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Ownership of the Inherited Estate (the Orphan Estate)

Published online by Cambridge University Press:  10 June 2011

S.L. Smaller ,
P. Drury ,
C.M. George ,
J.W. O'Shea ,
D.R.L. Paul ,
C.V. Pountney ,
J.C.A. Rathbone ,
P.R. Simmons  and
J.H. Webb
S.L. Smaller
Affiliation:
Coromandel, The Close, Ifold, Billingshurst, West Sussex, RH14OTP, U.K. Tel: +44 (0)1403 753787; Fax: +44 (0)1403 753787; E-mail: [email protected]
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Abstract

In recent years there has been increasing interest in clarifying the respective interests of shareholders and participating policyholders in the inherited estate of the proprietary life offices. This paper defines the inherited estate, considers the sources of surplus contributing to it and suggests an approach for quantifying it. Views are expressed on the attribution of the inherited estate to the parties involved with a view to a consensus emerging from a discussion of the underlying factors. The role of the supervisory authorities and of the Appointed Actuary and the independent actuary are considered and methods of accessing the inherited estate attributed to shareholders are examined.

Keywords

Orphan EstateInherited EstatePolicyholders' Reasonable Expectations
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 2 , Issue 5 , 01 December 1996 , pp. 1273 - 1322
Copyright
Copyright © Institute and Faculty of Actuaries 1996

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