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2017

Institute and Faculty of Actuaries (IFoA) consultation responses 2017.

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  Date Organisation  Consultation IFoA contact
IFoA response to Treasury Committee - Household Finance Inquiry 22.12.17 Treasury Committee

Household finances: income, saving and debt inquiry

Catherine Burtle
IFoA response to Intergenerational Commission Call for Policy Solutions 15.12.17 Intergenerational Commission

The Intergenerational Commission’s second call for policy solutions

Catherine Burtle
IFoA response to DWP Consultation - The Occupational Pension Schemes Regulations 2018 30.11.17 Department for Work and Pensions

Bulk transfers of defined contribution pensions without member consent: draft regulations 

Philip Doggart
IFoA response to House of Commons Public Bill Committee’s Have your say on the Automated and Electric Vehicles Bill 14.11.17 House of Commons Public Bill Committee

Have your say on the Automated and Electric Vehicles Bill 

Matthew Levine
IFoA response to FCA CP17_26 - Individual accountability - extending the Senior Managers and Certification Regime to insurers 03.11.17 Financial Conduct Authority

CP17/26: Individual accountability - extending the Senior Managers and Certification Regime to insurers

Philip Doggart
IFoA response to FCA CP17_32 Quarterly Consultation _ Chapter 7 01.11.17 Financial Conduct Authority CP17/32: Quarterly Consultation Paper No 18 Steven Graham
IFoA response to FCA CP17_32 Quarterly Consultation _ Chapter 9 01.11.17 Financial Conduct Authority

CP17/32: Quarterly Consultation Paper No 18

Steven Graham
IFoA response to Work and Pensions Committee Pension Freedoms Inquiry 23.10.17 Work and Pensions Select Committee

Pensions freedoms inquiry

Rebecca Deegan
IFoA response to Justice Select Committee pre-legislative scrutiny draft personal injury discount rate legislation inquiry 16.10.17

Justice Committee

Pre-legislative scrutiny: draft personal injury discount rate legislation inquiry

Philip Doggart
IFoA response to MoJ Discount Rate - how should it be set 09.10.17 Ministry of Justice The Personal Injury Discount Rate: How it should be set in future- Draft Legislation Philip Doggart
IFoA response to FCA CP17_32 Quarterly Consultation - Chapter 6 PRIIPS Key Information Document and Personal Projections 02.10.17 Financial Conduct Authority

Quarterly Consultation CP17/32 - Chapter 6

Steven Graham
IFoA response to House of Lords EU Financial Affairs Sub-Committee Call for Evidence on Post Brexit Financial Regulations 29.09.17 House of Lords EU Financial Affairs Sub-Committee

Financial regulation and supervision - Lords Committee Inquiry

Matthew Levine
IFoA response to DWP Pension Protection Fund- draft regulations to take account of bridging pensions 29.09.17 Department for Work and Pensions

Pension Protection Fund: draft regulations to take account of bridging pensions

Philip Doggart
IFoA response to FCA CP17_18 Consultation on implementing asset management market study remedies 28.09.17 Financial Conduct Authority

CP17/18: Consultation on implementing asset management market study remedies and changes to our Handbook

Matthew Levine
IFoA response to PRA CP8_17 Strengthening accountability in banking and insurance optimisations to the SIMR, and changes to SMR forms 22.09.17 Prudential Regulation Authority

Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms

Philip Doggart 
IFoA response to EU Commission EU High Level Expert Group on Sustainable Finance 22.09.17 EU Commission EU High Level Expert Group on Sustainable Finance Matthew Levine
IFoA response FCA CP17_16 Advising on Pension Transfers 21.09.17 Financial Conduct Authority

CP17/16: Advising on Pension Transfers

Philip Doggart
IFoA response to FCA Retirement outcomes review- interim report 15.09.17 Financial Conduct Authority

Retirement outcomes review: interim report

Philip Doggart
IFoA response to Scottish Government Draft Provisions to enable courts to impose a Periodical Payment Order in respect of damages for personal injury

08.09.17

Scottish Government  Draft provisions to enable courts to impose a Periodical Payments Order in respect of damages for personal injury  Philip Doggart
IFoA response to DWP Automatic enrollment defined benefit alternative quality requirements and provisions for seafarers and offshore workers has been published 30.08.17 Department for Work and Pesnions

Automatic enrolment: defined benefit alternative quality requirements and provisions for seafarers and offshore workers

Philip Doggart
IFoA response to FCA GC17_5 Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers 15.08.17 Financial Conduct Authority GC17/5: Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers Steven Graham
IFoA response to PRA CP717 Solvency II Data collection of market risk sensitivities 07.08.17 Prudential Regulation Authority

Solvency II: Data collection of market risk sensitivities – CP7/17

Steven Graham
IFoA response to IAIS Revised Insurance Core Principles 13 Reinsurance and Other Forms of Risk Transfer 31.07.17 International Association of Insurance Supervisors

Public Consultation on ICP 13: Reinsurance and Other Forms of Risk Transfer

Steven Graham
IFoA response to FCA GC17/1: Changes to the way firms calculate redress for unsuitable defined benefit pension transfers 09.06.17 Financial Conduct Authority 

GC17/1: Changes to the way firms calculate redress for unsuitable defined benefit pension transfers

Philip Doggart
IFoA response to FCA CP17/7: Insurance Distribution Directive Implementation 02.06.17 Financial Conduct Authority

CP17/7: Insurance Distribution Directive implementation – consultation paper I

Philip Doggart
IFoA response to IAIS on ICP 12 and ComFrame material integrated with ICP 12 01.06.17 International Association of Insurance Supervisors

Revised Insurance Core Principles (ICPs) and ComFrame material integrated with ICPs

Steven Graham
IFoA response to HM Treasury on the Transpositon of the Insurance Distribution Directive 22.05.17 HM Treasury H M Treasury Transposition of the Insurance Directive Philip Doggart
IFoA response to DWP on the draft Occupational Pension Schemes (Employer Debt) (Amendment) Regulations 2017 18.05.17 Department for Work and Pensions The draft Occupational Pension Schemes (Employer Debt) (Amendment) Regulations 2017 Philip Doggart
IFoA response to ESA Public consultation on the operations of the European Supervisory Authorities 16.05.17 European Supervisory Authorities  Public consultation on the operations of the European Supervisory Authorities

Steven Graham

IFoA response to the Pension Protection Fund on the third PPF Levy Triennium - 2018/19 to 2020/21 15.05.17 Pension Protection Fund Consultation on the third PPF Levy Triennium 2018/19 to 2020/21 Philip Doggart
IFoA response to DWP Defined benefit pension schemes- security and sustainability 14.05.17 Department for Work and Pensions

Defined benefit pension schemes: security and sustainability

Philip Doggart
IFoA response to the Ministry of Justice - 'The personal injury discount rate: how it should be set in future' 11.05.17 Ministry of Justice The personal injury discount rate: how it should be set in future Philip Doggart
IFoA response to Financial Conduct Authority- DP17_1 Illiquid Assets and open-ended investment funds  08.05.17 Financial Conduct Authority Illiquid assets and open-ended investment funds: DP17/1 Matthew Levine
IFoA response to EIOPA CP17-001 Proposal for Guidelines under the Insurance Distribution Directive on Complex Insurance Based Investment Products  28.04.17 European Insurance and Occupational Pensions Authority EIOPA-CP-17-001 Consultation Paper on the Proposal for Guidelines under the Insurance Distribution Directive on Complex Insurance Based Investment Products  Steven Graham
IFoA response to Department of Transport - Motor insurance: consideration of the Vnuk judgment 31.03.17  Department for Transport Motor insurance: consideration of the Vnuk judgment Catherine Burtle
IFoA response to DWP review of Automatic Enrolment - Initial Questions 20.03.17 Department for Work and Pensions Automatic enrolment in workplace pensions Rebecca Deegan
IFoA response to the European Supervisory Authority Joint Discussion Paper: Use of Big Data by Financial Institutions 17.03.17 European Supervisory Authority Joint Committee Discussion Paper on the Use of Big Data by Financial Institutions Steven Graham
IFoA response to PRA CP47_16 Maintenance of the transitional measure on technical provisions under Solvency II 15.03.17 Prudential Regulation Authority Maintenance of the ‘transitional measure on technical provisions’ under Solvency II - CP47/16 Steven Graham
IFoA response to FCA CP17_3 Proposed handbook changes to reflect the new regulatory framework for Insurance Linked Securities 14.03.17 Financial Conduct Authority CP17/3: Proposed Handbook changes to reflect the new regulatory framework for Insurance Linked Securities Philip Doggart
IFoA response to PRA CP48_16 Matching Adjustment- Iliquid unrated assets and equity release mortgages 14.03.17 Prudential Regulation Authority Solvency II: Matching adjustment – illiquid unrated assets and equity release mortgages – CP48/16 Steven Graham
IFoA response to EIOPA CP-16-008 Discussion Paper on the review of specific items in the Solvency II Delegated Regulation 03.03.17 European Insurance and Occupational Pensions Authority Discussion Paper on the Review of Specific Items in the Solvency II Delegated Regulation - CP-16-008 Steven Graham
IFoA response to EIOPA Discussion Paper on Potential harmonsation of recovery and resolution frameworks CP-16-009 28.02.17 European Insurance and Occupational Pensions Authority Discussion Paper on Potential Harmonisation of Recovery and Resolution Frameworks for Insurers Steven Graham
IFoA response to Authorisation and supervision of insurance special purpose vehicles – CP42/16 23.02.17 Prudential Regulation Authority and Financial Conduct Authority Authorisation and supervision of insurance special purpose vehicles – CP42/16 Philip Doggart
IFoA response to Bulk transfers of defined contribution pensions without member consent 21.02.17 Department for Work and Pensions Bulk transfers of defined contribution pensions without member consent Rebecca Deegan
IFoA response to FCA Asset Management Market Study - Interim Report (MS15/2.2)

20.02.17

Financial Conduct Authority FCA Asset Management Market Study - Interim Report (MS15/2.2) Matthew Levine
IFoA response to Reducing the money purchase annual allowance 15.02.17 HM Treasury Reducing the money purchase annual allowance Rebecca Deegan
IFoA response to Cyber insurance underwriting risk – CP39/16 10.02.17 Prudential Regulation Authority Cyber insurance underwriting risk – CP39/16 Philip Doggart
IFoA response to DWP and DH - Work, health and disability improving lives 16.02.17 Department for Work and Pensions and Department of Health Work, health and disability: improving lives Rebecca Deegan
IFoA response to Public financial guidance review: consultation on a single body 13.02.17 HM Treasury and Department for Work and Pensions Public financial guidance review: consultation on a single body Catherine Burtle
IFoA response to Fiscal Risks Report 26.02.17 Office for Budget Responsibility Fiscal Risks Report Matthew Levine
IFoA response to Task Force on Climate-related Financial Disclosures   10.02.17 Task Force on Climate- related Financial Disclosures Recommendations of the Task Force on Climate-related Financial Disclosures Rebecca Deegan
IFoA response to Regulations implementing a new regulatory and tax framework for Insurance Linked Securities 18.02.17 HM Treasury Regulations implementing a new regulatory and tax framework for Insurance Linked Securities Philip Doggart
IFoA response to Occupational pensions: draft regulations, legislative review and Guaranteed Minimum Pensions equalisation methodology 15.02.17 Department for Work and Pensions Occupational pensions: draft regulations, legislative review and Guaranteed Minimum Pensions equalisation methodology Philip Doggart
IFoA response to Department for Work and Pensions - Independent Review of the State Pension Age Interim Report   09.02.17 Department for Work and
Pensions
State Pension Age Independent Review: Interim Report with Questions Philip Doggart
IFoA response to Financial Conduct Authority - CP16/30: Transaction Cost Disclosure in Workplace Pensions 04.02.17 Financial Conduct Authority CP16/30: Transaction cost disclosure in workplace pensions Matthew Levine

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.