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Unisex underwriting &#39is a straight banana&#39

The European Council of Ministers is expected to vote through a directive on unisex underwriting of insurance products in December that observers describe as a five-year fudge.

The UK will be given a five-year opt-out of a ban on gender underwriting. In five years, the EC will report on whether gender underwriting should be allowed to continue and any permission to continue the opt-out will be subject to the findings.

Standard Life senior technical manager John Lawson says providers will not be able to give their own annuity tables to the EC as evidence of different mortality between the sexes as the information is commercially sensitive. Without evidence, the EC will argue that gender underwriting is not made on true gender differences.

Lawson says: “This five-year fudge is a classic straight banana.”


Standard Life goes back on endowment promise

Standard Life has suspended its mortgage endowment promise, potentially hitting 600,000 policyholders who suffer a shortfall. The promise was conditional on Standard increasing its free capital from its level in September 2000. However, the firm says poor investment conditions over the last four years mean it cannot justify making further provisions towards the cost of […]

Scottish Equitable Protect launches e-commerce system

Scottish Equitable Protect is launching an e-commerce initiative as part of its development of its online protection business processing. The new service offers end-to-end processing. If an application meets the auto-underwriting criteria, an automatic acceptance decision will be given. Scot Eq will be launching a fully comprehensive underwriting system in early 2005. The system will […]

Multi-tie edge

Park Row has been mentioned as perhaps providing a new yardstick by which to measure a multi-tie. This may sound like we are jumping the gun – we will not see the first official multi-ties until early 2005. However, we don&#39t think multi-ties are a one size fits all solution. Having spent six mon-ths trying […]

FSCS declares 33 firms in default

The Financial Services Compensation Scheme has declared 33 firms in default, opening the way to consumers who may have lost money to make a claim. The firms are: Norvic Insurance Brokers (latterly Norvic Insurance Services) of Norwich. Peregrine Overseas of Woodbridge. Philip John Howells, formerly trading as Willis Howells Financial Services, of Newmarket. Residential & […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]


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