CMI fee structure for 2021/22

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

info@cmilimited.co.uk

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

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    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.