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There is no better time to join the Finance and Investment LinkedIn group. With well over a hundred members, this is a platform for Actuaries around the world to link up and discuss any topics within the Finance and Investment world. Join the Group
Emma Gilpin and Caryn Chua blog about the IFoA Quality Assurance Scheme (QAS) award.
A historic accreditation
This July we were delighted to be in Bangkok along with IFoA President Elect Tan Suee Chieh to award the QAS accreditation to AIA Thailand.
The IFoA Continuing Professional Development (CPD) Scheme for 2019/2020 is now available online and includes changes to the CPD requirements for members in Categories 1, 2, 3 and 4.
The new CPD requirements came into force on 1 July 2019. Please ensure that you understand any changes which affect your requirements.
Changes to the 2019/2020 CPD Requirements for Categories 1, 2, 3 and 4 are:
The Institute and Faculty of Actuaries in February 2019 confirmed the appointment of Mr Tan Suee Chieh as the next president-elect. He will take on the role of presidentin June 2020. Mr Tan, who is based in Singapore, will be the first Asian president of the institute. He spoke to Asia Insurance Review about his new role and the challenges ahead for the actuarial profession.
By Jimmy John, Asia Insurance Review
The results of the 2019 Council Elections were announced at the Annual General Meeting in Edinburgh, Wednesday 26 June 2019, and can be found on the Council Elections 2019 page. Members, from both the General and Scottish constituencies from the UK and abroad, were elected from a pool of twenty candidates to fill ten vacancies.
Nominate exceptional actuarial research
The Institute and Faculty of Actuaries (IFoA) is seeking nominations for two of its best paper prizes: the Peter Clark Prize and Geoffrey Heywood Prize, recognising outstanding actuarial research.
Nominate the stand-out papers from the last year by Thursday 1 August 2019.
John Jenkins, Practising Certificates Committee (PCC) Chair, says: “Being a member of one of the PCC panels is not onerous timewise. Joining the pensions panel would enable an experienced pensions actuary to add value to the IFoA. This is especially relevant through a time of particular change in the pensions area as the number of schemes declines”.
The IFRS 17 Contractual Service Margin (CSM) Working Party was formed in the summer of 2018 with the aim of researching the CSM within the new IFRS 17 Accounting Standard. The Working Party consists of 13 members from across the industry, with members from the UK, Europe and Asia.
The IFoA hosted the “Reimagining Ageing” ILC-UK event on 14 June. Professor Stuart Gietel-Basten made an impassioned case for rethinking the way we see retirement and retirees. He argued that ageing populations are often presented as an existential threat and traditional demographic measures of ageing amplify the message that longevity creates an economic and social problem that needs to be solved. However, Professor Gietel-Basten believes these measures are based upon binary ideas: of being ‘old’ at 60 or 65, and then becoming ‘dependent’ on the labour force aged below this age.
The IFoA currently has a number of Member Interest Groups (MIGs) on a range of topics covering all practice areas.
Three of these MIGs are in the Life Practice Area, and each group has a web page with further information on their work and a sign-up link, should you be interested in joining any of the MIGs.
Other actuary news
Added: Fri, 19/07/2019 - 13:45UK companies that take their insurers to court or public arbitration over the non-payment of a claim only win around one in three cases, new research has found.
Added: Thu, 18/07/2019 - 12:20Employer contributions into defined contribution (DC) pension schemes at FTSE 100 companies have reached a record high, research from Willis Towers Watson (WLTW) has uncovered.
Added: Thu, 18/07/2019 - 12:15Insurance companies will spend more than three times as much on automation in five years than they do today, according to forecasts by Juniper Research.
Added: Wed, 17/07/2019 - 14:05The Pensions Administration Standards Association (PASA) yesterday published guidance for UK schemes undertaking guaranteed minimum pensions (GMP) equalisation.
Added: Wed, 17/07/2019 - 11:53There has been a more than twenty-fold increase in national climate legislation and policy over the last 20 years, research from global law firm Clyde & Co has revealed.
Added: Tue, 16/07/2019 - 17:40The rate used by UK insurers to calculate compensation for serious personal injury claims has been increased after concerns were raised that victims receive too much.
Added: Wed, 10/07/2019 - 13:30Just one-third of UK businesses have reviewed their pensions strategy in response to the challenge of an ageing workforce, new research has uncovered.
Added: Wed, 10/07/2019 - 13:00Just one in eight of the world's most carbon-emitting listed firms are cutting their emissions at the rate needed to keep global warming below 2C above pre-industrial levels.
Added: Tue, 09/07/2019 - 15:30More chief financial officers (CFOs) are worried about the long-term impact of Brexit than at any point since the 2016 referendum, a quarterly survey by Deloitte has found.
Added: Mon, 08/07/2019 - 12:35Recent amendments to IFRS 17 have given a complete picture of what the final accounting standard will look like and should be a wake-up call for insurers.