Related provisions for COBS 20.1A.9
1 - 4 of 4 items.
(1) 5The ‘pre-notification to policyholder minimum’ referred to in COBS 20.2.19A R is as follows:wherea is the total amount available for with-profits distribution in the with-profits fund in question at the time of the most recent previous distribution;b is the amount of the most recent previous distribution to with-profits policyholders; andc is the total amount available for with-profits distribution in relation to the proposed distribution.(2) The ‘after the event notification
(1) 2In order for a firm to comply with COBS 20.2.36 R, a firm'sgoverning body should consider:(a) the size of the investment in relation to the with-profits fund;(b) the expected rate of return on the investment;(c) the risks associated with the investment, including, but not limited to, liquidity risk, the capital needs of the acquired business or investment and the difficulty of establishing fair value (if any);(d) any costs that would result from divestment;(e) whether the
The precise role of the policyholder advocate in any particular case will depend on the nature of the firm and the reattribution proposed. A firm will need to discuss, with a view to agreeing,2 with the FCA the precise role of the policyholder advocate in a particular case (COBS 20.2.45 R). However, the role of the policyholder advocate should include:(1) negotiating with the firm, on behalf of the relevant with-profits policyholders, the benefits to be offered to them in exchange
A Solvency II firm must not transfer assets out of a with-profits fund unless:(1) the assets represent any part of a with-profits fund surplus, or represent assets held in accordance with COBS 20.1A.5 R in relation to the part of a distribution that has been made which is properly attributable to shareholders, in accordance with COBS 20; and(2) no more than three months have passed since the actuarial investigation determining that surplus.
The following documents should be annexed to the annual report in this section:(1) the report to with-profits policyholders made by a with-profits actuary in respect of each financial year (see SUP 4.3.16AR(4)); and(2) any statement or report provided by the person or committee who provides the independent judgement under the firm's governance arrangements for its with-profits business.
(1) The FCA expects that a with-profits committee will meet at least quarterly and ad hoc if required. (2) The FCA expects that, in general, a with-profits committee or advisory arrangement will work closely with the with-profits actuary, and obtain his opinion and input as appropriate.