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Morris Review
The Morris Review was a government-sponsored review of the UK actuarial profession led by Sir Derek Morris Derek Morris may refer to: *Sir Derek Morris (academic), Provost of Oriel College, Oxford *Derek Morris (ice hockey) (born 1978), Canadian ice hockey defenceman *Derek Morris (jockey), 1990s UK and Irish based steeplechase rider in Adonis Juvenile ... in 2004–05. It was commissioned in March 2004, in the aftermath of the near collapse of Equitable Life, and the subsequent findings of Lord Penrose's Equitable Life Inquiry The review found a number of problems with the actuarial profession, including insularity of approach, lack of transparency, failure to take account of developments in financial economics, and the influence of 'entrenched commercial interests'. The recommendations steered a course between continued self-regulation by the Institute of Actuaries, and full statutory regulation, concluding that the Financial Reporting Council should assume responsibility f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute And Faculty Of Actuaries
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom. History The Institute and Faculty of Actuaries came into being on 1 August 2010 as a result of the merger of the Institute of Actuaries and the Faculty of Actuaries in Scotland after voting members of both bodies voted to merge their respective organisations in a ballot held on 25 May 2010.Actuarial Profession press release Structure and governance The in Council granted a ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derek Morris (academic)
Sir Derek James Morris (born 23 December 1945) is former Chairman of the Competition Commission (formerly the Monopolies and Mergers Commission) and was the Provost of Oriel College, Oxford until Moira Wallace replaced him in 2013. Morris was educated at Harrow County School for Boys, studied PPE at St Edmund Hall, Oxford and then took a D.Phil. in Economics at Nuffield College, Oxford before taking up a Research Fellowship at the Centre for Business and Industrial Studies at University of Warwick. From 1970 until 1998 he was Fellow and Tutor in Economics at Oriel. This included three years on secondment as Economic Director of the National Economic Development Council. From 1984 to 1998 he was Chairman of Oxford Economic Forecasting Ltd, and is currently a Governor of the National Institute of Economic and Social Research. He joined the Monopolies Commission in 1991, becoming chairman in 1998. He has published widely on economic topics, most recently on economic reform in Ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Equitable Life Assurance Society
The Equitable Life Assurance Society (Equitable Life), founded in 1762, is a life insurance company in the United Kingdom. The world's oldest mutual insurer, it pioneered age-based premiums based on mortality rate, laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based". After closing to new business in 2000, parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020. At its peak in the 1990s, Equitable had 1.5 million policyholders with funds worth £26 billion under management, but it had allowed large unhedged liabilities to accumulate in respect of guaranteed fixed returns to investors without making provision for adverse market changes. Many policyholders lost half their life savings, and the company came close to collapse. Following a July 2000 House of Lords ruling and the fail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Life Inquiry
The Equitable Life Assurance Society (Equitable Life), founded in 1762, is a life insurance company in the United Kingdom. The world's oldest mutual insurer, it pioneered age-based premiums based on mortality rate, laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based". After closing to new business in 2000, parts of the business were sold off and the remainder of the company became a subsidiary of Utmost Life and Pensions in January 2020. At its peak in the 1990s, Equitable had 1.5 million policyholders with funds worth £26 billion under management, but it had allowed large unhedged liabilities to accumulate in respect of guaranteed fixed returns to investors without making provision for adverse market changes. Many policyholders lost half their life savings, and the company came close to collapse. Following a July 2000 House of Lords ruling and the fail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute Of Actuaries
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute who took part in a ballot voted to merge the institute with the faculty, thus creating the Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date. Establishment of the Institute of Actuaries The actuaries of a number of life assurance companies established the Institute of Actuaries in London on the 8th of July 1848. The Institute of Actuaries was the oldest actuarial professional body in the world. In July 1884, the Institute of Actuaries was granted a ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Reporting Council
The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management. In December 2018, an independent review of the FRC, led by Sir John Kingman, recommended its replacement by a new Audit, Reporting and Governance Authority, a recommendation followed by the government in March 2019. Ireland adopted the FRC's auditing framework in 2017. Structure The FRC is a company limited by guarantee, and is funded by the audit profession, who are required to contribute under the provisions of the Companies Act 2006 and by other groups subject to, or benefitting from FRC regulation. Its board of directors is appointed by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Regulation
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise. History The earliest form of insurance is probably marine insurance, although forms of mutuality (group self-insurance) existed before that. Marine insurance originated with the merchants of the Hanseatic league and the financiers of Lombardy in the 12th and 13th centuries, recorded in the name of Lombard Street in the City of London, the oldest trading insurance market. In those early days, insurance was intrinsically coupled with the expansion of mercantilism, and exploration (and exploitation) of new sources of gold, silver, spices, furs and other precious goods - including slaves - from the New World. For these merchant adventurers, insurance was the "mean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Insurance
The history of insurance traces the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment. The insurance industry helps to eliminate risks (as when fire-insurance providers demand the implementation of safe practices and the installation of hydrants), spreads risks from individuals to the larger community, and provides an important source of long-term finance for both the public and private sectors. Ancient era In December 1901 and January 1902, at the direction of archaeologist Jacques de Morgan, Father Jean-Vincent Scheil, OP found a 2.25 meter (or 88.5 inch) tall basalt or diorite stele in three pieces inscribed with 4,130 lines of cuneiform law dictated by Hammurabi (c. 1792–1750 BC) of the First Babylonian Empire in the city of Shush, Iran. ''Codex Hammurabi'' Law 100 stipulated repayment by a debtor of a loan to a creditor on a schedule with a maturity date spe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Inquiries In The United Kingdom
In the United Kingdom, the term public inquiry refers to either statutory or non-statutory inquiries that have been established either previously by the Monarchy or by government ministers of the United Kingdom, Scottish, Northern Irish and Welsh governments to investigate either specific, controversial events or policy proposals. Non-statutory public inquiries are often used in order to investigate controversial events of national concern, the advantage being that they are more flexible than the statutory inquiry as they do not needing to follow the requirements of the Inquiries Act 2005, The Inquiry Rules 2006 (UK, excluding Scotland) and The Inquiries (Scotland) Rules 2007. Statutory inquiries can be held as subject-specific public inquiries, however most are now held under the Inquiries Act 2005 which repealed the Tribunals of Inquiry (Evidence) Act 1921. This list excludes Public Local Inquiries (which encompasses Planning Inquiries, Compulsory Purchase Order Inquiries, List ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
