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.
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.
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There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.
This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.
This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements.
The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise. In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.
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