Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States

Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States
Author: New York
Publisher: Forgotten Books
Total Pages: 90
Release: 2017-12-20
Genre: Reference
ISBN: 9780484194495

Excerpt from 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 Sir - The Equitable Assurance Society of the United States is one of the largest insurance companies of the country. It was examined! By the Insurance Department in the year 1901 and found entirely solvent. Its annual report for the year 1904 shows that it was financially sound, had a large surplus and was in a prosperous condition. It was therefore a great surprise to me as well as to the public generally 'when internal dissensi-ou arose in this institution. It started in the Equitable Building, the home office of the Society, in the city of New York, and among its directors and highest officers. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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

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
Author: Financial Services Authority (Great Britain)
Publisher:
Total Pages: 264
Release: 2001
Genre:
ISBN: 9780102912586

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.