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Corporate Governance – Regulation and Reform: the actuarial governance of UK life insurers

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  • Ian P. Dewing
  • Peter O. Russell

Abstract

The paper investigates the Financial Services Authority's (FSA) reforms of the unique corporate governance arrangements of UK life insurers. In particular, the paper explores the need for special arrangements for the governance of with‐profits funds, the role of actuaries in corporate governance and the proposals for reform which resulted from the FSA's With Profits Review and Lord Penrose's Report into the problems experienced at the Equitable Life Assurance Company. The paper concludes that post‐Cadbury trends in corporate governance, in combination with the FSA's reforms, have placed boards at the centre stage of actuarial governance with directors no longer able to abrogate responsibility for actuarial decisions. There is also much to be learnt from studying changes to the actuarial and corporate governance of life insurers as it reveals the complex nature of corporate reality, and demonstrates the inadequacy of theoretical approaches that dichotomise corporate governance between Anglo‐Saxon shareholder and continental European stakeholder models.

Suggested Citation

  • Ian P. Dewing & Peter O. Russell, 2006. "Corporate Governance – Regulation and Reform: the actuarial governance of UK life insurers," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(3), pages 172-180, May.
    • Handle: RePEc:bla:corgov:v:14:y:2006:i:3:p:172-180
    DOI: 10.1111/j.1467-8683.2006.00497.x
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    References listed on IDEAS

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    1. Morris, Derek, 2005. "Review of The Actuarial Profession," British Actuarial Journal, Cambridge University Press, vol. 11(2), pages 313-313, June.
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    Cited by:

    1. Adams, Mike & Baker, Paul L., 2021. "Does boardroom nationality affect the performance of UK insurers?," The British Accounting Review, Elsevier, vol. 53(5).
    2. Ian P. Dewing & Peter O. Russell, 2008. "The individualization of corporate governance," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 21(7), pages 978-1000, September.
    3. David Collins & Ian Dewing & Peter Russell, 2009. "The actuary as fallen hero: on the reform of a profession," Work, Employment & Society, British Sociological Association, vol. 23(2), pages 249-266, June.

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