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2015

Institute and Faculty of Actuaries (IFoA) consultation responses 2015.

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
IFoA response to IASB on proposed amendments to IAS 19 and IFRIC 14 - 06/11/2015 International Accounting Standards Board Proposed amendments to IAS 19 and IFRIC 14 Philip Doggart
IFoA response to the Retirement Outcomes Review – 30.10.2015 Financial Conduct Authority Pension reforms – proposed changes to our rules and guidance Rebecca Deegan
IFoA response to HMT consultation on pension transfers and exit charges consultation – 12.10.2015 HM Treasuary Pension transfers and early exit charges: consultation Philip Doggart
IFoA response to CP27/15 The Prudential Regime for non-Solvency II insurance firms and consequential amendments – 12.10.2015 Prudential Regulation Authority

CP27/15 The prudential regime for non-Solvency II insurance firms and consequential amendments

Steven Graham
IFoA response to CP24/15: Implementing a UK Leverage Ratio Framework – 12.10.2015

Prudential Regulation Authority

CP24/15: Implementing a UK Leverage Ratio Framework Steven Graham
IFoA response to Strengthening the incentive to save – 30.09.2015 HM Treasuary Strengthening the incentive to save: a consultation on pensions tax relief Philip Doggart
IFoA response to General Insurance Market Add-ons Market Study – 24.09.2015 Financial Conduct Authority General Insurance Market Add-ons Market Study – Remedies: value Measures Philip Doggart
IFoA response to CP 18/15 - Corporate Governance - Board responsibilities – 11.09.2015 Prudential Regulation Authority CP18/15 – Corporate governance – Board responsibilities Steven Graham
IFoA response to 2nd Exposure Draft of European Standard of Actuarial Practice 2 (ESAP 2) – 04.09.2015

Actuarial Association of Europe

2nd Exposure Draft of European Standard of Actuarial Practice 2 (ESAP 2) – Actuarial Function Report under Directive 2009/138/EC Philip Doggart
IFoA response to Higher Loss Absorbency (HLA) requirements for G-SIIs – 21.08.15 International Association of Insurance Supervisors Higher Loss Absorbency (HLA) requirements for G-SIIs Steven Graham
IFoA response to The Energy and Climate Change Committee Priorities – 13.08.2015 Energy and Climate Change
Committee
The Energy and Climate Change Committee Priorities for Holding Government to Account Morgan Sleebos
IFoA response to Draft Statement of Intent to issuse an International Standard of Actuarial Practive on Governance of Models – 28.07.2015 International Actuarial Association Draft Statement of Intent to issue an International Standard of Actuarial Practice on Governance of Models (ISAP [1A]) Philip Doggart
IFoA response to CP 15-13 General Insurance Add-Ons Market Study – 25.05.2015 Financial Conduct Authority CP 15-13 General Insurance Add-Ons Market Study Philip Doggart
IFoA response to Creating a Secondary Annuity Market – 18.06.2015 Her Majesty's Treasury and the Department for Work and Pensions Creating a Secondary Annuity Market Steven Graham
IFoA response to CP8-15 Engagement between external auditors and supervisors and commencing the PRAs disciplinary powers – 27.05.2015 Prudential Regulation Authority CP8-15 Engagement between external auditors and supervisors and commencing the PRAs disciplinary powers over external auditors and actuaries Philip Doggart
IFoA response to S 75 Employer in debt in non-associated multiemployer defined benefit pension schemes – 22.05.2015 Department for Work and Pensions S 75 Employer debt in non-associated multiemployer defined benefit pension schemes Philip Doggart
IFoA response to CP6-15 Whistleblowing in deposit-takers – 20.05.2015 Prudential Regulation Authority CP6-15 Whistleblowing in deposit-takers, PRA-designated investment firms and insurers Steven Graham
IFoA response to CP15-4 Whistleblowing in deposit-takers – 20.05.15 Financial Conduct Authority CP15-4 Whistleblowing in deposit-takers, PRA-designated investment firms and insurers Steven Graham
IFoA response to CP12/15: Senior Insurance Managers Regime – 15.05.2015 Prudential Regulation Authority CP12/15: Senior Insurance Managers Regime: a streamlined approach for non-Solvency II firms Steven Graham
IFoA response to CP15/15: Changes to the approved persons regime for insurers not subject to Solvency II – 15.05.2015 Financial Conduct Authority CP15/15: Changes to the Approved Persons Regime for insurers not subject to Solvency II Steven Graham
IFoA response to CP13/15: Changes to the approved persons regime for SII firms – 13.05.2015 Prudential Regulation Authority CP13/15: Changes to the Approved Persons Regime for SII Firms Steven Graham
IFoA response to CP15/16 Changes to the Approved Persons Regime for SII Firms – 27.04.15 Financial Conduct Authority CP15/16: Changes to the Approved Persons Regime for SII Firms; Governance Proposals and Feedback to CP14/25 Steven Graham
IFoA response to CP7/15 approach to non-executive directors in banking and Solvency II firms – 27.04.2015 Prudential Regulation Authority CP7/15: Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms Steven Graham
IFoA response to CP15/5 approach to non-executive directors in banking and Solvency II firms – 27.04.2015 Financial Conduct Authority CP15/5: Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms Steven Graham
IFoA Response to Changes to the Investment Regulations Department for Work and Pensions Changes to the Investment Regulations Morgan Sleebos

IFoA response to CP 11/15 SII: supervisory appeal – 21.04.15

Prudential Regulation Authority CP 11/15 SII: supervisory approval for the volatility adjustment Steven Graham
IFoA response to CP 15/7 Proposed changs to pensions transfer rules – 15.04.2015 Financial Conduct Authority CP 15/7 Proposed changes to pensions transfer rules Philip Doggart
IFoA response to CP 15-001 Pensions Transferability – 13.04.2015 European Insurance and Occupational Pensions Authority CP 15-001 Pensions Transferability Philip Doggart
IFoA response to The Care Act 2014: Draft regulations – 30.03.2015 Department of Health The Care Act 2014: Draft regulations and guidance to implement the cap on care costs and policy proposals for a new appeals system for care and support Steven Graham
IFoA response to CP 5/15 Solvency II – 24.03.2015 Prudential Regulation Authority CP 5/15 Solvency II: applying EIOPA's Set 1 Guidelines to PRA authorised firms  Steven Graham
IFoA response to DB to DC transfers and conversions – 17.03.15 The Pensions Regulator DB to DC transfers and conversions Philip Doggart
IFoA response to CP 14/29 Guaranteed Asset Protection Insurance – 13.03.2015 Financial Conduct Authority CP 14/29 Guaranteed Asset Protection insurance: a competition remedy Philip Doggart
IFoA response to New Framework for Actuarial Technical Standards – 08.03.2015 Financial Reporting Council New Framework for Actuarial Technical Standards Philip Doggart
IFoA response to Risk Consultation – 02.03.2015 Financial Reporting Council Risk Consultation Philip Doggart
IFoA response to CP 14-049 GL Long Term Guarantees – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-049 GL Long Term Guarantees  Steven Graham
IFoA response to CP 14-045 GL Financial Stabilty – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-045 GL Financial Stability  Steven Graham
IFoA response to CP 14-046 GL Extension Recovery Period – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-046 GL Extension Recovery Period Steven Graham
IFoA response to CP 14-053 Paper on Implementing Technical Standards – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-053 Consultation Paper on Implementing Technical Standards on capital add-ons Steven Graham
IFoA response to CP 14-055 ITS Public Disclosure Procedure – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-055 ITS Public Disclosure Procedure Template Steven Graham
IFoA response to CP 14/-047 Reporting Public Disclosure – 02.03.2015 European Insurance and Occupational Pensions Authority CP 14-047 GL Reporting Public Disclosure  Steven Graham
IFoA response to Solvency II transitional measures – 20.02.15 Prudential Regulation Authority Solvency II transitional measures and the treatment of participations Steven Graham
IFoA response to Independent Review of Retirement Income – 20.02.15 Pensions Institute Independent Review of Retirement Income  Philip Doggart
IFoA response to Key Information Documents for Packaged Retail – 17.02.15 Joint Committee of the European Supervisory Authorities Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) Matthew Levine

IFoA response to the IAIS consultation: Risk-based Global Insurance – 16.02.2015

International Association of Insurance Supervisors Consultation on Risk-based Global Insurance Capital Standards Steven Graham
IFoA response to CP26/14 Senior insurance managers regime – 02.02.15 Prudential Regulation Authority CP26/14 Senior insurance managers regime: a new regulatory approach framework for individuals Steven Graham
IFoA response to CP14/25 Changes to approved persons regime – 02.02.15 Financial Conduct Authority CP14/25 Changes to approved persons regime for Solvency II firms Steven Graham
IFoA response to 'The future of retirement' – 30.01.16 National Employment Savings Trust The future of retirement: A consultation on investing for NEST's members in a new regulatory landscape Philip Doggart
IFoA response to MS 14/3.2 Retirement income market survey – 30.01.15 Financial Conduct Authority MS 14/3.2 Retirement income market study: Interim Report Philip Doggart
IFoA response to CP 24/14 Solvency II further measures – 30.01.2015 Prudential Regulation Authority CP 24/14 Solvency II: further measures for implementation Steven Graham
IFoA Response to CP 25/14 - The PRA Rulebook – 23.01.2015 Prudential Regulation Authority CP 25/14 - The PRA Rulebook Philip Doggart
IFoA response to CP22/14 - Approach to with-profits insurance business – 16.01.2015 Prudential Regulation Authority CP22/14 - Approach to with-profits insurance business  Philip Doggart
IFoA response to European Insurance and Occupational Pensions Authority – 16.01.2015 European Insurance and Occupational Pensions Authority Further Work on Solvency of IORPs Philip Doggart
IFoA response to CP23/14 Solvency II approvals – 09.01.2015 Prudential Regulation Authority CP23/14 Solvency II approvals Steven Graham
IFoA response to Technical changes to auto enrolment – 09.01.15 Department for Work and Pensions Technical changes to Auto Enrolment Philip Doggart
IFoA response to CP21/14 Policyholder Protection – 06.01.15 Prudential Regulation Authority CP21/14 Policyholder Protection Philip Doggart

IFoA response to BIS Operational risk revisions to the simpler approaches – 06.01.15

Bank for International Settlements

BIS Operational risk revision to the simpler approaches Steven Graham

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

  • 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

    As insurers look towards their internal model calibration process for 2020 final year financials and statutory returns, actuaries need to deal with the complexity of adequately modelling their business in 2020 and beyond. This discussion will look at what poor model selection and calibration could look like – using inappropriate historical data; using incorrect 2020 mortality data; inappropriate stochastic model recalibration (or lack thereof). What about being prudent vs setting a best estimate? How do you allow for tail risks during a tail risk event?  This is the fourth webinar in the Extreme Mortality Events series presented by Chair of the Life Board of the Institute and Faculty of Actuaries, Colin Dutkiewicz. 

  • 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.