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
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Events calendar
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ARC Webinar Series 2021 - Use of Primary Health Care Records Data in Actuarial Research
Webinar9 March 2021
As part of the ARC Webinar Series 2021, this webinar will review the work of the UEA/Aviva research team over the last four years on a major research programme funded by the IFoA’s Actuarial Research Centre. -
Implications of Climate Change for Life Insurer's Risk Modelling and Strategic Asset Allocation
12 March 2021
Climate change poses a significant threat across many regions and sectors, and businesses. Insurers and asset managers, must play a role in ensuring transparency around climate related risks and opportunities. -
Whilst insurers have been performing stress and scenario testing for many years, in the last 12 months the PRA has increased its focus on the ability to identify, measure and increase financial and operational resilience.
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Finance in the Public Interest Series
16 March 2021 - 23 March 2021
There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.
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The price is righter
16 March 2021This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced. -
This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)
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The role of stewardship in creating long term value
25 March 2021
What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting. -
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'.
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Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.
As part of the ARC Webinar Series 2021, this webinar will review the work of the UEA/Aviva research team over the last four years on a major research programme funded by the IFoA’s Actuarial Research Centre.
Climate change poses a significant threat across many regions and sectors, and businesses. Insurers and asset managers, must play a role in ensuring transparency around climate related risks and opportunities.
What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.