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2016

Institute and Faculty of Actuaries (IFoA) consultation responses 2016.

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 the Prudentil Regulatory Authority - CP32/16 Dealing with a Market Turning Event in the General Insurance Sector - 21/12/16 Prudential Regulation Authority Dealing with a market turning event in the general insurance sector - CP32/16 Philip Doggart
IFoA response to Intergenerational Committee - Building a robust understanding of the problem of fairness between the generations - 16/12/16 Resolution Foundation's Intergenerational Commission First call for evidence on building a robust understanding of the problem of fairness between the generations Rebecca Deegan
IFoA response to the Law Commission - Pension funds and social investment - 15/12/16 The Law Commission Pension funds and social investment  Rebecca Deegan
IFoA response to HM Treasury - Distributable Profits of Long-Term (Life) Insurers - 16/11/16 HM Treasury Distributable profits of long-term (life) insurers Steven Graham
IFoA response to HMT Amending the Definition of Financial Advice Consultation - 15/11/16 HM Treasury Amending the definition of financial advice: consultation Rebecca Deegan
IFoA response to TSC Solvency II Inquiry - 11/11/16 The Treasury Select Committee EU Insurance Regulation inquiry Steven Graham
IFoA response to DWP Valuing Pensions for the Advice Requirement and Introducing New Customer Protections - 07/11/16 Department for Works and Pension Valuing pensions for the advice requirement and introducing new consumer protections Rebecca Deegan
IFoA response to PPF s143 and s179 Assumptions - 31/10/16 Pension Protection Fund PPF consults on changes to S143 and S179 assumptions Philip Doggart
IFoA response to House of Lords Science and Technology Committee on Call to Evidence for Autonomous Vehicles - 26/10/16 Lords Science and Technology Committee Driverless vehicles - where are we going? Matthew Levine
IFoA response to HMT - Pensions Advice Allowance - 25/10/16 HM Treasury Introducing a Pensions Advice Allowance Rebecca Deegan
IFoA Response to IAIS on Risk-Based Global Insurance Capital Standards - 19/10/16 International Association of Insurance Supervisors (IAIS)

Consultation on Risk-based Global Insurance Capital Standard (ICS)

Steven Graham
IFoA response to EIOPA Insurance Distribution Directive - 04/10/16 European Insurance and Occupational Pensions Authority Insurance Distribution Directive Steven Graham
IFoA response to NEST: evolving for the future consultation – 28/09/2016

National Employment Savings Trust

NEST: evolving for the future Rebecca Deegan
IFoA response to PPF and tPR inquiry – 23/09/2016

Work and Pensions Select Committee

Pension Protection Fund and Pensions Regulator inquiry Philip Doggart
IFoA reponse to Lords Select Committee on The Long-term Sustainability of the NHS - 21/09/16 The House of Lords Call for evidence on Long-term Sustainability of the NHS Rebecca Deegan
IFoA response to CP16/18 - changes to disclosure rules in the FCA Handbook to reflect the direct application of PRIIPs Regulation – 19/09/2016 Financial Conduct Authority CP16/18: Changes to disclosure rules in the FCA Handbook to reflect the direct application of PRIIPs Regulation Steven Graham
IFoA response on advanced driver assistance systems and automated vehicle technologies – 09/09/2016 Department for Transport Advanced driver assistance systems and automated vehicle technologies: supporting their use in the UK Matthew Levine
IFoA response to retirement outcomes review terms of reference – 31/08/2016 Financial Conduct Authority Retirement outcomes review: terms of reference Rebecca Deegan
IFoA response to reforms to corporation tax loss relief – 18/08/2016

HM Revenue and Customs

Reforms to corporation tax loss relief: consultation on delivery Steven Graham
08-16 IFoA response to DWP on Capping early exit charges members of occupational pension schemes consultation Department for Work and Pensions Capping early exit charges for members of occupational pension schemes Philip Doggart
IFoA response to CP16/15 - Capping early exit pension charges – 18/08/2016 Financial Conduct Authority CP16/15 - Capping early exit pension charges Philip Doggart
IFoA response to CP19/16 - Solvency II: Changes to internal models used by UK insurance firms 05/08/16 Prudential Regulation Authority National Infrastructure Assessment consultation Steven Graham
IFoA response to the National Infrastructure Assessment consultation 05/08/16 National Infrastructure Commission

National Infrastructure Assessment consultation

Matthew Levine
IFoA response to DB Taskforce consultation 18/07/16 Pensions and Lifetime Savings Association DB Taskforce consultation - call for evidence Philip Doggart
IFoA response on methodology to derive ultimate forward rate (UFR) under Solvency II 18/07/2016 European Insurance and Occupational Pensions Authority EIOPA-CP-16-003 Consultation Paper on the methodology to derive the UFR and its implementation Steven Graham
IFoA response to DB Taskforce call for evidence 18/07/2016 Pensions and Lifetime Saving Association DB Taskforce call for evidence Philip Doggart
IFoA response to CP16/16 - Solvency II: matching adjustment 15/07/2016 Prudential Regulation Authority

Solvency II: matching adjustment - CP16/16

Steven Graham
IFoA response to CP16/12: Secondary annuity market – proposed rules and guidance 24/06/2016 Financial Conduct Authority

CP16/12: Secondary annuity market – proposed rules and guidance

Steven Graham
IFoA response to British Steel Pension Scheme consultation 24/06/2016 Department of Work and Pensions

British Steel Pension Scheme: public consultation

Philip Doggart
IFoA response to Making Retirement Choices Clear consultation 19/06/2016 Association of British Insurers

Making Retirement Choices Clear

Rebecca Deegan
IFoA response to CP18/16 - Reporting requirements for non-Solvency II insurance firms 13/06/2016 Prudential Regulation Authority

Reporting requirements for non-Solvency II insurance firms – CP18/16

Steven Graham
IFoA response to Public financial guidance review 08/06/2016 HM Treasury

Public financial guidance review: proposal for consultation

Philip Doggart
IFoA response to DP1/16 Equity Release Mortgages Prudential Regulation Authority DP1/16 - Equity release mortgages Steven Graham
IFoA response to TR16/2 Fair Treatment of Long Standing Customers in the Life Insurance Sector 03.06.2016 Financial Conduct Authority TR16/2: Fair treatment of long-standing customers in the life insurance sector Steven Graham
IFoA response to Consultative Document on a Standardised Measurement Approach for Operational Risk Basel Committee on Banking Supervision Standardised Measurement Approach for operational risk - consultative document Matthew Levine
IFoA response to CP13/16 SII Remuneration Requirements 02.06.2016 Prudential Regulation Authority CP13/16 SII Remuneration requirements Philip Doggart
IFoA response on Compensation for Loss of Pension Rights in Employment Tribunals 20.05.2016 Courts and Tribunals Judiciary Compensation for Loss of Pension Rights in Employment Tribunals Philip Doggart
IFoA response to CP15/16 Recalculation of the ‘transitional measure on technical provisions’ under Solvency II  13.05.2016 Prudential Regulation Authority CP15/16 - Recalculation of the ‘transitional measure on technical provisions’ under Solvency II Steven Graham
IFoA response to DC Guides consultation 11.05.2016 The Pensions Regulator DC guides consultation Philip Doggart
IFoA response to HM Treasury - Insurance Linked Securities - 29.04.2016 HM Treasury Insurance Linked Securities Philip Doggart
IFoA response to FSB Task Force on climate disclosure consultation - 29.04.2016 Financial Stability Board Task Force on Climate-Related Financial Disclosures consultation Morgan Slebos
IFoA response to CP-16-001 Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products – 26.04.2016

European Insurance and Occupational Pension Authority

EIOPA-CP-16-001 Consultation Paper on EIOPA’s advice on the development of an EU Single Market for personal pension products (PPP) Philip Doggart
IFoA response on Automatic Enrolment and the Lifetime ISA enquiry – 18.04.2016

Work and Pensions Select Committee

Pensions automatic enrolment inquiry

Rebecca Deegan
IFoA response on Reporting UK Progress on Sustainable Development Goals – 15.04.2016 UK Stakeholders for Sustainable Development and the Office for National Statistics

Reporting UK progress on Sustainable Development Goals

Morgan Slebos
IFoA response to DP16/1: Ageing population and financial services – 13.04.2016 Financial Conduct Authority DP16/1: Ageing population and financial services Rebeeca  Deegan
IFoA response on ISAP 5 – 31.03.2016 IAA

International Standards of Actuarial Practice (ISAPs) ISAPs 5 and 6 — Enterprise Risk Management

Philip Doggart
IFoA response on ISAP 1a – 31.03.2016 IAA

International Standards of Actuarial Practice (ISAPs) - ISAP 1A

Philip Doggart
IFoA response to Public Consultation on Long-Term and Sustainable Investment – 25.03.2016 European Commission

Public consultation on long-term and sustainable investment

Morgan Slebos
IFoA response to Rule Changes Consultation – 24.03.2016 NEST Rule change consultation Philip Doggart
IFoA response to CP15/41: Increasing transparency and engagement at renewal in general insurance markets – 04.03.2016 Financial Conduct Authority

Increasing transparency and engagement at renewal in general insurance markets

Philip Doggart
IFoA response to the demogrphy of Scotland and the implications for devolution – 26.02.2016 Scottish Affairs Committee

Demography of Scotland and the implications for devolution

Matthew Levine
IFoA response to Intergenerational Fairness inquiry – 19.02.2016 Work and Pensions Select Committee

Intergenerational fairness inquiry

Rebecca Deegan
IFoA response to PRA CP43/15 SII: external audit of the public disclosure requirement – 19.02.2016 Prudential Regulation Authority

Solvency II: external audit of the public disclosure requirement – CP43/15

Steven Graham
IFoA response to tPR’s Draft Prosecution Policy – 17.02.2016 The Pensions Regulator Draft Prosecution Policy  
IFoA response to tPR’s Innovation Plan – 12.02.2016 The Pensions Regulator

Innovation plan consultation

Rebecca Deegan
IFoA response to AAE on ESAP3 ORSA – 11.02.2016 Actuarial Association of Europe Draft Prosecution Policy Matthew Levine
IFoA response to changes to ONS products 2015 – 08.02.2016 Office for National Statistics

Consultation on Changes to ONS Products 2015

Rebecca Deegan
IFoA response to IASB on proposed amendments to IFRS – 08.02.2016 International Accounting Standards Board

Insurance Contracts: Exposure Draft & Comment letters (ED/2015/11)

Matthew Levine
IFoA response to the Work and Pensions Select Committee - 'Pensions Automatic Enrolment' - 03.02.2016 Department for Work and Pensions

Pensions automatic enrolment inquiry

Rebecca Deegan

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

  • 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 which we will investigate in this webinar

  • 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 implications and impacts of COVID-19, recent and imminent CMI developments and more 'future focused' work in the MRSC

  • 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

    Insurers are making increasing use of medical research to help with assumption, models and underwriting. Experienced mortality/ longevity specialists discuss the issues in the interpretation of  medical research papers, using a range of case studies. The case studies will include COVID-19 points of current importance. Many of the concepts discussed (data bias, inference of causation) are also applicable to equivalent questions in 'big data' and advanced analytics.

  • Spaces available

    Members of the Mortality Working Group of the IAA have analysed changes in mortality for about 30 causes of death  and will discuss how causes of death are classified, and the problems of long-term data, appropriate metrics, including "years of life lost" (YLL), causes of death - a "measure of cohortness", the changes in dominant causes of death at older ages, and how can these types of studies enhance mortality forecasting.

  • 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 discussion, the fourth in the Extreme Mortality Events webinar series, will look at what poor model selection and calibration could look like – using inappropriate historical data; using incorrect 2020 mortality data; and inappropriate stochastic model recalibration (or lack thereof). 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 – Join us for an exploration session on the use of data science in insurance companies today including how insurers are making sense of and using new data sources and technologies, exploration of practical applications of data science within actuarial work, benefits of data-driven decisions to solve business problems using the power of data and technology, and the role that actuaries can play to harness the benefits of data science.

     

  • 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.