You will find listed here articles related to Life insurance companies in 2010.
The following measures were announced with reference to transfers of business by life insurance companies:
The Government has announced that it will end the effective requirement for members of registered pension schemes to purchase an annuity by age 75 with effect from 6 April 2011.
Deficiency relief is available to an individual whose non-qualifying life insurance policy, life annuity policy or capital redemption policy comes to an end producing a negative result in its tax calculation for the purpose of the chargeable events legislation and previous chargeable events triggered a chargeable gain.
When an insurance company goes into administration, measures taken by the Financial Services Compensation Scheme (FSCS) to protect policyholders can include providing financial assistance to an insurer, transferring policyholders’ rights to another insurer or paying compensation to the policyholder.
HMRC and HM Treasury have issued a consultation document on the tax implications for insurance companies of the implementation of the EU Solvency II Directive, expected in 2012.
In the 2009 PBR, new legislation was announced to prevent with-profits life insurance companies with non-profit business from manipulating their mix of business to permanently shelter profits from tax. Draft legislation for the Finance Bill 2010 was published at the same time.
The Solvency II Directive, which establishes a revised set of EU-wide capital requirements, valuation techniques and risk management standards is planned to take effect from October 2012.