National Provident Institution Research Articles

MISTAKE IN CONTRACT LAW—TWO RECENT CASES

The doctrine of mistake in contract law has had a chequered history. Indeed, its very existence has been questioned (see, e.g., Slade, (1954) 70 L.Q.R. 385 and Atiyah and Bennion, (1961) 24 M.L.R. 421). But, like a bad penny that will not go away, the doctrine remains stubbornly embedded in the contractual landscape and has in fact witnessed a small revival of sorts in recent years (see, e.g., Clarion Ltd. v. National Provident Institution [2000] 2 All E.R. 265 (noted Phang, (2002) 1 J.O.R. 21)).

Securitisation and Other Financing Options Available to Life Companies

ABSTRACTUntil relatively recently life companies generally met their capital needs either from internal resources or by means of equity capital provided by shareholders. However, the financial pressures on life operations have led to more innovative alternatives being used. In response to these pressures different forms of capital support from reinsurers, banks or other group funds or companies have been developed. In April 1998 National Provident Institution (NPI) became the first life company to issue bonds to investors secured on the future profits expected to arise from part of its existing life business. This paper discusses: financing options available to life companies; the terms of NPI's securitisation; the relative merits of different financing and capital management alternatives; alternative forms of capital support; the implications for policyholders and their interests; and actuarial issues arising from the different forms of financing.

Presentation of an Institute Gold Medal to Mr Gordon Vernon Bayley

The President (Professor P. G. Moore): Gordon Bayley joined the Equitable as an actuarial student from Abingdon School in 1938; 41 years later he was to become Chairman of its Board of Governors. He served in the Royal Artillery in the later part of the last war, but with the temporary suspension of examinations from 1942 to 1945 it was not until 1946 that he qualified in what many have had me believe was a vintage year for qualification. He moved into consultancy in 1954 on becoming a partner in Duncan C. Fraser and then moved back to the world of the insurance companies a few years later by joining National Provident Institution in 1957; he became its chief executive in 1964 until his retirement earlier this year.

NATIONAL PROVIDENT INSTITUTION,: 48, Gracechurch-street, London

NATIONAL PROVIDENT INSTITUTION,: 48, Gracechurch-street, London

National Provident Institution

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