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Author:
David Ingram; Laura Santori; Mark Puccia

Insurance criteria: evaluating the enterprise risk management practices of insurance companies

With the new risk-management evaluation process described in this paper, risk managment will become a separate, major category of S&P analyses. Best performers in that category will have robust risk-management processes that are carried across the ... read more >>

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Author:
Economic Capital Subgroup of the Society of Actuaries Risk Management Task Force

Specialty guide on economic capital

At its most basic level Economic Capital can defined as sufficient surplus to cover potential losses, at a given risk tolerance level, over a specified time horizon. This is the working we will use throughout this Specialty Guide, adding details as needed ... read more >>

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Author:
Joint Money Laundering Steering Group

Prevention of money laundering / combating the financing of terrorism. Guidance for the UK financial sector, Part 1

In the UK, there has been a long-standing obligation to have effective procedures in place to detect and prevent money laundering. Many of the procedures which will be appropriate to address these obligations are similar, and firms can often employ the ... read more >>

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Author:
Joint Money Laundering Steering Group

Prevention of money laundering / combating the financing of terrorism. Guidance for the UK financial sector, Part 2

In the UK, there has been a long-standing obligation to have effective procedures in place to detect and prevent money laundering. Many of the procedures which will be appropriate to address these obligations are similar, and firms can often employ the ... read more >>

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Author:
Disciplinary Review Working Party

Faculty of Actuaries disciplinary scheme (effective from 1 January 2004)

Faculty Disciplinary Scheme 2004. This disciplinary scheme replaces the current Rules 35-43 of the Faculty Rules and Bye-laws. It is a mirror scheme to that of the Institute so that, for the first time, members of both bodies face the same disciplinary ... read more >>

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Author:
Jean-Bernard Crozet; Reeken Patel
Source:
General Insurance Convention 2006

Catastrophe risk aggregation (Handout)

CATASTROPHE RISK AGGREGATION 33rd ANNUAL GIRO CONVENTION Hilton Vienna Hotel, Am Stadtpark JB CROZET REEKEN PATEL INTRODUCTION A Stat & A Quote Catastrophe Aggregation Monitoring “quantifying the potential losses from catastrophic events, across ... read more >>

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Author:
Jon Exley; Andrew Smith
Source:
British Actuarial Journal [BAJ] (2006) 12: 229-301

The cost of capital for financial firms

Most businesses have assets financed by capital providers. The cost of capital is a measure of the returns required by those capital providers. Its main use is to set a target for the profits, which must be achieved on the firm's assets in order to satisfy ... read more >>

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Author:
A C Campbell; D C Grimley; J K Pallister; A M Stoker; Andrew Walton; Costas Yiasoumi
Source:
British Actuarial Journal [BAJ] (2006) 12(3): 639-727

Lessons from closure : an analysis and comparison of the issues facing closed life funds and closed pension schemes

LESSONS FROM CLOSURE: AN ANALYSIS AND COMPARISON OF THE ISSUES FACING CLOSED LIFE FUNDS AND CLOSED PENSION SCHEMES By A. C. Campbell, D. C. Grimley, J. K. Pallister, A. M. Stoker, A. R. Walton and C. A. Yiasoumi ... read more >>

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Author:
D Blake; A J G Cairns; K Dowd
Source:
British Actuarial Journal [BAJ] (2006) 12(1): 153-228

Living with mortality: longevity bonds and other mortality-linked securities

This paper addresses the problem of longevity risk — the risk of uncertain aggregate mortality — and discusses the ways in which life assurers, annuity providers and pension plans can manage their exposure to this risk. In particular, it focuses on how ... read more >>

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Author:
David Bartlett\; Mark Chaplin\; Kevin Dowd\; Patrick Kelliher\; Chris O'Brien
Source:
Working Party on Risk Management in UK life assurers

Risk management by UK life assurers. A survey

This paper reports the results of a questionnaire survey sent to actuaries in UK life assurers in autumn 2005. It describes how enterprise risk management is carried out in UK life assurers, and the processes used for identifying, measuring and managing ... read more >>

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Author:
Continuous Mortality Investigation

CMI Working paper 19. Per-policy mortality investigation (including revised coding guide)

CMI Working paper 19. Per-policy mortality investigation (including revised coding guide) Continuous Mortality Investigation WORKING PAPER 19 Per Policy Mortality Investigation (including revised Coding Guide) CONTENTS Executive ... read more >>

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Author:
Continuous Mortality Investigation

CMI Working paper 18. 1999-2002 critical illness experience: Feedback on WP14 and future work

Continuous Mortality Investigation Critical Illness Committee WORKING PAPER 18 1999-2002 Critical Illness experience: Feedback on Working Paper 14 and Future Work CONTENTS 1. INTRODUCTION 2 2. FEEDBACK RECEIVED ON ... read more >>

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Author:
Technical Support and Research Committee

Estimating the cost of securing benefits with insurance companies

This paper is addressed to the Pensions Board and considers the assumptions used for GN9 solvency valuations. The paper considers at a high level the approach taken by life offices for pricing bulk annuity contracts and comments on whether the existing GN9 ... read more >>

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Author:
Pensions Board; Sponsor Covenant Working Party

Allowing for the sponsor covenant in actuarial advice

This report is concerned with actuarial advice in relation to defined benefit pension schemes and covers the following: Section 2 summarises the WP’s recommendations. Section 3 discusses the nature of the sponsor covenant. Section 4 considers the issues ... read more >>

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Author:
Continuous Mortality Investigation

CMI Report 22. Whole volume

Sickness experience 1999-2002 for individual income protection policies ISSN 0954-2388 C M I R 22 (2005) Continuous Mortality Investigation Reports Number 22 Published by the Institute of Actuaries ... read more >>

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Author:
Institute and Faculty of Actuaries

Mutual recognition agreements: Groupe Consultatif

The Institute and Faculty of Actuaries are signatories to the Groupe Consultatif Agreement on the Mutual Recognition of Qualifications GROUPE CONSULTATIF ACTUARIEL EUROPEEN EUROPEAN ACTUARIAL CONSULTATIVE GROUP SECRETARIAT, MAISON DES ACTUAIRES, 4 ... read more >>

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Author:
Continuous Mortality Investigation

SAPS mortality investigation 2000-2003, data (individual ages)

SAPS mortality investigation 2000-2003, data (individual ages) Summary Sheet CMI Self Administered Pension Schemes Mortality Investigation Summary Of Contents Sheet Name Exposed to Risk - All Years Actual Deaths - All Years M L ... read more >>

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Author:
The Institute and Faculty of Actuaries

Alternative Specialist Applications Stage subject (SA0). Regulations

Details of the regulations for the award of the Specialist Applications Dissertation subject, including advice on: supervisors; course of study; examiners; period of study; dissertation; recommendations of the examiners; and publication of the results. ... read more >>

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Author:
Continuous Mortality Investigation

CMI Working paper 16. The graduation of the CMI 1999-2002 mortality experience: Proposed annuitant and pensioner graduations

CMI Working paper 16. The graduation of the CMI 1999-2002 mortality experience: Proposed annuitant and pensioner graduations Continuous Mortality Investigation Mortality Committee Working Paper 16 The Graduation of the CMI 1999-2002 Mortality ... read more >>

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Author:
Icki Iqbal; Clare Beale; Rolf van den Heever; Tim James; Mark Versey; Paula Kelly

Alternative forms of capital available to life companies

This paper is the output of a working party set up by the Life Research Committee to review how banks manage their capital base using the regulatory capital structure to maximise their ROE and ROC and to ascertain any relevance to long term business of the ... read more >>