The core reading states that the "reattribution" is a specific mechanism for propriatary companies. What happens for mutuals? The inherited estate belongs to the policyholders but is not allocated to wp business. It acts as surplus. So wouldnt a mutual have to go through reattribution?
A reattribution is the process of reallocating the estate between policyholders and shareholders. So instead of splitting the estate 90/10, it may be reattributed as 70/30. So it doesn't apply to mutuals which are 100/0. Instead a mutual may decide to distribute the estate. For example it could reduce the estate by paying out on average more than asset share. Best wishes Mark
