New and revised Actuarial Profession Standards (APSs) – APS L1 and APS G1

Following two consultations by the Institute and Faculty of Actuaries (IFoA) on the introduction of the Chief Actuary role by the Prudential Regulation Authority (PRA) under Solvency II, the IFoA has decided to introduce a compulsory Practising Certificate for IFoA members who are approved as Chief Actuary in both Life and non-Life undertakings.

APS L1

A revised version of APS L1: Duties and Responsibilities of Life Assurance Actuaries, supports this decision for members working as Chief Actuaries in Life undertakings.  The amended APS comes into force on 1 January 2016.  Download APS L1 Version 2.0.

APS G1

For members acting as Chief Actuary in a Non-Life undertaking, a new APS, APS G1: The Chief Actuary in Non-Life Insurance, has been introduced which sets out the requirements for actuaries carrying out the role of Chief Actuary for UK authorised general insurance companies and Lloyd’s syndicates.  This comes into effect on 1 January 2016.   Download APS G1.