Aim at reducing asbestos exposure by obliging duty holders (employers and others) to carry out a risk assessment and declaring the amount, type and safety of asbestos in non-domestic premises they own or occupy. Employers must prepare and implement a management plan to control asbestos risks. The new regulations consolidate earlier legislation and introduce new controls on the way asbestos is handled in the workplace. The duty is owed to anyone affected by work activity. Non-domestic buildings owners contemplating refurbishment or demolition must conduct an asbestos survey.

The period over which the standard contribution rate has been calculated to remain constant, assuming that the funding ratio at the beginning and end of the period is 100 per cent. The control period, which is normally for one year or more but which could be less, should be specified. (Source GN26.)

The main test of an employer/employee relationship is the right to control how, when, where and by whom the work should be done. The ’employee’ is substantially controlled and directed by the other person in the manner of doing the work. An independent contractor agrees to perform the work but not under the control of the other party. In 1952 (Stevenson, Jordan and Harrison Ltd v. McDonald and Evans) Denning L. J. illustrated the difference by distinguishing a taxi driver from a chauffeur. The other ‘irreducible minimum’ is the test of mutuality of obligation.

FSA functions where an individual: (a) exerts significant influence; (b) deals directly with customers; or (c) deals with customer’s property. The FSA’s controlled functions must be performed by approved persons. The functions are grouped as ‘governing functions’, ‘required functions’, ‘systems and control functions’, ‘significant management functions’ and ‘customer functions’. Certain functions are significant influence functions and indentified in the Table of Controlled Functions (www.fsa.gov.uk).

Method of estimating the size of the pension fund needed to secure the benefits for occupational scheme members. Each year the employer pays a premium to secure the total expected benefits at normal retirement age for the oldest employees either individually or in age groups. The insurer and the employer agree the level of funding to cover a period of years. This funding is appropriate where funds are not ‘earmarked’, e.g. final salary schemes.

FSA definition of persons or entities owning 10 per cent or more of the shares in an authorised firm or parent company of such firm or is able to exercise significant influence over management through shareholding in such a firm or parent.

A director who owns (or controls) at least 20 per cent of a company’s voting power. In view of the influence such a person may have over his employer, special restrictions apply to a controlling director’s membership of the company’s pension scheme. The full details appear in Practice Notes (IR12) (1991).

The combining of traditional (re)insurance and the capital markets. Banks and insurers transfer risks to each other by securitisation and insuritisation. They have borrowed from each other as part of the broader process of convergence, a visible sign of which is bancassurance.

UK: 1. Tort committed by a person who keeps property belonging to another or who disposes of it wrongfully, e.g. selling another person’s car without authority. Conversion may occur deliberately or innocently. The Torts (Interference with Goods) Act 1977 extends conversion to include negligent loss of another’s property by a bailee. Insurance is available for motor traders who unwittingly sell stolen vehicles and solicitors (and others) who misdeliver documents (professional indemnity insurance). 2. In life insurance convertible term policies can be converted to either whole life or endowment policies without further evidence as to health. Whole life policies can be converted into endowment policies. Also, existing policies having a surrender value can be converted to paid-up policies for reduced sums with no further premiums payable.
***
It is the wrongful disposition and detention of personal property belonging to another. Conversion usually results from the failure of a person who had legal possession of personal property to return it as agreed.
***
MEDICAL,USA,REFERENCE: See: conversion plan and conversion privilege.

In the Lloyd’s market this means any currency other than sterling, US dollars and Canadian dollars. In the company market it means any currency other than the main currencies in which the business is transacted. Convertible currency is normally accounted for in sterling.