UK – United Kingdom

UK – Parliament
which.co.uk – Consumers Association
- 2004 05 – Consumers Association to Parliament – [link]
  - 38. Life insurance products are particularly problematic.
HM Treasury
- gov.uk/government/organisations/hm-treasury
- 2023 – – Introducing an Insurer Resolution Regime: Government Response to Consultation
  - gov.uk/government/consultations/insurer-resolution-regime-consultation

1981 12 – SOA – Universal Life in the U.K.?, by Seamus Creedon, act8112 – Society of Actuaries – 8p

1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries – 142p
1994 – Lautro – Bullentin 66 Disclosure GN22V1-0 – 14p

2006 – JIR / NAIC – Modernizing Insurance Solvency Regulation: Evidence from the UK – 21p
2008 1006 – Chancellor of the Exchequer on Economic Situation – [VIDEO-CSPAN]
2009 – SOA – Valuation of Life Insurance Liabilities on a Market-Consistent Basis: Experience from the United Kingdom, apf-2009-03-obrien – Society of Actuaries – 41p

We who have watched from a distance the development of Universal Life perceive two key influences:
1. …the need to make the form of life assurance contract more responsive to the client’s changing circumstances and to volatile economic environment;
2. ..pressure of competition from a wide range of savings and investment media.

1981 12 – SOA – Universal Life in the U.K.?, by Seamus Creedon – 8p

The United Kingdom and Australia have relatively competitive life insurance markets, with many similarities to the North American market.
As in our market, ledger illustrations have been employed for Type B comparative cost and performance evaluation.
Not surprisingly, these countries have also encountered problems with sales illustrations. (p161)

4. Standard Assumptions
- Three possible models have been described in this paper: the illustration of variable life and the illustration practices in the United Kingdom and Australia.
- These models for standardization of assumptions help the buyer to understand that the illustrated performance varies with the underlying assumptions and is not guaranteed.
- The Australian requirement that effects of inflation also be demonstrated for the term of the projection has considerable appeal to the Task Force.
- CONCLUSION: We encourage the AAA and the CIA to consider pursuing this alternative with industry trade groups, professional organizations and regulatory bodies. (p172)

1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries – 142p

2008 1006 – Chancellor of the Exchequer on Economic Situation – [VIDEO-CSPAN]
- Chancellor of the Exchequer Alistair Darling spoke on the global economic situation in the British House of Commons.
- What started in America…..vs US view AIGFP was the problem in London
- [Bonk: Connect: CSPAN VIDEO with Skinner… somebody asked what they would be saying “across the pond”…]