EQUITABLE LIFE ASSURANCE SOCIETY v HYMAN

[2001] Lloyd's Rep IR 99

HOUSE OF LORDS

Before Lord Slynn of Hadley, Lord Steyn, Lord Hoffmann, Lord Cooke of Thorndon and Lord Hobhouse of Woodborough

Insurance (life) - With-profits policies - Decision of directors of Society to declare differential bonuses depending upon whether policyholders had opted to take benefits at guaranteed annual rates or current rates - Object of directors to equalise benefits - Whether permitted by policies - Whether term to be implied into Society’s articles - Whether directors had acted for improper purpose.