Select Committee on Treasury Minutes of Evidence

Letter from the Government Actuary to the Clerk of the Sub-committee

  I am writing to follow up the four points on which members of the Committee asked me for more information.

Service Level Agreement with HMT (Q45 of the transcript)

  I enclose a copy of the Service Level Agreement between GAD and HM Treasury in relation to the supervision of life insurance companies, signed copies of which were exchanged between myself and Martin Roberts in November 1998.[1]

Was advice always taken by regulator? (Q52 of the transcript)

  Our understanding is that the regulator has always taken our advice into account in forming their regulatory response to individual life insurance companies, especially where there are questions over the adequacy of technical provisions or coverage of the required solvency margin.

Was GAD aware of the change in projections? (Q57 of the transcript)

  GAD would not expect to receive any information about the projections being given to policyholders by a life insurance company. We have no reason to believe that anyone at GAD was made aware of any change in the projections used by the Equitable in 1993.

Note on turnover and recruitment and retention problems (Q91 of the transcript)

  A note on turnover and GAD's recruitment and retention of actuarial staff is annexed.

28 February 2001

1   Not printed. Back

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