Select Committee on Treasury Minutes of Evidence


Annex A

SUPERVISION OF EQUITABLE LIFE: TIMETABLE OF EVENTS
DateEvent
June-August 1998Survey by GAD of insurers' GAR exposures.
18 December 1998The Treasury issue guidance on factors companies need to consider in deciding how to meet the costs of GAR contracts.
1 January 1999Prudential regulation transferred from the Treasury to the FSA. The FSA continues dialogue with Equitable over its GAR contracts.
13 January 1999FSA/GAD issue guidance on reserving standards for GAR contracts.
9 September 1999High Court upholds Equitable's bonus policy but GAR policyholders are granted leave to appeal.
21 January 2000Court of Appeal by a majority of 2:1 rule against Equitable. Equitable granted leave to appeal to the House of Lords.
20 July 2000House of Lords dismisses Equitable's appeal in terms which go further than the Court of Appeal.
Equitable announces that it will seek a buyer.
8 December 2000Equitable closes to new business having failed to find a buyer.
22 December 2000The FSA announces a review of supervision of Equitable between 1 January 1999 and the company's closure to new business.
5 February 2001Equitable announces the sale of its business, other than the with-profits fund, to Halifax Group plc and proposals to cap its GAR liabilities.




 
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