Dear Mr Vick

Chairman of the IPA

We write for clarification of your position regarding the Life Assurance (Compensation of Policyholders) Regulations 1991 with regard to the current predicament of bondholders with deposits resting with Kaupthing Singer & Friedlander (Isle of Man). We note the following from published questions and answers regarding this legislation:

LETTER SENT TO:

ROYAL SKANDIA
AXA INTERNATIONAL
AEGON SCOTTISH EQUITABLE
FRIENDS PROVIDENT
PRUDENTIAL INTERNATIONAL
NORWICH UNION INTERNATIONAL
CLERICAL MEDICAL INSURANCE
DAVID VICK IPA
MANX PRESS & MEDIA
UK TRADE PRESS

Donald Gelling CBE CP
Mr Gelling has held the position of Chairman of
the Authority since November 2002. Prior to
retiring from politics in January 2007 he held,
during his 20 year parliamentary career, a number
of key roles including Chief Minister (1996-2002
and 2004-2007), Minister for Treasury (1989-
1996) and Chairman of the Financial Supervision
Commission (1989-96).