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2010 articles

You will find listed here articles related to Life insurance companies in 2010.

Life insurance companies transfers of business

The following measures were announced with reference to transfers of business by life insurance companies:

A first step towards pension freedom? Interim measure deferring the requirement to buy an annuity to age 77.

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.

Life Insurance Policies – Deficiency relief to be available at the new 50% and 42.5% rate of tax

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.

Financial Services Compensation Scheme: Protection of policyholders

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.

Solvency II Directive

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.

Life Insurance Companies apportionments and business transfers

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.

Tax consultation on Solvency II

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.

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