You are here

Bye-Laws and Rules

General meeting

A general meeting of the Institute and Faculty of Actuaries (IFoA) was held electronically on Wednesday 20 December 2017 at 12 noon GMT and the following motions were put to the meeting:

Motions from the Council of the IFoA proposing changes to the Bye-laws and Rules:

1. Scottish Board

The Resolution to amend Bye-law 23 was passed by a simple majority of members entitled to vote and voting at the general meeting (in accordance with paragraph 14 of the Charter). This is subject to such changes as the Privy Council may require and which are agreed by the Institute and Faculty of Actuaries.

We will now apply to the Privy Council’s for approval to amend Bye-law 23 to read as follows:

 “The members of the Council elected by the Scottish constituency shall be members of a Scottish Board, which shall report to the management body.  The members of the Council elected by the Scottish constituency may co-opt as many other persons as they consider appropriate to serve on the Scottish Board.  Each year the members of the Scottish Board shall elect a person from among their number to chair their meetings, but no person who at that time is President shall be eligible for election as the person to chair the Scottish Board.  The role of and other arrangements for the Scottish Board may be prescribed in the Regulations.”

Once we receive the approval of the Privy Council to amend Bye-law 23 we will publish the consequential changes to the Regulations on the website for 28 days before they take effect.  If during that period, more than 50 members raise formal objections to the amended Regulations, Council will re-consider the amendments. In none are received we expect that the Bye-law and Regulations will be in force by the end of March 2018.

2. Changes to the Disciplinary Scheme – Independent Examiner

A Resolution to make the amendments to the Disciplinary Scheme, as shown in red font in Appendix 1, was passed by a simple majority of members entitled to vote and voting at the general meeting (in accordance with Bye-law 27).

3. Changes to the Disciplinary Scheme – Appeals Process

A Resolution to make the amendments to the Disciplinary Scheme, as shown in blue font in Appendix 1, was passed by a simple majority of members entitled to vote and voting at the general meeting (in accordance with Bye-law 27).

4. Capacity for Membership Scheme

A Resolution to amend the Disciplinary Scheme, as shown in red font in Appendix 2, to introduce a new process to deal appropriately and more compassionately with regulatory conduct issues where the root cause is a member’s ill health, was passed by a simple majority of members entitled to vote and voting at the general meeting (in accordance with Bye-law 27).

The process will be called the Capacity for Membership Scheme. 

It is proposed that the Capacity for Membership Scheme Rules is woven into the Disciplinary Scheme Rules, which results in a re-numbering of the Rules.  It is for that reason that the amendments at Appendix 2 appear substantial.  No material changes are, however, being made as a result to the Disciplinary Scheme Rules itself. 

To assist members, a summary of the Capacity for Membership Scheme Rules is included at Appendix 3

The changes to the Rules in motions 2, 3 and 4 above have been voted for by a majority of our members and will take effect from the date of their publication on the website.  We anticipate this will be on 1 February 2018.

Queries

If you have any queries about the proposed changes to the Bye-laws and Rules, please contact: the IFoA’s Corporate Secretary at James Harrigan.

Related documents

Filter or search events

Start date
E.g., 26/06/2019
End date
E.g., 26/06/2019

Events calendar

  • SIAS Event: Navigating Organisational Politics Positively

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 June 2019

    Spaces available

    The term 'office politics' usually has a lot of negative connotations and indeed an inability to be able to navigate an organisation's formal processes and interact effectively with others at work can have far reaching adverse consequences.

  • Spaces available

    Public scrutiny of what investment funds deliver for consumers continues to be high profile, with the FCA’s Asset Management Market Study requiring fund managers to make (and publish) an annual assessment of value for authorised funds from the end of 2019.

  • Reimagining ageing

    Staple Inn Hall, High Holborn London WC1V 7Q
    14 June 2019

    Spaces available

    Reimagining ageing, hosted by the Institute and Faculty of Actuaries, in partnership with the ILC

  • Spaces available

    Increasing global concern over the impact of climate change has recently led to public scrutiny over the adequacy of existing risk management practices by insurance firms and pension schemes in dealing with these challenges, that potentially impact both individual actuaries and the IFOA generally.

     

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Spaces available

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
    21 June 2019

    Spaces available

    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 July 2019

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.