The process of taking on responsibility for the funds TEP commitments (establishing Abacus in the role of Premium Administrator, Asset Register Administrator) focuses on the operational issues encountered by Funds holding TEPs as an asset class including;

• establishing Abacus as a central conduit for all Principal Parties to the fund;
• verification of existing fund accounting records in respect of the current asset register and ongoing premium commitments;
• establishment of agreed working /operational practices between Abacus, the funds bankers, custodian and UK life offices;
• consideration of historic transactions and outstanding premium commitment liabilities at the date of take on;
• identification of any pre-existing ‘lapsed /paid up’ policies included in the portfolio at the date of take on and the establishment of an agreed action plan to reinstate such policies;
• review of all outstanding correspondence received from related parties (primarily the UK life offices) issued to the Custodian as legal owner of the policy regarding unpaid premiums, cancelled direct debit mandates, non-forfeiture loans, issues with assignments etc.

Related Services

Premium AdministrationPortfolio Administration Management Reporting