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2014

Institute and Faculty of Actuaries (IFoA) consultation responses 2014.

The IFoA's focus is on responding to those consultations where actuarial expertise can inform debate, especially when the proposals will also directly impact on actuaries’ working lives and/or there are strong public interest issues involved.

As part of its commitment both to transparency and promoting the actuarial viewpoint on key issues, the IFoA places its responses to public consultations in the public domain.

IFoA Consultation Response  Organisation  Consultation IFoA contact
FS14/1 Feedback Statement - IFoA consultation response - 22.12.2014 Financial Conduct Authority FS14/1: Feedback Statement on FSA CP12/13 Solvency II – COBS rule changes Philip Doggart
FSB Recover and Resolution Planning - IFoA consultation response 15.12.2014 Financial Stability Board FSB Recovery and Resolution Planning for Systemically Important Insurers Matthew Levine
FSB cross-border recognition - IFoA consultation response 01.12.2014 Financial Stability Board FSB cross-border recognition of resolution action Matthew Levine
EIOPA Consultation Paper - IFoA consulatation response 01.12.2014 European Insurance & Occupational Pensions Authority EIOPA Consultation Paper on Conflicts of Interest Philip Doggart
ISAP 3 - IFoA consultation response 30.11.2014 International Actuarial Association ISAP 3 Philip Doggart
AE earnings and thresholds review - IFoA consultation response - 25.11.2014 Department for Work and Pensions AE earnings thresholds review and revision 2015-16 Philip Doggart
Taxation of Pensions Bill - IFoA consultation response 20.11.2014 Scrutiny Unit Taxation of Pensions Bill Philip Doggart
Better workplace pensions - IFoA consultation response 19.11.2014 Department for Work and Pensions Better workplace pensions - putting savers' interests first Philip Doggart
Levy Rules for 2015 - 16 - IFoA consultation response - 14.11.2014 Pension Protection Fund  PPF consultation on the Levy Rules for 2015-16 Philip Doggart
CP16/14 Transposition of Solvency II - IFoA consultation response 07.11.2014 Prudential Regulation Authority  CP16/14 Transposition of Solvency II: Part 3 Matthew Levine
Pensions schemes bill 2014 - 15 - IFoA consultation response 31.10.2014 UK Government Scrutiny Unit Pensions Schemes Bill Philip Doggart
Written evidence - progress - IFoA consultation response 23.10.2014 Financial Conduct Authority Written evidence - progress with automatic enrolment and pension reforms Philip Doggart
Proposed rules for independent governance - IFoA consultation response 14.10.2014 Financial Conduct Authority CP14/16 Proposed rules for independent governance committees Philip Doggart
Accounting for dynamic risk - IFoA consultation response 17.10.2014 International Accounting Standards Board DP/2014/1: Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging Matthew Levine
GC14-3 Retail investment advice - IFoA consultation response 10.10.2014 Financial Conduct Authority GC14-3 Retail investment advice: Clarifying the boundaries and exploring the barriers to market development Philip Doggart
CP14-11 Retirement reforms - IFoA consultation response - 24.09.14 Financial Conduct Authority CP14-11 Retirement reforms and the Guidance Guarantee Philip Doggart
Solvency II: resolving the remaining policy issues - IFoA consultation response 19.09.14 HM Treasury Solvency II: resolving the remaining policy issues for UK transposition Matthew Levine
The Taxation of Pensions Bill - IFoA consultation response 08.09.14 HM Revenue and Customs Draft legislation - The Taxation of Pensions Bill Philip Doggart
IAIS Capital Standards - IFoA consultation response 05.09.14 International Actuarial Association ISAP [7] "current estimates" and other matters in relation to the IAIS Capital Standards Philip Doggart
European Standard of Actuarial practice - IFoA consultation response 05.09.14 Actuarial Association of Europe Working Draft of European Standard of Actuarial practice 2 (ESAP2) - Actuarial Function Report Philip Doggart
Part 1 of the Care Act - IFoA consultation response 15.08.2014 Department of Health Draft regulations and guidance for implementation of Part 1 of the Care Act in 2015/16 Steven Graham
Basic Capital Requirements - IFoA consultation response 05.08.2014 International Association of Insurance Supervisors Basic Capital Requirements for Global Systemically Important Insurers Steven Graham
Statement of Recommended Practice - IFoA consultation response 16.07.210 Pensions Research Acountants Group Statement of Recommended Practice for Financial Reporting of Pensions Schemes Philip Doggart
PPF Levy Triennium 2015/16 to 2017/18 - IFoA consultation response 09.07.2014 Pension Protection Fund PPF Levy Triennium 2015/16 to 2017/18 Philip Doggart
The Occupational Pension Schemes Regulations 2014 - IFoA consultation response 05.07.14 Department for Work and Pensions The Occupational Pension Schemes Regulations 2014 Philip Doggart
Proposed Revisions to the UK Corporate Governance Code - 27.06.2014 Financial Reporting Council Proposed Revisions to the UK Corporate Governance Code Steven Graham
Statement on Intent - IFoA Response 13.06.2014 International Actuarial Association Draft Statements on Intent for ISAPs 5 and 6 Steven Graham
IFoA response to HMT - Freedom and choice in pensions 12.06.2014 HM Treasury Freedom and choice in pensions Philip Doggart
Better Workplace Pensions - IFoA consultation response 14.05.2014 Department for Work and Pensions Better Workplace Pensions: Further Measures for Savers Philip Doggart
MS14/1: General Insurance Add-on Products - IFoA consultation response 08.04.2014 Financial Conduct Authority MS14/1: General Insurance Add-on Products Philip Doggart
CP3/14 Solvency II - IFoA consultation response 21.03.2014 Prudential Regulation Authority CP3/14 Solvency II - Recognition of Deferred Tax (CP3/14) public.affairs@actuaries.org.uk
Retirement Income Market Study - IFoA consultation response 07.03.2014 Financial Conduct Authority Retirement Income Market Study: Terms of Reference Paul Shelley
Exposure Draft of ISAP 3 - IFoA consultation response 14.03.2014 International Actuarial Association Exposure Draft of ISAP 3 Actuarial Practice under IAS 19 Employee Benefits Philip Doggart
Banking Standards Review - IFoA consultation response 10.03.2014 Banking Standards Review Banking Standards Review Philip Doggart
ESAP 1 - IFoA consultation response 28.02.2014 Actuarial Association of Europe ESAP 1 - General Actuarial Practice Helena Dumycz
ISAP in Relation to IFRS X Insurance Contracts - IFoA consultation response 28.02.2014 International Actuarial Association ISAP in Relation to IFRS X Insurance Contracts (ISAP [4]) Helena Dumycz
Draft Plan and Budget and Levy Proposal - IFoA consultation response 28.02.2014 Financial Reporting Council Draft Plan and Budget and Levy Proposal 2014/15 Helena Dumycz
Defined Benefit Consultation - IFoA consultation response 10.02.2014 The Pensions Regulator Defined Benefit Consultation: Setting a Balanced Approach Philip Doggart
Increasing the Intensity and Effectiveness of Supervision - IFoA consultation response 31.01.2014 Financial Stability Board Increasing the Intensity and Effectiveness of Supervision Paul Shelley
Risk Management, Internal Control and Going Concern Basis of Accounting - IFoA consultation response 28.01.2014 Financial Reporting Council Consultation Paper: Risk Management, Internal Control and the Going Concern Basis of Accounting Paul Shelley
Fiduciary Duties of Investment Intermediaries - IFoA consultation response 23.01.2014 Law Commission Fiduciary Duties of Investment Intermediaries

Philip Doggart

A Review of the Conceptual Framework for Financial Reporting - IFoA consultation response 14.01.2014 International Accounting Standards Board Discussion Paper: A Review of the Conceptual Framework for Financial Reporting   Helena Dumycz
A New Retirement - IFoA consultation response 13.01.2014 Association of British Insurers Call for Evidence - A New Retirement  Helena Dumycz

Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

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Events calendar

  • TIGI 2020 (Technical Issues in General Insurance)

    Webinar Series
    22 June 2020 - 7 July 2020

    Spaces available

    Technical Issues in General Insurance provides content across all key areas of the general insurance sector whilst also offering cross-practice area technical topic deep-dives.

  • Spaces available

    Technical Issues in General Insurance

    Across the General Insurance market actuarial pricing tools are being migrated from Excel to web-based technologies. Web based pricing technology offers many synergies with AI and Machine Learning. But they are often hampered by poor design and practically always perform worse than their Excel counterparts!

    The following will be presented: 

  • Spaces available

    Offering insight on the 'New Normal', this webinar shares how the arsenal of weaponry at the disposal of ethical hackers is being deployed by those intent on breaching organisational security. The webinar is for all employees that would like a cyber context of what defines the “New Normal” and how it exposes an organisation.

  • Spaces available

    In this talk we cover the practicalities of implementing ESG within real asset investment decisions. Capital deployed in real assets is invested for a long term and has far reaching impact on the environment and society.  However, implementing ESG into real asset investment decisions is not straightforward and requires a different approach to public market assets.

  • Spaces available

    A practical and theoretical look at risk from wider perspectives, drawing on theories and examples from other fields, as well as social experiments, the session aims to stimulate members to consider information asymmetry, bias, Bayesian methods, behavioural finance and behavioural psychology when determining pension scheme risk. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    This webinar will provide an overview of how and why we built a Death Toolbox using Shiny.  This includes a live demonstration of the tool that enables a user to explore mortality datasets without knowing specialist coding techniques.

  • Spaces available

    Technical Issues in General Insurance webinar series. Lloyd’s will be presenting on the recent Casualty Market Study that was conducted across a section of the market. This study looked at the Non-Marine General Liability, Directors & Officers and Medical Malpractice from an underwriting, reserving and claims perspective. The presentation will cover the reasons for why the Study was conducted, the approach taken to determine the focus classes and participants, the key general findings as well as the next steps that Lloyd’s are proposing to take.

  • Spaces available

    An update from the Continuous Mortality Investigation (CMI). Content will focus on the work of the Self-administered Pensions Schemes (SAPS) Mortality Committee and the Mortality Projections Committee and will cover the most relevant and up-to-date outputs.

  • Spaces available

    The PPF’s Purple Book provides the most comprehensive data on the UK universe of Defined Benefit (DB) pension schemes in the private sector.  Analysing how this landscape has changed over time shows that whilst the risk profile of DB schemes has reduced underfunding has persisted.  The session will explore these trends and provide an insight into how funding may evolve in the future under a number of our modelled scenarios.   

  • Spaces available

    The IFoA is running a webinar on Thursday 9 July 2020 which will focus on the challenges and issues facing defined contribution savers who wish to access illiquid investments.

    Our speakers will provide perspectives from their diverse experience, including DC fund implementation, platforms, master trusts, the role of trustees, regulation, and parallels with other fund types. They will then come together in a panel discussion with audience interaction. 

    The webinar is likely to be of interest to actuaries working across the spectrum of financial services, including investment advisers, asset managers, insurers, fund platforms and DC master trusts.

  • Spaces available

    An online webinar delivered by John Taylor, immediate past-President of the Institute and Faculty of Actuaries who will look at the prospects for the actuarial profession in the era of unprecedented technological innovation.

  • Spaces available

    In this webinar you will hear first-hand from two lead authors; Louise Pryor - President Elect of the IFoA, Chair of the London Climate Change Partnership and Non-Executive Director of the Ecology Building Society. Paul Pritchard – Former IEMA Board Member with a focus on financial services and value chains. Paul also served as a Fellow at the University of Cambridge Institute for Sustainability Leadership. This webinar will provide key insights for all professionals interested in understanding and engaging with climate related financial disclosures.

  • Spaces available

    This webinar is intended to raise awareness of the shifting landscape of climate liability risk and what it means for actuaries, including how it impacts on their professional and legal duties. Presentations will cover the legal risks around climate change for investment consultants and actuaries advising DB pension schemes as well as consideration of climate risk for insurers.

  • Spaces available

    Climate change risks are likely to become material for many risk management and investment decisions. This will require to incorporate explicitly climate change in the tools used for risk management and investment decisions. At present existing climate change tools are often too crude for decision making.

  • Current Issues in Life Assurance (CILA) Webinar series

    Webinar Series
    15 July 2020 - 3 August 2020

    Spaces available

    CILA is one of the pre-eminent events in the annual 'Life' calendar. Due to COVID-19 we are running the programme as a series of webinars covering topics aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries and those who work in or advise on, the life assurance market in the UK and Europe.

  • Spaces available

    Current Issues in Life Assurance

    For annuity writers, a key challenge is the need to fund capital-consumptive new business strain (NBS) as a consequence of writing the business intended to fund future distributions.

    Reinsurance, investment strategy and capital provision all have roles to play. Here, we:

  • Spaces available

    Current Issues in Life Assurance

    Mortality in 2020 is now dominated by one thing, although – in our future-focused world – the pandemic is just one of many mortality considerations.  In this session, three well-regarded mortality/longevity specialists provide an overview of:

  • Spaces available

    Because of Covid-19, forecasters predict a severe recession in 2020, followed by a V or U-shaped recovery. This impacts both individuals and companies. However, compared to previous recessions, the impact on banks of higher credit losses should be mitigated to some extent by government actions. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    This session will provide an overview of the Population Health Management Working Party's research including defining impactability and impactability modelling, discussing some examples of specific modelling approaches, considering the practical challenges across the NHS as well as wider public perception and ethical issues.

  • Spaces available

    Many actuaries consider career opportunities in the Finance and Investment practice area after having started off in more traditional actuarial roles such as valuations, capital management or pricing. This session is aimed at helping actuaries to better understand roles in Finance and Investment and how they can fine tune their skills to pursue such careers.

  • Mortality and Longevity Webinar Series 2020

    Webinar Series
    22 July 2020 - 10 August 2020

    Spaces available

    Due to COVID-19, we are running this programme via a series of webinars commencing 22nd July.

    This webinar series will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity, and is designed to be very accessible to a broad range of experience.

     

  • Spaces available

    Predictive risk assessment and risk stratification models based on postcode-level consumer classification are widely used for life insurance underwriting. However, these are socio-economic models not directly related to health information. Similar to precision medicine, precision life insurance should aim to tailor policy pricing/reserving to the individual health characteristics of each client.

  • Spaces available

    This webinar has been re-scheduled from its original date of the 1st July. Although ESG has many buyers across the asset allocation community, from pension funds to sovereign wealth funds, it still hasn’t found its place within the core asset management strategy desks where the money is actually invested. The problem as well as the opportunity is Fixed Income. Plenty of strategies exist for incorporating ESG within Equities, from screening, integration to a combination. ESG has picked up relatively quickly within Equities with rating,indices created using ESG factors. This talk will discuss how we price a quantifiable ESG credit risk premium and make it alpha worthy in a strategy. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    With the rising prevalence of dementia, how can we manage this risk effectively and can insurance do more? Matt Singleton, Ageing Lead at Swiss Re, will cover these topics and demonstrate how insurance could help people address their concerns.

  • Spaces available

    Current Issues in Life Assurance

    This talk will look at a range of such techniques (e.g. mass lapse risk transfer, contract boundaries, risk margin relief, non-standard longevity risk transfer) that have been applied or considered by UK and EU insurers, and the pros and cons of each.

     

  • Spaces available

    Current Issues in Life Assurance.

    The International Association of Insurance Supervisors announced on 14 November 2019 the adoption of v2.0 of the global Insurance Capital Standard (ICS) which will undergo confidential reporting for 5 years starting from 2020. This session will include specific experiences from Legal and General (L&G) as well as global industry perspectives from EY.

  • Spaces available

    Current Issues in Life Assurance

    This session will cover the PRA supervisory statement on financial impacts related to climate change, industry insights into PRA climate risk business plans, examples climate risk strategy setting out key workstreams and activity steps for successful execution, an overview of a climate risk strategy execution timeline and the future.     

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. Using new and unique research and data from the UK, US, Sweden and China, this presentation investigates how consumers use the internet through their insurance journey and analyzes the role culture and generation plays in their online behaviour. We use this research to show the online landscape for insurance sales in the UK and suggest ways to shape new products and effectively engage with the consumer who is buying them.

  • Spaces available

    Chief Medical Officer (CMO) for Gen Re Life/Health Research and Development, Dr John O'Brien, will discuss the impacts of Gene Modification for life/health insurance. 

  • Spaces available

    As an industry, it has been important to be able to look to the future to identify the next quantifiable risk. In this session, I will explore some of the less tangible, but none-the-less concerning risks to future health, such as the health risks associated with exposure to pesticides, ingestion of plastic in the food chain, and the hazards of indoor air pollution through exposure to volatile organic compounds.

  • Spaces available

    The working party will help the industry to update and enhance how potential risk from diabetes and excess mortality is considered, including the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. Modelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series. 

    The insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC.