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TAKAFUL SUMMIT 1 November 2007

TAKAFUL SUMMIT 1 November 2007. A Friendly Society Route to Takaful in the UK John Gilbert Lovells. WHAT IS A FRIENDLY SOCIETY?. Mutual association to provide benefits to members Registered friendly societies Incorporated friendly societies Some typical societies Large societies

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TAKAFUL SUMMIT 1 November 2007

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  1. TAKAFUL SUMMIT1 November 2007 A Friendly Society Route to Takaful in the UK John Gilbert Lovells Lovells LLP

  2. WHAT IS A FRIENDLY SOCIETY? • Mutual association to provide benefits to members • Registered friendly societies • Incorporated friendly societies • Some typical societies • Large societies • Medium sized societies • Societies for special groups • Societies with religious affiliations

  3. HISTORY OF UK FRIENDLY SOCIETIES • Pre 1793 • Industrial revolution • Beginnings of the welfare state • Post World War II • Modern times (post 1992)

  4. WHAT DO FRIENDLY SOCIETIES DO? • Provide insurance and other benefits to members • Insurance benefits • Life assurance • Pensions and annuities • Permanent health and “Holloway" products • Accident, sickness and PMI • Discretionary grants • Education • Relief during sickness, unemployment and distressed circumstances • Social and benevolent activities

  5. WHAT IS SPECIAL ABOUT A FRIENDLY SOCIETY? • Non-commercial activities • Tax treatment • One member – one vote • Committee of management • Activities through subsidiaries - Opportunities for general insurance

  6. HOW ARE FRIENDLY SOCIETIES REGULATED? • FSA as prudential supervisor • FSA as registrar • Myners report • Role of AFS and AMI

  7. WHAT ARE THE CURRENT ISSUES FOR FRIENDLY SOCIETIES? • Decline of with-profits business • FSA's concerns • Finance • Governance • Treating customers fairly

  8. WHAT ROLES COULD FRIENDLY SOCIETIES HAVE IN TAKAFUL? • A new society? • A bolt-on to an existing society? • TPA arrangements • Other common law countries

  9. TAKAFUL SUMMIT1 November 2007 A Friendly Society Route to Takaful in the UK John Gilbert Lovells Lovells LLP

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