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2019

Institute and Faculty of Actuaries (IFoA) consultation responses.

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 CP 23/19 Solvency II: Income producing real estate loans and internal credit assessments for illiquid, unrated assets 30.12.19 Prudential Regulation Authority  CP 23/19 Solvency II: Income producing real estate loans and internal credit assessments for illiquid, unrated assets Steven Graham
IFoA response to Draft Statement of Intent (SOI) for IAA Activities on Climate-related Risks 28.12.19 International Actuarial Association  Draft Statement of Intent (SOI) for IAA Activities on Climate-related Risks Faye Alessandrello
IFoA response to simpler annual benefit statements 20.12.19 Department for Work and Pensions Simpler annual benefit statements Catherine Burtle
IFoA response to CP22/19 Solvency II: Prudent Person Principle 18.12.19 Prudential Regulation Authority CP22/19 Solvency II: Prudent Person Principle Matthew Levine
IFoA response to MS18/1.2 - General insurance pricing practices Interim Report 15.11.19 Financial Conduct Authority  MS18/1.2 - General insurance pricing practices Interim Report Steven Graham
IFoA response to Advancing our health: prevention in the 2020s 14.10.19 Department for Health and Social Care

Advancing our health: prevention in the 2020s

Henry Thompson
IFoA response to Health is everyone's business - proposals to reduce ill health-related job loss 06.10.19 Department for Work and Pensions

Health is everyone's business - proposals to reduce ill health-related job loss

Catherine Burtle
IFoA response to GC19/3: Guidance for firms on the fair treatment of vulnerable customers 04.10.19 Financial Conduct Authority  GC19/3: Guidance for firms on the fair treatment of vulnerable customers Steven Graham
IFoA response to Amendments to IFRS 17 25.09.19 International Accounting Standards Board  Amendments to IFRS 17 Steven Graham
IFoA response to the future of trusteeship and governance 24.09.19 The Pensions Regulator  Future of trusteeship and governance Henry Thompson
IFoA response to the draft guidance consultation (in response to CMA recommendation) 09.09.19 The Pensions Regulator

Draft guidance consultation (in response to CMA recommendation)

Henry Thompson
IFoA response to the PSR’s research into cash access, use and acceptance 06.09.19 Payment Systems Regulator

Call for views: The PSR’s research into cash access, use and acceptance

Matthew Levine
IFoA response to HM Treasury consultation on the regulation of pre-paid funeral plans 22.08.19 HM Treasury

Regulation of pre-paid funeral plans: consultation on a policy proposal

Matthew Levine
IFoA response to CP11/19 Solvency II: Maintenance of the transitional measure on technical provisions 21.08.19 Prudential Regulation Authority 

CP11/19Solvency II: Maintenance of the transitional measure on technical provisions

Steven Graham
IFoA response to the Financial Conduct Authority DP19/2: Intergenerational differences 01.08.19 Financial Conduct Authority  DP19/2: Intergenerational differences Catherine Burtle
IFoA response to the Treasury Committee's Decarbonisation of the UK Economy and Green Finance inquiry 26.07.19 Treasury Committee

Decarbonisation of the UK Economy and Green Finance inquiry

Faye Alessandrello
IFoA response to The Work and Pensions Select Committee inquiry on DWP spending review inquiry 19.07.19 The Work and Pensions Select Committee

Spending Review inquiry

Michael Williams 
IFoA response to GC19/2: General insurance distribution chain: proposed guidance for insurance product manufacturers and distributors 09.07.19 Financial Conduct Authroity  GC19/2 : General insurance distribution chain: proposed guidance for insurance product manufacturers and distributors Steven Graham

IFoA response to Environment Agency Flood and Coastal Erosion Risk Management Strategy

04.07.19 Environment Agency

Draft National Flood and Coastal Erosion Risk Management Strategy for England

Catherine Burtle
IFoA response to CP 7/19 Solvency II: Equity release mortgages – Part 2 03.07.19 Prudential Regulation Authority 

Solvency II: Equity release mortgages – Part 2

Steven Graham
IFoA response to underwriting environmental, social and governance risks in non-life insurance business 11.06.19 UNEP FI Principles for Sustainable Insurance Initiative Underwriting environmental, social and governance risks in non-life insurance business Faye Alessandrello
IFoA response to the Infrastructure Finance review  05.06.19 HM Treasury  Infrastructure Finance Review Matthew Levine
IFoA response to CP4/19 Liquidity risk management for insurers  05.06.19 Prudential Regulation Authority  CP4/19 Liquidity risk management for insurers Steven Graham
IFoA response to 2nd Exposure Draft of ISAP 4 on IFRS 17 Insurance Contracts 30.04.19 International Actuarial Association  2nd Exposure Draft of ISAP 4 on IFRS 17 Insurance Contracts Steven Graham
IFoA response to CP19/8: General Insurance Value Measures reporting 30.04.19 Financial Conduct Authority  CP19/8: General Insurance Value Measures reporting Steven Graham
IFoA response to IAN 100 - Application of IFRS 17 Insurance Contracts 26.04.19 International Actuarial Association  IAN 100 - Application of IFRS 17 Insurance Contracts Steven Graham
IFoA response to the Resilience study scoping consultation 05.04.19 National Infrastructure Commission  Resilience study scoping consultation Matthew Levine

IFoA response to CP19/5 Retirement Outcomes Review: Investment pathways and other proposed changes to our rules and guidance

05.04.19 Financial Conduct Authority  CP19/5 Retirement Outcomes Review: Investment pathways and other proposed changes to our rules and guidance Catherine Burtle
IFoA response to Defined contribution pensions: investments and consolidation 01.04.19 Department for Work and Pensions

Defined contribution pensions: investments and consolidation

 

Matthew Levine

IFoA response to Public Call for Evidence for an Opinion on sustainability within Solvency II

08.03.19 European Insurance and Occupational Pensions Authority

Public Call for Evidence for an Opinion on sustainability within Solvency II

Faye Alessandrello

IFoA response to CP18/40: Consultation on proposed amendment of COBS 21.3 permitted links rules

28.02.19 Financial Conduct Authority 

CP18/40: Consultation on proposed amendment of COBS 21.3 permitted links rules

Matthew Levine

IFoA response to DP18/10: Patient Capital and Authorised Funds

28.02.19 Financial Conduct Authority 

DP18/10: Patient Capital and Authorised Funds

Matthew Levine

IFoA response to Automated vehicles:preliminary consultation paper

11.02.19 Law Commission  Automated vehicles: preliminary consultation paper Matthew Levine
IFoA response to Consolidation of defined benefit pension schemes 01.02.19 Department of Work and Pensions 

Consolidation of defined benefit pension schemes

Henry Thompson
IFoA response to DP18/9: Fair Pricing in Financial Services 01.02.19 Financial Conduct Authority  Discussion Paper DP18/9, Fair Pricing in Financial Services Steven Graham
IFoA response to Setting the Personal Injury Discount Rate: Call for evidence 01.02.19

Minstry of Justice

Setting the Personal Injury Discount Rate: Call for evidence

Steven Graham
IFoA response to FCA DP18/8: Climate change and green finance 31.01.19 Financial Conduct Authority DP18/8: Climate change and green finance Faye Alessandrello
IFoA response to the Pensions Dashboards: Working together for the consumer 28.01.19 Department for Work and Pensions Pensions Dashboards: Working together for the consumer Catherine Burtle
IFoA response to Corporate Capital Loss Restriction:Consultation on Delivery 25 25.01.19 HM Revenue & Customs  Corporate Capital Loss Restriction:
Consultation on Delivery 25
Steven Graham

IFoA response to delivering Collective Defined Contribution Pension Schemes

16.01.19 Department for Work and Pensions

Delivering collective defined contribution pension schemes

Henry Thompson
IFoA response to Consultation Paper 23/18 15.01.19 Prudential Regulation Authority

Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change

Matthew Levine
IFoA response to draft application paper on recovery planning 07.01.19 IAIS

Draft application paper on recovery planning

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

  • 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.