Life Insurance
Life Practice Executive Committee
Contact - Pauline Simpson (tel: 01865 268 237, e-mail: pauline.simpson@actuaries.org.uk)
Actuarial Processes and Controls - On-going
Membership
Chair: Richard Care
Other members:
Richard Budden, Matt Cocke, David Ford, Tim Hartley, John Heenan, Dave Hobbs, Anthony Lee, Mark McCarthy, Sanjeev Pujari, Dominic Veney, Nick Watkins
Aims and objectives
To highlight key risks associated with production of actuarial reported figures
To consider how those key risks might vary between company/type of business
To develop best practice controls, focussing upon the actuarial control aspects
Expected outcome
A paper on best practice
Progress to date
Recently conducted a survey of insurers
Benchmarking for stochastic models - On-going (established 2007)
Membership
Chair: Ralph Frankland
Other members:
Kieran Barnes, Matthew Brownlie, David Dulloway, Andy Holtham, Ian Marshall, Andrew Smith, Craig Turnbull
Aims and objectives
To gain a better and wider understanding of the various methodologies that could be used for developing benchmark figures, including the advantages and disadvantages of each
To develop robust values for a variety of tables
Expected outcome
Sessional paper for presentation to the Institute on 3 November 2008 and the Faculty on 17 November 2008
Life ICA - Non-linearity, scenario testing and diversification issues in life insurance ICA's - On-going
Membership
Chair: Trevor Jones
Other members:
Tewdar Ansell, David Bird, Bryan Blunt, Andy Cope, Rob Green, Greg Pinell, Ed Rayfield, Darren Thorne
Aims and objectives
Building upon the work of the Life ICA working party, to conduct an overview of methods currently used to:
Determine diversification benefits
Allow for the impact of non-linearity
Using scenario testing to justify the diversification of benefits assumed
Consider any risks presented by the effects of a significant drop in the stock market
Expected outcome
A discussion paper suggesting a framework for best practice.
Life Office Taxation Working Party - On-going
CP207 – Tax implications of the proposals for treating with-profits policyholders fairly
Life Office Taxation Working Party report
Other information (and link to document – see current website)
Membership
Chair: Paul Turnbull
Other members:
Trevor Fannin, Steve Jones, Matthew Little, Andrew Rendall, Matthew Taylor
Aims and objectives
To keep the profession informed of developments in the field of Life Office Taxation.
1) To keep abreast of new developments
2) To analyse their impact
3) To inform the profession as appropriate
4) As a subsidiary objective, to consider the impact of some of the more complex aspects of UK life office taxation on actuarial work.
Expected outcome
Articles on different aspects of life office taxation in The Actuary magazine.
Progress to date
Sessions at 2000, 2001 & 2004 Life Conventions; a number of articles and columns published in The Actuary.
Management Actions in the context of realistic balance sheets - On-going
Management actions: myth or reality? (slides)
Membership
Chair: Martin Pike
Other members:
Tim Bunch, Adrian Fuller, Jonathan Pears, Ben Rowe, Matthew Lee, Gavin Coates, Iain Baker
Aims and objectives
To consider the consequences of different management actions and the advantages and disadvantages that each action has on future management of with-profits funds
Expected outcome
SIAS paper March 2007
Progress to date
Session at 2006 Life Convention
Reassurance of Mortality and Morbidity in the UK Market - On- going
Membership
Chair: Paul Murray
Other members:
Andy Chan, Andrew Gilchrist, Christopher Hancorn, Jamie Leitch, Joanne Wells, John Williamson
Aims and objectives
To investigate:
Key drivers for reinsurance
Correlation of risk within a reinsurance office
Effectiveness of credit derivatives in offsetting the risk of default
The implications for life companies’ professional guidance
Expected outcome
Session at the 2008 Life Convention
Underwriting - On-going
Membership
Chair: Jason Hurley
Other members:
tbc
Aims and objectives
To identify and quantify the risks and benefits of:
evidence based ratings and how these can be shown to be fair and robust
the impact on claims experience of changes in the underwriting process
the impact of the use of technology in underwriting
claims declined due to non disclosure
the changing regulatory regime