Equitable Life

Equitable Life has announced the sale of one of their subsidiaries, University Life, to Reliance Mutual for an undisclosed sum, effectively leaving the company to operate as a large with-profits fund.

The chief executive of Equitable Life has suggested the management board in charge of the insurer when it collapsed "may have been incompetent".

The Parliamentary Ombudsman has delayed her report into the collapse of Equitable Life until May 2007.

The chancellor has promised to cut the amount of regulatory red tape imposed on British companies by a quarter, reports the Daily Telegraph .

The ‘light touch' regulatory approach by the UK surrounding solvency issues resulted in the Equitable Life crisis, claims an Irish MEP.

Equitable Life has appointed a new non-executive director to its board with effect from next month.

Equitable Life is still looking at selling off parts of the business despite increasing its key measure of solvency by 17% during the first half of 2006.

Canada Life has appointed two new heads for its life and pensions business and wealth management division which includes offshore business in the Isle of Man.

MEPs have endorsed the interim report of the Committee of Inquiry into the crisis of the Equitable Life Assurance Society, which asked for its one-year mandate to be extended by three months.

The European Parliamentary Committee of Inquiry into the Equitable Life scandal has asked for more time to complete its investigations