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Nigeria’s AIICO Insurance Plc become the latest recipient of the IFoA Quality Assurance Scheme (QAS), in recognition of their commitment to providing quality assurance at an organisational level, promoting confidence in the work of their actuaries; and demonstrating their commitment to high-quality actuarial work and to supporting employees carrying out that work.
The IFoA has responded to the Financial Reporting Council’s (FRC’s) Call for Feedback on the Technical Actuarial Standards (TASs). You can view the IFoA Regulation Board’s response here .
The FRC issued this call for feedback on the current framework of TASs as part of their post implementation review (more information on that work can be found here). The call for feedback closed on Friday 7 May 2021.
COVID-19 pandemic caused major disruption in the global economy and brought about “the new normal”. In this short article, Private Credit for Insurers Working Party investigates the impact of the pandemic on the CRE debt market and outlook for the future.
As part of the IFoA's Risk Board's member engagement initiatives, a series of short roundtable events are being set up to bring together risk professionals through engaging discussions on hot topics. The topic of the first session will be "Effectiveness of ERM Frameworks in response to Covid-19". This will be held on 16 June between 12-1pm (BST, UTC+1).
Graham Lee provides the latest update from the Health and Care board.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 17 of 2021 (24 April to 30 April) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 11 May 2021.
The key points of this update are:
Commenting on the Queen’s Speech delivered today (11 May 2021) at the State Opening of Parliament, Tan Suee Chieh, President at the Institute and Faculty of Actuaries, said:
“The Prime Minister committed to fixing social care in his December 2019 re-election promise. Today’s Queen’s Speech presented an opportunity for the government, at the very least, to indicate next steps and a clear timeline for tackling the social care funding crisis.
The IFoA's members have voted to approve two motions from Council to amend our Disciplinary and Capacity for Membership Schemes.
The motions, which concern (1) governance provisions relating to the Disciplinary Board and Disciplinary Appointments Committee, and (2) the definition of a Member within the Scheme, will take effect from Tuesday 1 June 2021.
Further details on this matter, including the results of the member vote, can be seen on our Bye-laws and Rules webpage.
The Queen’s Speech, due to be delivered on May 11 2021 at the State Opening of Parliament, will set the tone of the UK’s recovery from Covid-19. The Institute and Faculty of Actuaries (IFoA) believes a long-term view is essential to meet the needs of UK society, without placing an unfair and unmanageable burden on younger, and future generations. In areas such as retirement, climate change, and health and social care, intergenerational imbalances have been noted by the IFoA and, in our view, merit Government action if we are to truly build back better.
Following the publication of the Department for Business, Energy and Industrial Strategy (BEIS) White Paper on reform of audit and corporate governance which sets out important proposals for the future of UK actuarial regulation, a number of initiatives are already underway to ensure the profession’s voice is heard in this important debate.