In the light of recent judgments by the courts, there are areas where the interpretation of Policyholders' Reasonable Expectations (PRE) by actuaries may need to be reassessed. Furthermore, the discussion paper on the exercise of discretion expected from the Financial Services Authority (FSA), as part of its review of with-profits business, is likely to raise wider issues.The time is therefore right for actuaries to have the opportunity to debate how PRE should be interpreted in the future. This paper is pres…
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