All fees are subject to VAT.
Fees for consultancies
Fees for consultancies are based on the number of actuaries. The bands and fees for 2019/20 are:
|Category||Number of UK qualified actuaries||Fees for 2019/20 (and 2018/19)|
|Large||250+||£21,000 (£20,000) + VAT|
|Medium/large||70-250||£11,100 (£10,600) + VAT|
|Medium||20-70||£8,500 (£8,100) + VAT|
|Small||Up to 20||£4,800 (£4,600) + VAT|
For consultancies with 15 or fewer UK qualified actuaries (including individuals, operating as ‘one-man consultancies’) there is a ‘per actuary’ fee of £315 + VAT (£300 in 2018/2019) per qualified actuary.
Fees for reinsurers
A flat-level fee of £21,000 + VAT applies in 2019/20 (£20,000 in 2018/19).
Fees for Life offices
Given the need to reflect Solvency II reporting, we have derived a proposed fee calculation based on figures in year-end Quantitative Reporting Templates (QRTs). We have shared the proposed basis with existing Subscribers but deferred its introduction until 2020 to allow firms to budget for the changes. Consequently, subscriptions for 2019/20 have been set equal to the 2018/19 fee, which was calculated by applying factors to the following values from the 2015 PRA Returns:
- a factor of 0.35 per £1,000,000 of Net Capital at Risk on death from Form 60 (excluding Lines 11 and 12; intended to remove Group Life business from the calculation),
- a factor of 0.30 per £100,000 of Net Reserves on annuities in payment from Forms 51 and 54, together with corresponding values for any unit-linked or unitised with-profits business;
- a factor of 0.11 per £10,000 of in force individual Income Protection policy benefit amounts from Forms 51 and 54 for the following product codes: 145, 150, 360, 365, 385 and 901.
The fee is subject to a minimum of £5,250 (£5,000 in 2018/19) and a maximum of £75,000.
- the fee is expressed net of VAT
- the calculation should be applied to UK business only
- insurers are requested to consider the "spirit" of the formula and to contact us if they consider that it does not appropriately reflect the nature of their business.
Fees for other organisations
The approach to setting fees for some other types of organisations that do not fall within any of these groups is set out below.
Academics are granted free access provided their use of CMI outputs is solely for non-commercial purposes. This will also apply to any individuals who are members of CMI committees who do not work for an organisation that pays a fee and to overseas actuarial associations.
Regulators and government bodies
Regulators and government bodies are granted free access, as we believe this will encourage more widespread use of CMI outputs.
Other UK commercial firms
The standard fee for an organisation (other than a life insurer, a reinsurer or an actuarial consultancy, including accountancy firms employing actuaries) will be the same level as for a reinsurer (£21,000 + VAT in 2019/20, £20,000 2018/19). If a firm can clearly demonstrate that its planned use of CMI outputs is modest, then a lower fee can be considered.
Overseas companies with a UK entity
The fee for Overseas companies with a UK entity will be based on the UK entity.
Overseas companies with no UK entity
The fee for Overseas companies with no UK entity will normally be calculated as if the company were a UK entity e.g. for an overseas life insurer, this would be based on net capital at risk on death, net reserves for annuities in payment and in-force income protection benefit amounts.
If you have any questions about the CMI please email
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
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.
Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.