Recent changes to the Regulations

It is hereby confirmed that for each amendment:

• The amendment was agreed in line with Bye-law 28, which confirms that Council shall, subject to certain provisions as detailed in that Bye-law, “have power to make, amend or delete Regulations governing such matters as it sees fit”.

• The amendment was also agreed in line with Bye-law 29, which requires that Council shall only have power to amend a Regulation if “a majority of not less than three-fourths of the whole number of the member of the Council vote in favour” of that amendment.

• Appropriate notice of the amendment was given as per Regulation 19, which requires that changes to the Regulations must “appear on the website of the Institute and Faculty of Actuaries for no less than 28 days before taking effect”.

• The amendment was implemented on conclusion of the 28 day notice period, as we did not receive formal objections to the amendment from more than 50 members within the 28 day notice period (per Regulation 19A, “if more than 50 members raise formal objections to the amended Regulations during that 28 day period, the Council will re-consider the amendments, taking into account the views expressed by the members.”)
   

List of Amendments

Date of notice: Tuesday 22 June 2021
Date of implementation: Wednesday 21 July 2021

Amendment to Regulation 10 (deletions in struck-through text; additions in italics):

10.  The management body provided for under Bye-law 17 shall be known as the Management Board. Members of the Management Board as a result of their office or employment shall be:

• President
• President-elect
• Chief Executive (being the person appointed under Bye-law 18)

In addition, the Council may appoint:

• an independent member being someone who is a Fellow or Associate but is not a member of the Council and who has no other role within the Institute and Faculty of Actuaries.
• another independent member being someone who is not a Fellow or Associate.
• up to three further Council members, one of whom being (in the event the Scottish Board so requests) a member of the Scottish Board who is a member of the Council elected by the Scottish constituency.
• up to two further employees of the Institute and Faculty of Actuaries nominated by the Chief Executive who are in senior managerial roles.
• the Chair of the Management Board’s Member Engagement Committee.
• the Chair of the Management Board’s Skills and Domains Committee.
   

Date of notice: Friday 13 November 2020
Date of implementation: Friday 11 December 2020

Amendment to Regulation 16

From: 

“Affiliates should be educated to degree (or equivalent) level and have relevant experience to meet one or more of the following criteria:

• Be a member of a professional body related to one or more of the following areas:
  • Capital projects
  • Corporate finance
  • Derivatives
  • Enterprise risk management
  • General insurance
  • Healthcare
  • Investment
  • Life insurance
  • Pensions
  • Personal finance
  • Statistics
• Be a partner of a professional firm
• Hold an executive position in a business involved in one of the areas listed above
• Be an academic working in one of the areas listed above
• Have been in regular attendance at events organised by the Institute and Faculty of Actuaries.”

To: 
“Affiliate members are subject to such published terms and conditions as are required by the IFoA and may be removed by a published process and final decision of the President of the IFoA”.

Date of notice: Tuesday 23 June 2020
Date of implementation: Tuesday 21 July 2020

Amendment to Regulation 23

From: 
"Subscriptions are due on 1 October of the subscription year. Subscriptions which are outstanding as at 1 November shall attract a 10% surcharge which rises to 20% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any subscription year shall result in cancellation of membership. The Council may suspend these requirements in circumstances which it deems appropriate.”

To: 
“Subscriptions are due on 1 October of the subscription year. Subscriptions which are outstanding as at 1 November shall attract a 1% surcharge which rises to 2% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any subscription year shall result in cancellation of membership. The Council may suspend these requirements in circumstances which it deems appropriate.”

Date of notice: Tuesday 23 June 2020
Date of implementation: Tuesday 21 July 2020

Amendment to Regulation 25

From:
"Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the Membership Team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team for a reduced subscription.”

To:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the Membership Team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired in accordance with the applicable IFoA published Subscription Policy may apply to the membership team for a reduced subscription.”

Date of notice: Friday 10 January 2020
Date of implementation: Monday 10 February 2020
Amendment to Regulation 17

From:

"Students shall normally be admitted if they have achieved the following educational standards:

For those Students who have a degree they must:

• hold a first or second class honours degree in any subject, together with at least a Grade C at Advanced Level (A level) in any mathematical subject, or equivalent from another awarding body; or
• hold a third class honours degree which includes a pass in mathematical sciences as a major subject.

For those Students who do not have a degree they must:

• hold an A level in mathematics at Grade B or above together with an A level at Grade C in any other subject; or
• hold three Scottish National Qualifications Authority Higher passes (one of which must be in mathematics at Grade A); or
• hold the Irish Leaving Certificate in at least five subjects (one of which must be in mathematics at Grade A); or
• have passed the CT1 examination as a non-member; or
• possess other qualifications which are considered to be equivalent to the above.

Overseas Students shall be required to meet equivalent standards to those above through comparable qualifications.

Applicants who do not have the capacity to gain a good honours degree or do not have adequate proficiency in English are likely to experience particular difficulty with the examinations."

To:

"There are no educational entry requirements for Students. Students shall normally be admitted upon acceptance of an application for admission and subject to such published terms and conditions as required by the IFoA from time to time.”

Date of notice: Wednesday 19 June 2019
Date of implementation: Wednesday 17 July 2019
Amendment to Regulation 25

From:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than 30 times the level of the required subscription that would apply to the member concerned may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription.”

To:
“Any member whose annual income, as defined by United Kingdom Government rules on taxable income, from all sources throughout the subscription year is not more than the earnings levels set by Council for each membership category, may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription. Members classified as retired under the Continuing Professional Development Scheme (as defined in the Bye-laws) may apply to the membership team (membership@actuaries.org.uk) for a reduced subscription.”