CMI fee structure for 2022/23

All fees are subject to VAT.

Fees for consultancies

Fees for consultancies are based on the number of actuaries. The bands and fees for 2022/23 are:

Category Number of UK qualified actuaries Fees for 2022/23 (and 2021/22)
Large 250+ £23,400 (£22,250) + VAT
Medium/large 70-250 £12,300 (£11,700) + VAT
Medium 20-70 £9,500 (£9,000) + VAT
Small Up to 20 £5,250 (£5,000) + VAT

For consultancies with 15 or fewer UK qualified actuaries (including individuals, operating as ‘one-man consultancies’) there is a ‘per actuary’ fee of £355 + VAT (£335 in 2021/22) per qualified actuary.

Fees for reinsurers

A flat-level fee of £23,400 + VAT applies in 2022/23 (£22,250 in 2021/22).

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).

2022/23 subscription fees are the sum of the following factors applied to values from Form S14 of the 2020 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 £5,900 (£5,600 in 2021/22) 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 (£23,400 + VAT in 2022/23, £22,250 in 2021/22).  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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    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

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    This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.

    The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.

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    Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).

    In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.

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    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

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    In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members.  Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.

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    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Social Care Agenda

    11 October 2022

    Spaces available

    Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.

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    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.

  • GIRO Conference 2022

    ACC Liverpool  
    21 November 2022 - 23 November 2022
    Spaces available

    We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.

  • Life Conference 2022

    ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP
    23 November 2022 - 25 November 2022
    Spaces available

    Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.

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    Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.