Traditionally, the majority of IFoA research has been carried out by working parties of volunteers largely from the profession. However it has become clear that there are some major challenges that would benefit from the efforts of full time research teams.
The main terms of our research agreements in their standard form are summarised below:
Standard of care - We require all works and activities to be undertaken with due care and attention notwithstanding that research may be exploratory or uncertain. In that respect, depending on the proposed use of the research, we do not usually look for guarantees or warranties as to what certain outcomes will be able to do but we do need care to be taken whilst the work is being undertaken.
Outputs - The outputs will be known at the time of applying for grants and will need to be included in the agreement. The payment of grants will be linked to the outputs. This will enable payments to be made in set amounts at key dates with the payments being subject to satisfactorily completing the relevant work and any other factors that apply.
Intellectual property - Our starting point is for the Institute and Faculty of Actuaries to hold all intellectual property in the research that we provide grants for. We will, however, take account of the nature of projects that we are looking to provide grants for and certain circumstances, e.g. where funding is towards established/ongoing projects that others are contributing towards.
VAT - The Institute and Faculty of Actuaries is an exempt body in terms of VAT where we are providing grants for research that meets the relevant criteria.
Publicity - We require input and, where relevant, prior consent to publications on the research that we provide grants for. Our research activities come from within our Public Affairs Directorate, which has established media contacts and dedicated staff who are able to provide help and support in making the most of research projects in the public arena.
For more information about the calls for research please contact the Research and Knowledge Team.
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
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.
Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.