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 term 'office politics' usually has a lot of negative connotations and indeed an inability to be able to navigate an organisation's formal processes and interact effectively with others at work can have far reaching adverse consequences.
Public scrutiny of what investment funds deliver for consumers continues to be high profile, with the FCA’s Asset Management Market Study requiring fund managers to make (and publish) an annual assessment of value for authorised funds from the end of 2019.
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This event is now full. Please register here for the wait list
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This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
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The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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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.