European Parliament Project on Supervision of Life Assurance Undertakings
The Institute has won a bid submitted to the European Parliament for a study on the UK regulatory regime for the prudential supervision and conduct of business rules of life assurance undertakings in comparison with regulatory approaches in Ireland, Germany and Spain.
In January 2006, the European Parliament decided to set up a Committee of Enquiry to investigate alleged breaches of law or maladministration in relation to the Equitable Life Assurance Society, a UK authorised life insurance company, which stopped writing new business with immediate effect in December 2000.
One of the key issues focussed on by the Committee of Enquiry is the UK regulatory regime in operation at the critical time- between 1989 (the year of adoption of the Third Life Directive) and 2001, when Equitable Life closed to new business. The European Parliament has accordingly decided to commission a study of the UK regulatory regime for life assurance - a study which would also compare the UK arrangements with those operating during the same period in Ireland, Germany and Spain.
The project will be completed by the end of November 2006, and will be carried out within the Institute's European Financial and Corporate Law Centre. For any further information on the project, please contact Jane Welch.
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