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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

  • SIAS Event: CMI Update

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    1 April 2020

    Spaces available

    We are sorry. This event has now been cancelled.

    Following the release of the updated CMI Mortality Projection Model, CMI_2019, the CMI Mortality Projections Committee will lead a discussion on future mortality improvements.

  • Spaces available

    In the webinar, Stuart Hitchcock, Head of Portfolio Management for Private Credit, within LGIM Real Assets, will provide some insight into the nature of the private credit markets. Discussion will evolve around development of the markets and lending landscape, key investment characteristics including structural and legal protections, public vs private investments, advantages and drawbacks for borrowers, and attractiveness for investors.

    The webinar will also focus on describing the investment process such as origination through execution, credit, structure, pricing, on-going asset management, portfolio construction within private markets.

  • Spaces available

    Due to the COVID-19, we will be running this programme via a series of webinars commencing 22 April.  

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

  • Spaces available

    InsurTech headlines are often big statements, which seem impossible to many working in the sector day-to-day. How can actuaries implement new systems, keep the value from legacy systems, deliver BAU and not require the resources of three teams?

    This talk:

    • Highlights effective strategies to jump the gap to new technologies
    • Illustrates practices that provide contingency for future technical growth 
    • Introduces the concept of “technical debt” and how you can best manage it
  • Spaces available

    Pressure on organisations to address climate change risks is intensifying. But what does this really mean for insurers? In this session Adhiraj Maitra and Gareth Sutcliffe will look at the why, the what and the how of this risk through a number of different lenses including regulatory, principle and resilience.

  • Spaces available

    Update on renewal pricing outcomes for Property and Casualty markets at the latest 1/1 reinsurance renewals.

    The focus will be on capacity availability and price drivers.  These issues include but are not limited to the cat bond market, wider trends in claims outcomes, trends in Casualty RI space that affect pricing such as social inflation, yield curve and the reserving cycle.

    Finally, a note on how this may affect actuarial pricing, reserving and capital.

    Learning objectives: Business knowledge of reinsurance renewal outcomes and the main drivers

  • Spaces available

    The Ogden Discount Rate shock of 2017 brought about a period of profound uncertainty to General Insurance market.  GI Actuaries' first task was to estimate the impact of the Ogden shocks, particularly to reserving and reinsurance pricing.  Their second was to navigate a period of framework uncertainty, maintaining an agility in actuarial modelling as the Civil Liability Bill took shape. 

  • Professional Skills Training - Edinburgh (29 April 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    29 April 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (29 April 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    29 April 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • CANCELLED The Global Actuarial Profession

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 April 2020

    Spaces available

    We are sorry that this event has been cancelled.

    The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.

  • Spaces available

    Working party have been producing a number of deep dive papers, these include topics such as risk adjustment, impact of disclosures on how uncertainty is perceived, deferring acquisition costs over renewals, PAA eligibility and more. 

    We will select where to focus the session based on market focus closer to the time. The plan is to do a detailed session with practical examples and considerations rather than a high level educational session. Very happy to discuss further. 

  • SIAS Event: Cyber Insurance

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    4 May 2020

    Spaces available

    The talk will cover:
    • Why cyber security is regarded as the top threat to businesses (Allianz Risk Barometer 2019)
    • What is causing the shift in threat landscape
    • Who is attacking, why, and how we can stop them
    • Customer impressions of cyber security and how you can help them
    • Threats to evaluating insurable losses and responding to claims
    • How cyber insurance policies have evolved, and need to continue to do so
    • Can and should you recover ransoms under cyber insurance?
    • What is the future for cyber risk?

  • KSS event: Technology: A red-eyed Terminator or an actuary’s best friend?

     Hymans Robertson, Exchange Place 1, 1 Semple Street, Edinburgh, EH3 8BL
    4 May 2020

    Spaces available

    Despite long-running concerns that innovation could lead to widespread redundancy, technology has enabled greater productivity, created higher-value jobs and spurred us on to new heights. With artificial intelligence increasingly automating work undertaken by professionals, I look at the prospects for the actuarial profession in the era of unprecedented technological innovation.

  • Finance and Investment Conference 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    05-05 May 2020
    Spaces available

    Due to COVID-19, we are running this programme via a series of webinars commencing 5 May.

    The environmental, social and governance (ESG) space is growing rapidly and increasingly moving centre stage. In many cases, it is now an essential part of policy and central to the way stakeholders make decisions for the long term to ensure retention of clients, manage risk better, and ensure more economically efficient and sustainable investment returns.

    ESG factors cover a wide range of areas reflecting how vital consideration of these factors are part of wider systemic risks.

    The IFoA’s policy regarding Coronavirus is designed to safeguard the well being of those who attend IFoA events. Find out more. 

  • Professional Skills Training - Edinburgh (19 May 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    19 May 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (19 May 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    19 May 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • CILA 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    20 May 2020

    Spaces available

    CILA is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in, or advise on, the life assurance market in the UK and Europe. The programme this year features a timely mix of hot topics including sessions on:

  • Protection, Health and Care Conference 2020

    The Grand Brighton, 97-99 Kings Rd, Brighton BN1 2FW
    02-03 June 2020
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations.

  • Spaces available

    How we relate to others at work, whether they are colleagues, clients, prospective clients or other business contacts is key to individual career progression and business performance. People buy people , so considering what we are known for and how to be positively memorable are vital. This session looks at the importance of professional relationships, the psychology of personal image and impact and the three personal impact 'tools' which affect what people say about us when we're not in the room.

  • Mortality and Longevity 2020

    1 Birdcage Walk, Westminster, London SW1H 9JJ
    08-08 June 2020
    Spaces available

    This highly regarded seminar will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity.  The program is designed for life, pensions and health and care actuaries, academics, researchers, underwriters and related practitioners eager to learn about the latest developments in mortality and longevity.  The sessions are designed to be very accessible to a broad range of exp

  • Professional Skills Training - London (10 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ       
    10 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - Edinburgh (17 June 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    17 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (18 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ   
    18 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Pensions Conference 2020

    Renaissance Manchester City Centre Hotel, Blackfriars Street, Manchester,M3 2EQ
    18-19 June 2020
    Spaces available

    Join us as this year’s conference that will focus on topics including  funding and savings, pension law current issues, ESG, the end game and transferring risk, investment issues, data visualisation and data science.

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    This event has been postponed. A new date will be announced.

    The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.

    To this end the IFoA and their strategic partner, the AIR, have taken the decision to postpone this year's Asia Conference. A new date will be announced pending further reviews over the following months.