CMI fee structure for 2020/21

All fees are subject to VAT.

Fees for consultancies

Fees for consultancies are based on the number of actuaries. The bands and fees for 2020/21 are:

Category Number of UK qualified actuaries Fees for 2020/21 (and 2019/20)
Large 250+ £21,600 (£21,000) + VAT
Medium/large 70-250 £11,400 (£11,100) + VAT
Medium 20-70 £8,750 (£8,500) + VAT
Small Up to 20 £4,950 (£4,800) + VAT

For consultancies with 15 or fewer UK qualified actuaries (including individuals, operating as ‘one-man consultancies’) there is a ‘per actuary’ fee of £325 + VAT (£315 in 2019/2020) per qualified actuary.

Fees for reinsurers

A flat-level fee of £21,600 + VAT applies in 2020/21 (£21,000 in 2019/20).

Fees for Life offices

We have introduced a new fee calculation for life insurers from 2020/21 to reflect Solvency II reporting. The new basis is unchanged from our proposals shared with existing Subscribers last year.

We have set factors to be 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).

2020/21 subscription fees are the sum of the following factors applied to values from Form S14 of the 2018 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 £5,400 (£5,250 in 2019/20) 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 (£21,600 + VAT in 2020/21, £21,000 in 2019/20).  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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Events calendar

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    Webinars
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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.

     

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    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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    16.00-17.00 (GMT+8) | 09.00-10.00 (BST)

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    Online webinar
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    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
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    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.

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