All fees are subject to VAT.
Fees for consultancies
Fees for consultancies are based on the number of actuaries. The bands and fees for 2017/18 are:
|Category||Number of UK qualified actuaries||Fees for 2017/18 (and 2016/17)|
|Small||Up to 20||£4,600 (£4,500)|
For consultancies with 15 or fewer UK qualified actuaries (including individuals, operating as ‘one-man consultancies’) there is a ‘per actuary’ fee of £300 +VAT (unchanged from 2016/2017) per qualified actuary.
Fees for reinsurers
A flat-level fee of £20,000 + VAT applies in 2017/18 (unchanged from 2015/16).
Fees for Life offices
The fee for 2017/18 is calculated by applying factors (unchanged from 2016/17) 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,
subject to a minimum of £5,000 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 (£20,000 + VAT in 2017/18, unchanged from 2016/17). 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