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PBR 2007 — Life Insurers

Philip Lewis Director with KPMG in the UK gives a personal view of the Pre-Budget Report 2007 proposals for life insurance companies which offer a mixed bag for insurers
The Pre-Budget Report (PBR) contained several matters of interest to life insurers — both specific provisions on life assurance and other measures with significant implications. Unsurprisingly not all the news was good. Disappointingly recent consultation with the industry and advisers was not used to consider one of the new proposals which may be wide of its intended mark.
Restriction of expense relief for reinsured business
Reinsurance — where one insurer (the cedant) passes on part of its insurance risks to another (the reinsurer) —...

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