The Role of Principles and Practices of Financial Management in the Governance of With-Profits UK Life Insurers PDF Download
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Author: Ian Dewing
Publisher: Butterworth-Heinemann
ISBN: 0080963854
Category : Business & Economics
Languages : en
Pages : 81
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Book Description
PPFMs have emerged as key internal and external governance documents for the management and regulation of with-profits funds as boards must ensure that financial management practices are in accordance with PPFMs. This book presents the results of the special corporate governance arrangements of financial services firms. Management accountants have a role not only in the development and operation of systems producing PPFM information but will also need to use PPFM information to understand and compare financial performance. - A significant contribution to the research literature on the regulation of the UK financial services industry and on the special corporate governance arrangements of financial services firms - A greater knowledge of the development, use and perceived efficacy of principles and practices of financial management (PPFMs) will enhance the understanding of management accounting and reporting at varying levels of complexity so enabling management accountants to use PPFM information to understand and compare financial performance - Enables Life Assurers to comply with the requirement by the Financial Services Authority to prepare and publish a document called 'Principles and Practices of Financial Management' which also has to be in a 'consumer friendly' version
Author: Ian Dewing
Publisher: Butterworth-Heinemann
ISBN: 0080963854
Category : Business & Economics
Languages : en
Pages : 81
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Book Description
PPFMs have emerged as key internal and external governance documents for the management and regulation of with-profits funds as boards must ensure that financial management practices are in accordance with PPFMs. This book presents the results of the special corporate governance arrangements of financial services firms. Management accountants have a role not only in the development and operation of systems producing PPFM information but will also need to use PPFM information to understand and compare financial performance. - A significant contribution to the research literature on the regulation of the UK financial services industry and on the special corporate governance arrangements of financial services firms - A greater knowledge of the development, use and perceived efficacy of principles and practices of financial management (PPFMs) will enhance the understanding of management accounting and reporting at varying levels of complexity so enabling management accountants to use PPFM information to understand and compare financial performance - Enables Life Assurers to comply with the requirement by the Financial Services Authority to prepare and publish a document called 'Principles and Practices of Financial Management' which also has to be in a 'consumer friendly' version
Author: Iain G MacNeil
Publisher: Bloomsbury Publishing
ISBN: 1509941835
Category : Law
Languages : en
Pages : 544
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Book Description
Since the publication of the first edition of this book in 2005, the world of financial investment has experienced an unprecedented boom followed by a spectacular bust. Significant changes have been proposed and in some cases implemented in areas such as the structure of regulation, the organisation of markets, supervision of market participants and the protection of consumers. The second edition takes account of these developments, integrating them into an analytical framework that enables the reader to develop a critical overview of the role of general legal rules and specialised systems of regulation in financial investment. The framework focuses on the role of contract, trusts and regulation as the primary legal influences for financial investment. The first part explores the relationship between investment, law and regulation. The second part examines the nature of investments and investors, both professional and private. The third part discusses the central role of corporate finance and corporate governance in linking investors with enterprises that require external capital. The fourth part examines the nature, operation and regulation of markets and the participants that support the functioning of the markets. The objective remains to provide a broadly-based and critical account of the role of law in financial investment. "MacNeil's eloquent and informative distillation of the regulatory fundamentals of investment law gives his book much international relevance...a timely contribution to help readers decipher the seemingly inextricable maze of financial regulation...Practitioners and legal policy advisers will..welcome it. They should find enlightening the book's careful scrutiny of the trust and contractual foundations of investment law and practice." Benjamin J Richardson Journal of International Banking Law and Regulation, Vol 22 Issue 1, 2007 ...a fascinating and informative book...thoroughly recommended as a learned but at the same time very readable introduction to the law of financial investment Gerard McCormack Banking and Finance Law Review, Volume 21 No 2, June 2006 ...very informative tool that introduces in a very friendly and accessible manner the nearly inextricable world of financial investment laws. Fadi Moghaizel International Company and Commercial Law Review, Vol. 17 No 2, February 2006
Author: Great Britain: Parliament: House of Commons: Treasury Committee
Publisher: The Stationery Office
ISBN: 9780215521019
Category : Business & Economics
Languages : en
Pages : 236
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Book Description
With-profits funds offer long-term investment products and are managed by life insurance companies, both proprietary and mutual. Policyholder premiums are held in a pooled fund that is invested in a range of assets, with a significant proportion in equities and property. Inherited estates are defined by the Financial Services Authority (FSA) as "the part of the with-profits fund over and above what is required to meet the fund's liabilities that the insurer retains as working capital; it will also include any excess surplus in the fund." Firms will often "smooth" out returns to policyholders in order to cushion policyholders from the extremes of fluctuations in the property and equity markets. The with-profits sector has suffered from conflicts of interest on the part of the management of life funds by proprietary companies, leading to concern among some holders of with-profits policies that their interests have not been adequately protected. All stakeholders in with-profits funds deserve a framework which provides as much simplicity, certainty and clarity as possible. The Committee is not satisfied that the Financial Services Authority (FSA) has done enough to provide a robust framework within which these conflicts of interest can be managed. The use of inherited estate in smoothing returns to policyholders between good and bad years is clearly appropriate, but more should be done by the industry to improve the transparency of their application of smoothing techniques. The Committee also comments on funding of new business, mis-selling compensation costs, shareholder tax, phasing of special distribution payouts, and the resources, remit and visibility of With-profits Committees.
Author: Robert Surridge
Publisher: Bloomsbury Publishing
ISBN: 1784514500
Category : Law
Languages : en
Pages : 821
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Book Description
Unique in its depth of coverage and currency, Houseman's Law of Life Assurance has established a well-deserved reputation as an authoritative practitioner work on life assurance and is renowned for its practical insight into the workings of the industry. In addition to being fully updated to take account of new legislation and case law the new 15th edition also covers developments including: Significant structural changes to the UK regulatory framework since the 14th edition and in particular the creation of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority each with their own different statutory objectives; Creation of the PRA and the introduction of a new rulebook with a different structure for conveying regulatory guidance; Implementation of the Solvency II Directive which has made fundamental changes to the way insurers calculate their capital, invest their assets and govern their businesses; Changes to insurance law on misrepresentation and warranties and the new duty on consumers to take reasonable care not to make a misrepresentation and on non-consumers to make a fair presentation of the risk; New e-commerce chapter to reflect the growing importance of this distribution channel for life insurance products; Anticipated changes to the regime applicable to insurance distribution because of the Insurance Distribution Directive and rules relating to packaged insurance investment contracts, including the impact on remuneration of intermediaries; Changes to the UK compensation scheme for insurance policyholders.
Author:
Publisher:
ISBN:
Category : Cost accounting
Languages : en
Pages : 168
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Book Description
Author: Yong Qiang Han
Publisher: Bloomsbury Publishing
ISBN: 1509900756
Category : Law
Languages : en
Pages : 277
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Book Description
Over the past two decades, protecting contractual parties' reasonable expectations has incrementally gained judicial recognition in English contract law. In contrast, however, the similar 'doctrine' of 'policyholder's reasonable expectations' has been largely rejected in English insurance law. This is injurious, firstly, to both the consumer and business policyholder's reasonable expectations of coverage of particular risks, and, secondly, to consumer policyholder's reasonable expectations of bonuses in with-profits life insurance. To remedy these problems, this book argues for an incremental but definite acceptance of the conception of policyholder's reasonable expectations in English insurance law. It firstly discusses the homogeneity between insurance law and contract law, as well as the role of (reasonable) expectations and their relevance to the emerging duty of good faith in contract law. Secondly, following a review and re-characterisation of the American insurance law 'doctrine' of reasonable expectations, the book addresses the conventional English objections to the reasonable expectations approach in insurance law. In passing, it also rethinks the approach to the protection of policyholder's reasonable expectations of bonuses in with-profits life insurance through a revisit to the (in)famous case Equitable Life Assurance Society v Hyman [2000] UKHL 39, particularly to its relevant business and regulatory background.
Author: Julian Burling
Publisher: Edward Elgar Publishing
ISBN: 1849807892
Category : Law
Languages : en
Pages : 883
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Book Description
'Global insurance and its rapidly evolving law and regulation demands international research. To this aim, the Handbook offers a truly international collection of essays. Highly renowned experts analyze the key topics currently under international discussion and development. While representing a diversity of national jurisdictions, the focus lies on the largest insurance jurisdictions (USA, UK and Germany) but newly important jurisdictions like Brazil and China are considered as well a most valuable and important contribution to international insurance law literature.' Manfred Wandt, Director of the Insurance Law Institute, Goethe-University Frankfurt, Germany 'This Research Handbook is published at an opportune time. A global review of insurance law and regulation is underway. Much reform happens locally with little reference to developments elsewhere and this Research Handbook brings the strands together. It is a comprehensive review by distinguished authors from different backgrounds including both leading academics and practitioners. They consider the definitions of insurance, its economic underpinnings, comparative law and regulations, actual and proposed reforms, the effects on underwriting and claims and how insurance is studied and taught. Good laws and regulation benefit the market and its customers. Bad laws and regulation do the opposite. This book is required reading for all involved in the reform process.' David Hertzell, Law Commissioner 'Globalisation has had no greater impact in the commercial world than on insurance, the law which governs it and the risks it seeks to address. Those who inspired this publication and the contributing authors, are to be thanked for providing such a necessary and useful reference source. It covers so much of what insurance professionals need to be aware of in the insurance/law world of the twenty first century.' Michael Gill, President of the International Insurance Law Association Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context. Produced in association with Lloyd's, it draws on the expertise both of academics and practising lawyers. Containing 30 comprehensive chapters, it provides in-depth studies on key areas, such as the role of international organisations, the judicial interpretation of insurance contract clauses and transnational regulatory recognition. It also provides thorough introductions to important jurisdictions, including the EU, US and Japan as well as focusing on newly emerging economies such as China and Brazil. Specialist topics covered include regulation by and of Lloyd's, the tort of bad faith in the US, microinsurance and takaful insurance. This well-documented resource will appeal to academics and students in insurance law and regulation, policymakers and private practice lawyers. The book also aims to stretch the imagination of anyone with an interest in insurance law and regulation, providing detailed analysis and avenues for further investigation.
Author: PLM (Firm)
Publisher: New York : Mason & Lipscomb Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
Papers from a conference sponsored by PLM in Malmo, Sweden, June 1970. Includes bibliographical references.
Author: Arthur James Wells
Publisher:
ISBN:
Category : Bibliography, National
Languages : en
Pages : 2744
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Book Description
Author: Mishra M.N. & Mishra S.B.
Publisher: S. Chand Publishing
ISBN: 9385676075
Category : Business & Economics
Languages : en
Pages : 1019
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Book Description
Comprehensive coverage of all types of innovative insurance products such as long-term care insurance, commercial insurance, catastrophe insurance, liability insurance to name few Details on developments in international insurance with latest data Appendices to support the information provided in chapters - All clauses and words of marine insurance are given in appendix
