Skip to main content Accessibility help
×
Home
Hostname: page-component-747cfc64b6-fkkrz Total loading time: 0.319 Render date: 2021-06-15T17:07:29.250Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "metricsAbstractViews": false, "figures": true, "newCiteModal": false, "newCitedByModal": true, "newEcommerce": true }

A Review of Policyholders' Reasonable Expectations

Published online by Cambridge University Press:  10 June 2011

M. Shelley
Affiliation:
Watson Wyatt Partners, Watson House, London Road, Reigate, Surrey RH2 9PQ, U.K., Tel: +44(0)1737-274-345, Fax: +44(0)1737-241-496, Email: mike.shelley@eu.watsonwyatt.com
Corresponding

Abstract

In the light of recent judgments by the courts, there are areas where the interpretation of Policyholders' Reasonable Expectations (PRE) by actuaries may need to be reassessed. Furthermore, the discussion paper on the exercise of discretion expected from the Financial Services Authority (FSA), as part of its review of with-profits business, is likely to raise wider issues.

The time is therefore right for actuaries to have the opportunity to debate how PRE should be interpreted in the future. This paper is presented as a catalyst to enable that debate to happen, and the authors have set out their own views on some of the key issues.

The paper discusses certain areas where the interpretation of PRE adopted by Appointed Actuaries in the past may no longer be consistent with recent court judgments. Following that discussion, the actuarial profession should attempt to establish a revised interpretation of PRE, in order to provide greater assistance to Appointed Actuaries currently advising on with-profits business.

Type
Sessional meetings: papers and abstracts of discussions
Copyright
Copyright © Institute and Faculty of Actuaries 2002

Access options

Get access to the full version of this content by using one of the access options below.
3
Cited by

Send article to Kindle

To send this article to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle.

Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

A Review of Policyholders' Reasonable Expectations
Available formats
×

Send article to Dropbox

To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Dropbox.

A Review of Policyholders' Reasonable Expectations
Available formats
×

Send article to Google Drive

To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Google Drive.

A Review of Policyholders' Reasonable Expectations
Available formats
×
×

Reply to: Submit a response

Please enter your response.

Your details

Please enter a valid email address.

Conflicting interests

Do you have any conflicting interests? *