volume 15, issue 2, P227-257 2009
DOI: 10.1017/s1357321700005638
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P. J. Tuley

Abstract: ABSTRACTThe management of a fund requires a number of decisions as to the fair treatment of policyholders. This paper first considers the difference between the regulatory requirement to treat customers fairly and the longstanding concept within the profession of policyholders' reasonable expectations. The paper then goes on to consider the bearing of risks within the fund, and thus the interactions between the inherited estate and the asset share so often used to guide payouts to customers. Management actions…

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