risk. ... read more >>
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- Author:
- A D Wilkie; M P Owen; H R Waters
- Source:
- British Actuarial Journal [BAJ] (2005) 11(2): 199-312
Notes on options, hedging, prudential reserves and fair values
In this paper we present many investigations into the results of simulating the process of hedging a vanilla option at discrete times. We consider mainly a `maxi' option (paying Max(A, B)), though calls, puts and `minis' are also considered. We show the ... read more >>
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- Author:
- I Iqbal
- Source:
- British Actuarial Journal [BAJ] (2005) 11(1): 133-182
Effective decision making in a life company
In the recent past life companies have made many decisions which they have had cause to deeply regret. This paper looks at the range of decision making theories available. It then examines recent examples of decisions that had unfavourable consequences ... read more >>