Hostname: page-component-cd9895bd7-gxg78 Total loading time: 0 Render date: 2024-12-26T21:39:43.727Z Has data issue: false hasContentIssue false
  • English
  • Français

Restructuring Mutuals—Principles and Practice

Published online by Cambridge University Press:  03 October 2014

D. R. L. Paul ,
A. M. Eastwood ,
D. J. P. Hare ,
A. S. Macdonald ,
J. R. Muirhead ,
J. F. Mulligan ,
D. M. Pike  and
E. F. Smith
Get access

Extract

1.1 This paper owes its existence on two counts to the late Jim Souness whose term of office as President of the Faculty coincided with the bulk of our research. Firstly, as President, he encouraged Faculty research groups to be active and to produce material worthy of sessional papers. More directly it was the late President who funnelled our general investigations of life office management (which had continued after the Group's 1987 sessional paper) towards the issue of demutualisation.

There have been several notable demutualisations of life offices in recent years, yet there is little published research in the UK other than case studies into the actuarial issues which these restructurings raise for the profession. Furthermore much of what has been published pertains to overseas regimes not subject to UK-style regulation. However at the time of writing we are aware that another paper (reference 20) was being written concurrently, and it relates specifically to the UK.

Type
Research Article
Information
Transactions of the Faculty of Actuaries , Volume 43 , 1992 , pp. 167 - 277
Copyright
Copyright © Institute and Faculty of Actuaries 1992

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1.Brindley, B. and Dumbreck, N. and Thomson, C. and Thompson, S. (1990). Policyholders' Reasonable Expectations. Report of Joint Institute/Faculty Working Party issued at seminar on Current Issues in Life Assurance, Birmingham, 10 July 1990.Google Scholar
2.Field, M.H. and Needleman, P.D. and Campbell-Smith, W. and Shedden, A.D. (1990). Transcripts of Demutualisation Sessional Meeting at Faculty of Actuaries on 17 April 1990. To be published.Google Scholar
3.Burdon, P.V. (1990). Britannia Life: a Case Study. CIRIEC Symposium, Liege, September 1990.Google Scholar
4.Mclean, C.W. (1990). Case Study: Time Assurance Society (UK). CIRIEC Symposium, Liege, September 1990.Google Scholar
5.Garber, H.D. et al. (1987). Report of the Task Force on Mutual Life Insurance Company Conversion. TSA,39,295.Google Scholar
6.Debenham, D.W. and Eastwood, A.M. and Ford, P.E.B. and Maple, M.H. (1989). Asset Share Techniques and the Control of Terminal Bonuses. Proceedings of the Third Actuarial Convention, 17-19 September 1989, pp 144–153.Google Scholar
7.Purchase, D.E. et al. (1989). Reflections on Resilience—some considerations of mismatching tests with particular reference to non-linked long term insurance business. Presented to Institute of Actuaries, 24 April 1989.Google Scholar
8.Goy, J.A.A. (1989). Demutualisation—Strategic Issues. The Actuarial Society of South Africa, 26 August 1988.Google Scholar
9. Information Memorandum—The National Mutual Life Association of Australasia Limited dated 6 August 1990.Google Scholar
10. Wall Street Journal, December 12, 1990. “Equitable Life To Convert To Stock-Owned Company” and “What the Shift Means to Policy Holders”.Google Scholar
11. New York Insurance Laws ss7312 and ss7315.Google Scholar
12.Forfar, D.O. et al. , of the Faculty of Actuaries Bonus and Valuation Research Group. (1987). Bonus Rates, Valuation and Solvency During the Transition between Higher and Lower Investment Returns. TFA40,491.Google Scholar
13.Bangert, R.M. (1973). Valuation of a Life Assurance Company for Purchase. JIA.99,131.Google Scholar
14.Kitts, A. (1988). Applications of Stochastic Financial Models : A Review. Dept. of Social Statistics, University of Southampton.Google Scholar
15.Ranson, R.H. and Headdon, C.P. (1989). With Profits Without Mystery. Presented to Institute of Actuaries, 20 March 1989.Google Scholar
16.Franklin, N.A.M. and Lee, W.E. (1987). Demutualisation. JSIAS.31,89.Google Scholar
17.Lyon, C.S.S. (1988). The Financial Management of a With Profit Long Term Fund—Some Questions of Disclosure. JIA.115,III.Google Scholar
18.Ljeskovac, M. et al. , of Faculty of Actuaries Mortality Research Group. A Model Office Investigation on the Potential Impact of AIDS on Non-Linked Life Assurance Business. (1990). To be published in TFA.Google Scholar
19.Elliot, S.F. (1988). Some Aspects of the Statutory Valuation. JSIAS.31,127.Google Scholar
20.Needleman, P. and Westall, G. (1991). Demutualisation of a UK Mutual Life Insurance Company.Google Scholar