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Proposals for the statutory basis of valuation of the liabilities of linked long-term insurance business

Published online by Cambridge University Press:  20 April 2012

A. E. M. Fine ,
C. P. Headdon ,
T. W. Hewitson ,
C. M. Johnson ,
I. C. Lumsden ,
M. H. Maple ,
P. J. L. O'Keeffe ,
P. J. Pook ,
D. E. Purchase  and
D. G. Robinson
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Extract

1.1 The background to the production of this paper is somewhat involved, but is necessary for an understanding of why it contains what it does. Readers who are familiar with recent developments in the valuation field may proceed straight to Section 2.

1.2 Statutory valuations of long-term insurance business under the Insurance Companies Act 1982 (‘the Act’, which superseded the 1974 and 1981 Acts) and the Insurance Companies Regulations 1981 (‘the current Regulations’) have now been prepared by actuaries for some years. Similarly the guidance issued by the profession to Appointed Actuaries, specifically GN1 and GN8, has also remained substantially unchanged over that period. The time was opportune for valuation practice to be reviewed in the light of recent experience.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 115 , Issue 4 , December 1988 , pp. 555 - 630
Copyright
Copyright © Institute and Faculty of Actuaries 1988

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References

(1) Bews, R. P., Seymour, P. A. C., Shaw, A. N. D. & Wales, F. R. (1975) Proposals for the Statutory Basis of Valuation of the Liabilities of Long-Term Insurance Business. J.I.A. 102, 61 and T.F.A. 34, 367.Google Scholar
(2) Brown, A. S., Ford, A., Seymour, P. A. C., Squires, R. J. & Wales, F. R. (1978) Valuation of Individual Investment-Linked Policies, J.I.A. 105, 317 and T.F.A. 36, 343.Google Scholar
(3) Cannon, C. L. (1985) Valuation Requirements: Bases and Methods. Proceedings of the First U.K. Actuarial Convention, p 76.Google Scholar
(4) Report of the Maturity Guarantees Working Party (1980) J.I.A. 107, 103.CrossRefGoogle Scholar
(5) Squires, R. J. (1987) Unit-Linked Business (A Life Assurance Monograph published by the Actuarial Education Service).Google Scholar