{"title":"Demutualisation of a United Kingdom mutual life insurance company","authors":"P. D. Needleman, G. Westall","doi":"10.1017/S0020268100019491","DOIUrl":"https://doi.org/10.1017/S0020268100019491","url":null,"abstract":"The paper firstly examines the way in which U.K. mutuals operate and the forces which are leading mutuals to consider demutualisation. Demutualisation is normally accomplished by a Scheme of Transfer under Section 49 of the Insurance Companies Act 1982. The role of the directors and actuaries is discussed, including the impact of the Institute's latest Guidance Note (GN15). The protection of policyholders' reasonable expectations, the value of membership rights and the basis of dealing with any orphan surplus are the central problems. The paper examines them in the context of both the open fund and closed fund situation and shows how they may be resolved. A simple model is used to project the financial position of both an open and closed fund in a demutualised company. The relative advantages and disadvantages of each indicate that different courses of action may be appropriate for mutuals in differing financial positions.","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"118 1","pages":"321-399"},"PeriodicalIF":0.0,"publicationDate":"1991-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100019491","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56677679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"SOME STATISTICAL ASPECTS OF THE CONTINUOUS MORTALITY INVESTIGATION BUREAU'S MORTALITY INVESTIGATIONS","authors":"W. F. Scott","doi":"10.1017/S0020268100019533","DOIUrl":"https://doi.org/10.1017/S0020268100019533","url":null,"abstract":"This article discusses the formulae for the select and ultimate exposed-to-risk in the CMIB's mortality studies, and certain statistical aspects of these investigations. It is shown that there are difficulties in the traditional binomial approach to the distribution of deaths, particularly for select rates, and the use of the Poisson distribution, rather than the binomial, is advocated.","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"118 1","pages":"483-488"},"PeriodicalIF":0.0,"publicationDate":"1991-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100019533","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56678369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Current issues in life assurance. Seminar, 6 June 1991","authors":"Mohammad Iqbal","doi":"10.1017/S0020268100019582","DOIUrl":"https://doi.org/10.1017/S0020268100019582","url":null,"abstract":"","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"28 1","pages":"517-521"},"PeriodicalIF":0.0,"publicationDate":"1991-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100019582","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56678086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Life profit reporting—what future? Seminar, 8 May 1991","authors":"A. Stockbridge","doi":"10.1017/S0020268100019570","DOIUrl":"https://doi.org/10.1017/S0020268100019570","url":null,"abstract":"","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"118 1","pages":"515-516"},"PeriodicalIF":0.0,"publicationDate":"1991-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100019570","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56678064","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On modelling select mortality","authors":"I. Currie, H. Waters","doi":"10.1017/S0020268100019521","DOIUrl":"https://doi.org/10.1017/S0020268100019521","url":null,"abstract":"","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"118 1","pages":"453-481"},"PeriodicalIF":0.0,"publicationDate":"1991-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100019521","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56678178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Underwriting—a dying art?","authors":"T. Leigh","doi":"10.1017/S0020268100043225","DOIUrl":"https://doi.org/10.1017/S0020268100043225","url":null,"abstract":"","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"117 1","pages":"443-531"},"PeriodicalIF":0.0,"publicationDate":"1990-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100043225","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56708292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A stochastic method for claims reserving in general insurance","authors":"T. S. Wright","doi":"10.1017/S0020268100043262","DOIUrl":"https://doi.org/10.1017/S0020268100043262","url":null,"abstract":"The paper addresses the problem of estimating future claim payments from the ‘run-off’ of past claim payments. A model of the claim payment process is postulated. Results from risk theory are applied to give a model for the incremental paid claims data by development period. A fitting method is developed which takes account of the error structure of the data implied by the underlying model of the claim payment process. The application of a similar method to incremental incurred data is considered. A numerical example is given.","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"117 1","pages":"677-731"},"PeriodicalIF":0.0,"publicationDate":"1990-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100043262","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56708398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The valuation of general insurance companies","authors":"J. Ryan, K. Larner","doi":"10.1017/S0020268100043249","DOIUrl":"https://doi.org/10.1017/S0020268100043249","url":null,"abstract":"The paper presents a theoretical framework for the valuation of a general insurance company to actuaries, but also aims to provide reference work for non-actuarial users of appraised values. It distinguishes between the price that may be paid for an insurance operation from what may be called the economic or appraised value. The paper describes the elements of the appraised value calculation, selection of parameters, the uses of such evaluations and explores the future development into explicit stochastic modelling rather than the implicit methodology. Theoretical and practical considerations are illustrated and example valuations of a single line insurer are given.","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"117 1","pages":"597-669"},"PeriodicalIF":0.0,"publicationDate":"1990-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100043249","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56708342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economics of Insurance . By K. Borch, K. Aase and A. Sandmo. (Elsevier Science Publishing Co. Inc., New York & Amsterdam.)","authors":"R. Scadden","doi":"10.1017/S0020268100043304","DOIUrl":"https://doi.org/10.1017/S0020268100043304","url":null,"abstract":"","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"49 1","pages":"741-742"},"PeriodicalIF":0.0,"publicationDate":"1990-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100043304","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56708481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A History of Probability & Statistics and their Application before 1750 . By Anders Hald. (John Wiley & Sons. Inc.)","authors":"J. Reeve","doi":"10.1017/S0020268100043298","DOIUrl":"https://doi.org/10.1017/S0020268100043298","url":null,"abstract":"","PeriodicalId":81715,"journal":{"name":"Journal of the Institute of Actuaries","volume":"117 1","pages":"741-741"},"PeriodicalIF":0.0,"publicationDate":"1990-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1017/S0020268100043298","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"56708427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}