UK: AGREEMENT OVER ORPHAN ASSETS?
Article Abstract:
The indications are that French insurance group, AXA, has reached agreement with the UK's Financial Services Authority (FSA) regarding the ownership of the reserves in the with-profits life funds known as orphan assets. The landmark agreement would release orphan assets worth an estimated GB[pound] 20bn and end a dispute which has lasted a decade. AXA's deal with the City regulator would lead to Equity & Law life insurance policyholders being given cash bonuses in exchange for surrendering their rights to the GB[pound] 2.1bn estate. The FSA is believed to have accepted a plan to divide up the proceeds, with policyholders receiving 60% and shareholders the remainder.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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UK: CALLS FOR INSURANCE INVESTIGATION TO CONTINUE
Article Abstract:
Independent experts and leading figures at some lenders are calling on the UK government to extend its investigation into mis-selling of insurance products. It is thought that the investigation, into tie-ins of home insurance with mortgages, has overlooked life insurance. There are allegations that a significant number of lenders overcharge for life cover, and do not offer sufficient choices as part of their mortgage packages. Around 60% of life insurance is sold by mortgage lenders, even though it may also be purchased from independent advisers, and there are calls for an examination of the sale of uncompetitive products.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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When insurance cover can be a life-affirming experience
Article Abstract:
Advice on purchasing life insurance is presented. The main types of life insurance are whole-of-life cover and term assurance.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2001
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