The Appointed Actuary.

1987 ◽  
Vol 41 ◽  
pp. 559-629
Author(s):  
Edward A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act. though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

The appointed actuary

1989 ◽  
Vol 116 (1) ◽  
pp. 27-100 ◽  
Author(s):  
E. A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act, though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

scholarly journals Trust – the Intangible Asset of Policyholder Behavior on Insurance Market

2016 ◽  
Vol 63 (s1) ◽  
pp. 125-136 ◽  
Author(s):  
Gabriela-Mihaela Mureşan ◽  
Gabriel Armean
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Positive Impact ◽  
Multiple Correspondence Analysis ◽  
Insurance Market ◽  
Insurance Companies ◽  
Intangible Asset ◽  
Computer Assisted ◽  
Initial Sample

Abstract Our analysis aims to identify the typology of consumers’ behavior on insurance market. The initial sample consisted of 1579 individuals who were randomly selected by Metro Media Transilvania (MMT) with the Computer-Assisted Telephonic Interview (CATI) method. Using the Multiple Correspondence Analysis (MCA) and logistic regression, we are showing that higher levels of trust, pleasant experiences, income and education have a positive impact on insurance development. This theoretical approach is relatively new as there are no specialized studies to investigate the intangible asset in insurance companies in Romania’s case. This article should help the insurers to understand the role of trust and the importance of pleasant experiences in selling financial services such as life insurance and voluntary private pension.

Part I The Industry and Regulatory Context, 2 The UK Regulatory Framework

2014 ◽  
Author(s):  
McMeel Gerard
Keyword(s):  
Financial Services ◽  
Regulatory System ◽  
Regulatory Framework ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Prudential Regulation ◽  
Financial Firms ◽  
Regulation And Supervision ◽  
The Uk ◽  
Financial Regulatory

This chapter discusses the UK financial regulatory system. The two principal financial regulators are the Prudential Regulation Authority (PRA), responsible for the macro-prudential regulation and supervision of major institutions such as banks and insurance companies; and the Financial Conduct Authority (FCA), with a remit embracing the conduct of business of all financial firms and the micro-prudential supervision of smaller firms. The two regulators were created by the re-writing of the framework Act, the Financial Services and Markets Act 2000, by the Financial Services Act 2012. The chapter provisions of the 2000 Act and describes the FCA's and the PRA's Handbooks.

STATE REGULATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE

2018 ◽  
Vol 1 (11) ◽  
pp. 30-47
Author(s):  
Lyudmila Nikolayevna Akimova ◽  
Alla Vasilievna Lysachok
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Credit Unions ◽  
State Regulation ◽  
The State ◽  
Existing Problems ◽  
Insurance Contracts ◽  
State Pension

The essence of such concepts is “financial service”, “financial ser- vices market”, and “participants of the financial services market”; determined the purpose of state regulation of the financial services market; forms of state regu- lation of the financial services market; financial services that are present in the financial services market; the structure of state regulation bodies of the financial services market in Ukraine is given; The role of state bodies in the regulation of the financial services market was studied; to characterize the regulatory le- gal regulation of the financial services market in Ukraine; the main problems of functioning of the domestic market of financial services are revealed; ways to solve existing problems. It is grounded that the state regulation of financial ser- vices markets consists in the state’s implementation of a set of measures aimed at regulating and overseeing financial services markets to protect the interests of financial services consumers and preventing crisis phenomena. It is concluded that the financial services market is an important element of the development of the economy as a whole, in particular, it concerns not only the state but also society. We must understand that when this market is settled, that is, all bodies that carry out state regulation are competent in their powers, only then will we make informed, effective decisions about the normal and effective functioning of the RFP. It is important that the data of the subjects of control do not overlap, their activities should be fixed at the legislative level. It is also worth bearing in mind that appropriate conditions must be created to create compensatory mecha- nisms in the financial services markets by developing a system for guarante- eing deposits and providing for payments under long-term life insurance contracts, non-state pension provisions, deposits with deposit accounts to credit unions, etс.

Part II UK Securities Markets, 4 Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)

2021 ◽  
Author(s):  
Penn Bob ◽  
Forzani Alex ◽  
Allen & Overy LLP
Keyword(s):  
European Union ◽  
Financial Services ◽  
Securities Markets ◽  
Financial Instruments ◽  
The European Union ◽  
Financial Contracts ◽  
The Uk ◽  
Final Settlement ◽  
Market Infrastructure

This chapter summarizes and discusses the UK regulatory framework for recognized investment exchanges (RIEs) and recognized clearing houses (RCHs) under the Financial Services and Markets Act 2000 (FSMA). It considers the framework in light of the current and forthcoming European legislation. It also examines the applicability of the framework to RIEs and RCHs in the context of the recast Markets in Financial Instruments Directive II (MiFID II), European Market Infrastructure Regulation (EMIR) and the UK's departure from the European Union (Brexit). This chapter outlines the central role of exchanges and clearing houses in the operation of financial markets. It explains that the exchanges offer marketplaces for the trading of financial instruments, provide market data which facilitates trading, and establish standards for the offering of securities, while clearing houses manage the performance of financial contracts between the point of execution and final settlement and mitigating the risk and consequences of default.

Part B Merger, Reorganization, and Insolvency of Banks, 13 Deposit Protection Schemes

2015 ◽  
Author(s):  
Proctor Charles
Keyword(s):  
Financial Services ◽  
Legal Aspects ◽  
Eu Law ◽  
Compensation Scheme ◽  
The Uk

This chapter reviews deposit protection arrangements which come into operation on the insolvency of a bank. It covers EU law requirements in the field of deposit protection; the implementation of those requirements in the UK by means of the Financial Services Compensation Scheme; the revisions to the powers and role of that scheme made pursuant to Part 4 of the Banking Act 2009; and the legal aspects of the recent diplomatic rift between the UK and Iceland, following from deposit protection arrangements applicable to the UK branch of an Icelandic bank.

scholarly journals Scripting the mechanics of the benchmark manipulation corporate scandals: The ‘guardian’ paradox

2019 ◽  
Vol 17 (1) ◽  
pp. 9-30 ◽  
Author(s):  
Aleksandra Jordanoska ◽  
Nicholas Lord
Keyword(s):  
Financial Services ◽  
Criminological Theory ◽  
Corporate Scandals ◽  
Script Analysis ◽  
The Uk ◽  
The Guardian ◽  
Crime Script ◽  
Global Banks ◽  
Crime Script Analysis

This article implements a crime script analysis to understand the procedural dynamics of corporate benchmark-rigging in the financial services industry. In 2012 several global banks were implicated in the manipulation of various trading benchmarks, portraying the industry as affected by serious, pervasive and ‘organized’ corporate crimes. Yet their dynamics have been relatively little studied by criminologists. To address this gap, we analyse official enforcement documentation, supplemented with data from interviews with key informants in the UK financial markets. We analyse the range of interactions between the relevant actors, their actions and the resources essential to the manipulations, and deconstruct the benchmark manipulations into four scenes (calculated positioning and identification of co-collaborators; recruitment; (ephemeral) manipulation; recompense and solicitation). The analysis reveals that regulatory and organizational systems play a paradoxical role of both ‘capable guardians’ and ‘facilitators of misconduct’; this has implications for criminological theory.

scholarly journals MEASURING THE CUSTOMER PERCEIVED SERVICE QUALITY FOR LIFE INSURANCE SERVICES: AN EMPIRICAL INVESTIGATION

2010 ◽  
Vol 3 (3) ◽  
pp. 171 ◽  
Author(s):  
Masood H Siddiqui ◽  
Tripti Ghosh Sharma
Keyword(s):  
Customer Satisfaction ◽  
Service Quality ◽  
Life Insurance ◽  
Financial Planning ◽  
Financial Services ◽  
Corporate Image ◽  
Insurance Companies ◽  
Perceived Service Quality ◽  
Insurance Sector ◽  
Effective Strategies

Liberalization of the financial services sector has led to insurance companies functioning increasingly under competitive pressures; so companies are consequently directing their strategies towards increasing customer satisfaction and loyalty through improved service quality. The present study strives to develop a valid and reliable instrument to measure customer perceived service quality in life-insurance sector. The resulting validated instrument comprised of six dimensions: assurance, personalized financial planning, competence, corporate image, tangibles and technology. Further the results of analytical hierarchy process highlighted the priority areas of service instrument with assurance is the best predictor, followed by competence and personalized financial planning. The gap scores show that there is ample room for improvement in all the aspects related to service quality. These results would help the service managers to efficiently allocate attention and resources among these dimensions on the differential basis, consistent with the customer priorities. These findings can be transformed into effective strategies and actions for achieving competitive advantage through customer satisfaction and retention.

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