CMI fee structure for 2021/22

All fees are subject to VAT.

Fees for consultancies

Fees for consultancies are based on the number of actuaries. The bands and fees for 2021/22 are:

Category Number of UK qualified actuaries Fees for 2021/22 (and 2020/21)
Large 250+ £22,250 (£21,600) + VAT
Medium/large 70-250 £11,700 (£11,400) + VAT
Medium 20-70 £9,000 (£8,750) + VAT
Small Up to 20 £5,000 (£4,950) + VAT

For consultancies with 15 or fewer UK qualified actuaries (including individuals, operating as ‘one-man consultancies’) there is a ‘per actuary’ fee of £335 + VAT (£325 in 2020/21) per qualified actuary.

Fees for reinsurers

A flat-level fee of £22,250 + VAT applies in 2021/22 (£21,600 in 2020/21).

Fees for Life offices

Fees for life offices are based on factors applied to business volumes for our three life insurer investigations – Annuities, Assurances and Income Protection – using figures reported to the regulator on Form S14 of the year-end Quantitative Reporting Templates (QRTs).

2021/22 subscription fees are the sum of the following factors applied to values from Form S14 of the 2019 QRTs:

  • A factor of 0.12 per £100,000 of Best Estimate Liability on UK annuities,
  • A factor of 0.75 per £1,000,000 of Capital at Risk on UK individual mortality and critical illness policies,
  • A factor of 0.5 per £10,000 of Best Estimate Liability on UK individual income protection claims in payment, and
  • A factor of 0.6 per £100,000 of Capital at Risk on UK individual income protection policies.

The fee is subject to a minimum of £5,600 (£5,400 in 2020/21) and a maximum of £75,000.

Please note:

  • the fee is expressed net of VAT
  • the calculation is intended to apply to UK business only (we understand that low volumes of overseas business can be combined with UK business on Form S14 but, by definition, the impact should be small)
  • we ask insurers to supply the relevant figures from their QRTs alongside their calculated fee
  • if you have queries regarding the basis, please email finances@cmilimited.co.uk
  • 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

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 (£22,250 + VAT in 2021/22, £21,600 in 2020/21).  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 best estimate liability on annuities and income protection claims in payment and capital at risk on individual mortality, critical illness and income protection policies.

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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