This story was originally published on Newsroom. Policyholders fear the sale of AMP Life to a Bermuda-based 'zombie fund guru' could leave them stranded because a legal gap means the FMA is powerless to protect them. Nikki Mandow investigates. It's the biggest financial deal in New Zealand in almost two decades. Anotheror so dependants would be reliant on a payout if their loved one died or got sick.
Yet these policyholders know very few details about the AMP-Resolution deal, due to be completed in the first half of this year, according to the company.
Policyholders say they have been given little information about Resolution Life or Clive Cowdery, the British financier behind it - although a search reveals he has in the past been called a "ruthless money grabber" and a "zombie fund guru". Meanwhile the Reserve Bank, which is looking at the AMP-Resolution deal and has the power to sanction or censure it, won't tell policyholders - or Newsroom - anything, saying the details are confidential. The Financial Markets Authority isn't even looking at it.
But questions are starting to be asked about the deal, including in Parliament this week. It all started back in latewhen the Australasian financial services company AMP announced its intention to exit the life insurance business.
You know, the 'living dead' of funds. When AMP Life stopped accepting new customers it became a zombie. Resolution Life specialises in buying zombie funds.
Its boss, UK-based Clive Cowdery has made millions over the past 15 years via three different zombie-buying companies all called rather confusingly Resolution Life.
No problem with that. In fact Cowdery was knighted back in for philanthropically giving some of his millions away. But third parties making money from owning zombie funds comes with risks for existing policyholders in those funds - in theory at least. Any extra dollar Resolution Life gets in premiums from AMP customers, or avoids paying out in future claims to those same customers, could end up in the pockets of Resolution's shareholders.
As outspoken Australian journalist and academic Michael West wrote after the deal was announced:. Who is going to police the conduct of Resolution to make sure it treats AMP policyholders fairly? Who is going to make sure the company pays claims on time, doesn't use a "wait on the phone forever" overseas call centre strategy designed to frustrate legitimate complaints, and doesn't hike premiums and cut bonuses?
This week, the questions about the AMP-Resolution deal started coming from this side of the Tasman too. Who is going to look after the interests of the policyholders? It's a "massive deal", Bayly told Newsroom afterwards. But this isThe trouble is many of the normal market-based checks and balances don't apply with a zombie fund. Because Resolution Life is based overseas and the insurance book is closed, the company doesn't necessarily need to worry about branding or reputational damage if customers get grumpy or vociferous about any perceived poor treatment.
They are stuck. Captured is the common phrase.Advanced Search. Page 1 of 3 1 2 3 Last Jump to page: Results 1 to 10 of Add as Friend. Most of that can't be told by looking at the picture. Hope we'll be able to work out a trade. Have a good day. Last edited by OriolesFan; at AM. Reason: adding info. OriolesFan Thanks for the tip. I've included some better scans of the cards below. Before I "go shopping" in any of your linked posts, it would be good to know which card s you are interested in.
Thanks for the quick reply and better "pictures". Hope we can work out a trade. Have a good afternoon and evening, Rodney. Sent you a PM. If you don't get anything worked out with Orioles I'd be interested in the 4 Ginters. Just let me know. Hidden Content - My collection website with galleries, need lists, and trade lists.
WizardofOz Thanks for the note. I have a message in to him. Based on his want list, 3 of the 4 Ginters will be available regardless. Want to try to work something out for those 3 while we wait? Originally Posted by Musclebeech.Justin M. Holler, Shawn P. Vorce, Jessica L. The most common drugs encountered are designer amphetamines and cathinones. Many analytical methods for analysis and identification of bath salts have been published, but there has been little reported on their impact on existing gas chromatography—mass spectrometry GC—MS amine confirmation methods.
Due to structural similarities, the potential exists that designer amphetamines may interfere with methods used for analysis of sympathomimetic amines. Careful ion selection, proper selectivity and specificity studies during method validation and rigid chromatographic and spectral acceptance criteria are required to assure the robustness and accuracy of GC—MS methods.
Complications in the gas chromatography—mass spectrometry GC—MS analysis of amphetamines and sympathomimetic amines have arisen over time. In the early years of the federal workplace drug testing program, artifactual production of methamphetamine was observed in the presence of high concentrations of ephedrine or pseudoephedrine PE. To address this phenomenon, the Substance Abuse and Mental Health Administration imposed an additional requirement before a positive result for methamphetamine could be reported.
This amphetamine requirement remains in place today, although the cutoffs were changed in 3. Another complication in the analysis of sympathomimetic amines is the potential for chromatographic interference from other structurally related amine compounds. These amines may be endogenous, such as phenethylamine or tyramine, or they may be structurally similar drugs that are taken therapeutically or are abused.
As with many designer drugs, simple and subtle modifications are made to the base structure of a controlled compound in an attempt to circumvent legal restrictions imposed by various government agencies 4 — 7 and to elude detection.
For example, 4-fluoroamphetamine 4-FA and 4-methylamphetamine 4-MA are substituted structures of amphetamine. Mephedrone 4-methyl-methcathinone and methylone 3,4-methylenedioxy- N -methylcathinone are modified forms of cathinone. Many analytical methods for the analysis and identification of bath salts have been studied and published, but there has been little reported on the impact of these drugs on existing GC—MS amine procedures.
Derivatization can offer a number of advantages for qualitative and quantitative analysis of sympathomimetic amines to help alleviate complications. One advantage in forming a derivative is the reduction of peak tailing, which can help with resolution and make quantitative analysis more accurate. Derivatization commonly reduces the polarity and alters other physical and chemical properties of the stimulant amines, increasing their retention time and enhancing their separation from potentially interfering endogenous compounds or designer drugs.
Sensitivity or detectability may also improve when the compound is derivatized. Amine compounds with a hydroxyl group, such as phenylpropanolamine, ephedrine and PE, may form a di-derivative at the hydroxyl and amine locations. The potential exists that these compounds might interfere with current analytical methods for this class of compounds due to their structural similarities to the compounds involved.
The following report is an investigation of potential interference of four designer amphetamines with three in-house derivatization assays for amphetamine and methamphetamine. In addition, two service member specimens containing one of the designer amphetamines were further investigated after initial interference was observed at the drug testing laboratory.
Potassium hydroxide pellets were also purchased from Fisher Scientific. The impurities were identified by the vendor as well. Two service member specimens caused a positive screen result by immunoassay for both the Syva and Roche Amphetamines assays. The results for both member specimens suggested the presence of methamphetamine; the retention time was within 0. The specimens were reported negative but there was concern as to what drug was present.
The initial positive immunoassay screen results on the service member specimens were produced by the Syva and Roche Amphetamines immunoassay kits. With no methamphetamine or amphetamine present, it was concluded that methiopropamine caused the positive result, and therefore, it was imperative to determine the cross-reactivity of these designer compounds for the immunoassay kits used by the DoD laboratories.
Each drug was spiked at increasing concentrations until a positive result was achieved for each assay. Since the positive results were most likely caused by methiopropamine, the cross-reactivity of all the four designer amphetamines were assessed by immunoassay. The designer amphetamines were spiked individually into negative urine and analyzed by three different assays.It's completely needless to say how important these three charities are in general, but I'm going explain what they mean to me as an individual, why I chose them and reasons to donate Whether that's ourselves or like me having it take away family.
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AMP Life Sale Puts Regulations In The Spotlight
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Charlotte's Skydive: Cancer Research, Mind & FMA
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Punching and Other Holemaking.AMP Life confirmed to interest. There is however a Bill before Parliament - the Financial Markets Conduct of Institutions Amendment Bill - which seeks to introduce a new licensing regime, run by the FMA, for the conduct of insurers, banks and non-bank deposit takers. This would, among other things, see its claims handling regulated. Despite Bayly flagging concern over gaps in the law, his party voted against the Financial Markets Conduct of Institutions Amendment Bill at its first reading on February Thereafter, the Bill will need to pass its second and third readings before becoming law.
The RBNZ is in the first half of this year due to resume a review of this law, which it started inbut had to pause because it was too busy. However the focus will largely be on requiring insurers to increase their solvency buffersnot on conduct. The RBNZ told interest.
Help interest. Read this. We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this?
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Any insight or views on what might happen next or what should happen next? Any errors to correct? We welcome your comments below. If you are not already registered, please register to comment. Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments.
Our current comment policy is here. The previous Reserve Bank administration have acknowledged off the record they made a mistake with permitting consolidation of the insurance market; which is now essentially a duopoly. While AMP havent been managed practically well in recent times, I'd rather have them than some bogus company set up in a tax haven; who could well pull the pin of policies that don't profit for them.
Bascand to be found out of his depth The simple problem here is the bank regulator was charged with regulating Insurance companies with absolutely no understanding of the complexities involved. I do wonder how long this deputy governor can continue at the pleasure of the governor For Bascand to basically say at a Finance and Expenditure Committee "I haven't thought about it" goes beyond embarrassing Some of the above issues occurred before Orr joined Having not received a letter from AMP I was completely in the dark about this.
Many thanks for the info! He said policyholders were in the dark over what the sale would mean for them.
AMP Life Sale Puts Regulations In The Spotlight
What is happening? Is Buffett behind these? Think you'll find scale is the name of the game. Thank you to Andrew Bayly for raising these concerns.
Isn't it Orr's job to oversee his deputies with input from the board? Thanks for the insight.