Professional Standards Directory: 2006 Updates
2006 Updates
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Update 5 Issued 27 December 2006 |
GN44: Mathematical reserves and resilience capital requirement - version 2.0 BAS amendment 1
GN45: Determining the with-profits insurance capital component - version 2.0 BAS amendment 1
GN46: Individual capital assessment - version 2.0 BAS amendment 1
GN47: Stochastic modelling of economic risks in life insurance - version 2.0 BAS amendment 1
Members were alerted to near final versions of the GNs in Professional Standards Directory (PSD) Update 4 issued on 20 December 2006. The GNs have now been replaced with final versions which take effect on 31 December 2008.
As stated in the PSD Update of 20 December, the Profession considered what changes to the GNs might be appropriate as a result of the proposals in PS06/14 and shared its work with the BAS as input to the BAS's thinking. Paul Seymour, Chairman of the BAS, has written to the Presidents setting out the various options which the BAS considered in amending the GNs - see full text of letter.
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Update 4 Issued 20 December 2006 |
The following process documents will come into effect on 1 January 2007:
Due Process for approving Actuarial Profession (AP) Standards - version 1.0
Protocol for Information and Assistances Notes (IANs) - version 1.0
Due Process for responding to proposals from the IAA for International Actuarial Standards of Practice (IASPs) - version 1.0
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Update 3 Issued 30 November 2006 |
GN48: Compliance Review - Pensions Version 2.0 comes into effect on 1 January 2007. See covering letter from the Chairman of the Pensions Board.
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Update 2 Issued 3 October 2006 |
GN51: Retirement Benefit Schemes - Modification of subsisting rights without consent Version 1.1 comes into effect on 6 November 2006. See covering letter from the Chairman of the Pensions Board.
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Update 1 Issued 7 July 2006 |
GN28: Retirement Benefit Schemes - adequacy of benefits for contracting out Version 2.1 came into effect on 29 July 2006. See covering letter from the Chairman of the Pensions Board.
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