News
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New structure for Professionalism courses
From February 2012 the current 1-day Associate Course and 2-day New Fellows courses will be replaced by a choice of: a 1-day face-to-face event where, in addition to other features, participants will work through mini case studies both generic and ... read more >>
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Enhanced transfer values and pensions increase exchange exercises
The Institute and Faculty of Actuaries’ approach to ETVs and PIEs The Institute and Faculty of Actuaries does not have any direct regulatory role in this area but our public interest remit does lead us to consider what we can do to ... read more >>
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New research shows wide regional variations in bodily injury claims, with North-West England the top hot spot
The research shows that these claims hotspot areas match areas with the highest concentration and activity of claims management companies. In general, more claims management companies means more personal injury claims. ... read more >>
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Findings from the 2011 student education survey
Key highlights The response rate was 8% of which three quarters were in the UK. The largest group answering had been students for 1-3 years. For finding out information, the majority of students use the website although there were several comments about ... read more >>
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Volunteers sought to assist with the implementation of the Profession's new strategy
A lead volunteer is sought to work within each of the Profession's directorate. Whilst overall responsibility for project management and delivery remains with the Executive, our lead volunteers will ensure that members' expectations arising from the ... read more >>
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Actuarial Profession publishes new framework for use of discount rates in actuarial work
In particular they are central to the calculation of some of the key numbers in pensions and insurance today, affecting millions of people, including the calculation of • Reserves in company accounts for pensions and insurance ... read more >>
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Actuarial Profession welcomes move to ban referral fees for third party injuries
The research has consistently identified high levels of personal injury claims as a key inflationary driver for the motor insurance industry. And, as costs to the industry rise, so do premiums. Figures from the Confused.com/Towers Watson Car Insurance ... read more >>
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CMI publishes papers on Per Policy results
CMI Working paper 56 sets out the initial format for results using per-policy life office mortality data, whilst CMI Working paper 57 consults on how these results may be developed in future. Responses are requested by 30 November 2011. ... read more >>
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Consultation paper on conflicts of interest
Consultation meetings have been arranged for London and Edinburgh. Further details can be found here. ... read more >>
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Institute and Faculty of Actuaries accredits BSc in Actuarial Science at Hong Kong University
This is the first programme to be accredited in Asia and is an important milestone in the Profession’s programme of international activities. The accreditation will mean that students who graduate with this degree with the required marks in specified ... read more >>
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CMI publishes working paper 55
This paper accompanies the issue of the updated version of the CMI mortality projections model, CMI_2011 and illustrates the impact of incorporating data for 2010. Issued alongside the paper are the revised and updated versions of the model and the user ... read more >>
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Actuarial Profession appoints new Management Board Chairman
Alan became a Fellow of the Institute and Faculty of Actuaries in 1984. He has had a distinguished career at Bacon & Woodrow and then Hewitt Associates, where his roles included a number of senior management and leadership positions in the UK and ... read more >>
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Cross practice announcement: new APSs, new TASs and withdrawal of GNs
APS L1: Duties and responsibilities of life assurance actuaries; andAPS L2: The Financial Services and Markets Act 2000 (Communications by Actuaries) Regulations 2003Both APSs are effective from 1 October 2011. ... read more >>
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Does Dilnot mean an end to care-funding uncertainty?
Sue Elliott, a leading health and care actuary and chair of the Actuarial Profession’s Health and Care committee said: “The good news is that the Commission has recommended a cap on the amount people will have to personally contribute to their care. If ... read more >>
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Actuarial Profession supports accelerating reforms to move to a single tier state pension and cautions against a single formula approach to changing state pension age
Commenting on the Institute and Faculty’s response, Ronnie Bowie, Immediate Past President, said: “We have argued for some time that a state pension scheme that is fair, simple and transparent should make it easier for people to make informed decisions ... read more >>
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Institute and Faculty of Actuaries President’s Award winners
The President’s Award is given to members of the Profession who have, in the opinion of the President, made a particular and special contribution to the Institute and Faculty of Actuaries. The recipients this year were: · Sally ... read more >>
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Jane Curtis becomes President of the Institute and Faculty of Actuaries
Jane said: “Ronnie will be a hard act to follow. His contributions to our strategic review, the promotion of the CERA qualification and our new public affairs strategy are a just a few examples of where he has made his mark. We also owe thanks to ... read more >>
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New report: motoring personal injury claims continue to rise
An exclusive report by the Institute and Faculty of Actuaries’ Third Party Working Party, examining motor insurance data in 2010, has shown that despite a reduction in the total road usage and a continuing reduction in the number of overall accidents per ... read more >>
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Sciences of complexity and complex adaptive systems are key to understanding risk
The research, carried out for the Actuarial Profession by Neil Cantle of Milliman and Neil Allan of the University of Bath, focussed on two key problems in risk management; the setting of risk appetite with a consistent set of risk limits, and the timely ... read more >>