Equitable Life president and seven board member to quit

LONDON - The president and seven non executive board members of the troubledinsurer Equitable Life have said they are to quit after the outcry over itsaborted sale and the �1.5bn hole in its finances following a high courtruling earlier this year. The pension company had sought to change itsguaranteed annuity rate after discovering that it did not the funds to meetthe expected demand from its policyholders. The case ended in the House ofLords where the law lords ruled in favour of the policyholders. Equitableput itself up for sale in the hope of finding a buyer, but despite talkswith a string of major insurance groups, no deal was agreed and Equitableannounced this month it was to close to new business. A board committee hasnow been set up to select a new panel of non-executives.