Equitable Life has confirmed today it dropped its claims with Peter Martin and Shaun Kinnis, two of the Society's former directors, and settled their case out of court. on the basis
In a statement put out earlier today the Equitable Life Mutual Assurance Society says its legal action against 13 former directors continues but firm has dropped its claim against Martin and Kinnis, with each side paying its own costs.
Equitable confirms today it has also withdrawn its claims against Chris Headdon, a former director of the Society, in relation to his role as “reporting actuary” - a role which relates to the preparation of the Society’s accounts and the decision follows the settling of claims with E&Y.
That said, claims against Headdon in relation to his role as a director and as appointed actuary continue.
As the action by the Society is continuing against 13 former directors, the Society can make no further comments.
Peter Martin was a non executive director of the Society from January 1984 until April 2001. Shaun Kinnis was the Society’s executive director with responsibility for sales and marketing and was on the Board from January 1989 to July 1997.
The Actuarial Profession notes that the role of appointed actuary is a function that has been replaced under new rules. Instead, the three current functions are 'actuarial function holder', 'with profits actuary', and 'reviewing actuary'. A single person can be both actuarial function holder and with profits actuary, although additional specific rules apply.
The function of 'reviewing actuary' still exists, the Actuarial Profession says.
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