We understand that there may be times in your professional life when personal circumstances mean that you find it hard to meet your professional obligations: health issues or other life events can take over and make it hard to prioritise matters such as CPD deadlines, Practising Certificate renewals or renewing your membership subscription.
There are a number of practical ways we can support you through such times, for example:
- Exercising discretion where procedural deadlines are missed by Members suffering from health issues, for example missing the last date for payment of a subscription fee;
- Helping members manage their CPD or their Practising Certificate applications. Changing membership category where appropriate or securing an exemption from the requirements of the CPD Scheme.
The first step is to get in touch with the Membership Team via email@example.com or by telephone on 0131 240 1325 to explain your situation.
We will appoint a senior member of the team to help you with your regulatory obligations.
Some practical examples to illustrate the support that may be offered by the IFoA:
A Category 2 Member (non PC-holding Fellow or Associate) alerts the Membership Team to the fact he/she will be unable to undertake CPD due to health issues.
The IFoA may, depending on the circumstances:
- grant a partial exemption from the Member’s CPD requirements (where the Member intends to be or has been off work for more than three consecutive months, with at least one month in each applicable CPD year);
- grant a full exemption from the requirements of the CPD Scheme where the IFoA considers that there are exceptional circumstances.
A Category 1 Member (PC holder) advises the Membership Team that he/she expects to be on leave for reasons of health issues for at least 12 months.
The IFoA may, depending on the circumstances:
- grant a partial exemption from the requirements of the CPD Scheme (available where the member is absent from work for more than three consecutive months);
- advise the Member of the options open to him/her if he/she chooses not to renew his/her certificate when it expires, for example:
- automatically becoming a Category 2 member and taking up the option of applying for a partial or full exemption from the CPD requirements – per above; or
- allow the certificate to lapse and be able to renew within 18 months of the date of expiry of the previous PC.
A Category 5 Member (Student) misses the deadline for recording their Stage 3 PST activity under the CPD Scheme due to health issues.
The IFoA may exercise its discretion and allow the late recording of CPD activity.
A Category 1 Member (PC holder) would like to resign his/her membership to allow him to fully concentrate on recovering from an illness and may or may not be interested in rejoining the IFoA at a future date.
The IFoA may grant the Member a partial exemption from the requirements of the CPD Scheme and advise the Member that on the expiry of his certificate he would automatically transfer to be a Category 2 member and could be granted a full CPD exemption. That exemption would ensure that the Member remains compliant with the CPD Scheme until his/her subscription year ends; at which point, if he/she failed to renew, his/her membership would lapse. The IFoA would set out that if he/she wished to reinstate his/her membership in the future, he/she should follow the reinstatement rules.
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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.