The following groups are responsible for specific work areas within the remit of the Life Insurance Practice Executive Committee:

Life Office Taxation Working Party
This working party aims to keep abreast of new developments in the field of Life Office tax, to analyse their impact, and to educate and inform members of the profession who are not tax specialists regarding such developments and associated current issues.

Life ICA Working Party
In summer 2005 the Life Board established a working party on Individual Capital Assessment (ICA), which has two specific aims: to produce a summary of relevant papers, presentations and activity in the public domain which would be of use to actuaries involved in producing, interpreting or managing ICA for life insurance organisations; and to identify key trends and issues which are emerging in the methodology for producing ICA.

Quantitative Impact Study 2 (QIS2) Support Group
When it is implemented Solvency II will represent a positive step change in prudential regulation of insurance in the EU. Although the suggested implementation date of 2010 is not immediate, the change is becoming a reality: fundamental policy issues are being actively discussed and the European Commission continues to press for the adoption of a framework directive by July 2007.

As part of this process CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) has been consulting and advising the Commission on technical issues. One of the key issues for CEIOPS is the calibration of the requirements and CEIOPS is inviting firms to participate in a new Quantitative Impact Study (QIS2).

Solvency ll Life Working Group
The European Commission's Solvency II project has reached a critical phase. A number of key issues remain unresolved and the timetable to the presenting of the proposed Directive to the European Parliament looks tight. In order to help prepare the UK profession for what may come and also ensure our voice is heard as appropriate in the various discussions, the General Insurance Practice Executive Committee has already set up a Solvency II Working Group and the Life Insurance Practice Executive Committee has decided to do likewise.