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The IFoA's members have voted to approve a Motion from Council to make amendments to our Bye-laws and Rules.
The amendments, which are intended to clarify the arrangements concerning an elected member of the Council’s length of service on, and retirement from, the Council, were confirmed at our Annual General Meeting on Thursday 24 June as having been approved. The amendments to our Bye-laws will now need to be formally approved by the Privy Council before taking effect.
The results of the 2021 Council Elections were announced at the IFoA’s Annual General Meeting, which was held by live webinar today.
Nine members were elected to the vacant General constituency seats: Hannah Coleman, Charles Cowling, Michelle Darracott, Hitesh Shah, Sunil Sharma, Malcolm Slee, Nick Spencer, Mark Williams and Masimba Zata.
Patrick Kelliher was appointed into the sole vacant Scottish constituency seat, as this election was uncontested.
Tom Kenny provides an update on the IFoA Life Board activities.
This essay is an expanded version of what IFoA President, Tan Suee Chieh, said in his remarks during The Year that Was’ webinar on 7 May 2021, which marked the close of a two-week series of IFoA events on ‘Actuarial Innovation in the Covid-19 Era’.
Over the last year, our working party (Varun Bajaj, Gareth Mee, Dick Rae, Raj Saundh, Adeline Tan, Pablo Vasquez Lopez, Denis Walsh) researched procyclicality within financial markets globally. We reviewed 42 papers and articles, observed market practice and tested 8 hypotheses relating to the markets.
Home and motor insurance have come under scrutiny in the last few years, following concerns around how pricing practices impacted long-standing customers. So it’s timely that we have just published our second thematic review report, sharing the findings of our recent review of actuarial involvement into the pricing of UK home and motor insurance.
Pricing is an area where actuaries can directly influence customer outcomes, either in ‘coal-face’ technical roles, or through influencing roles in management or oversight.
The IFoA launched a major research project on 07 June 2021 to identify future needs of the pre-Associate curriculum.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 21 of 2021 (22 May to 28 May) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 8 June 2021.
The key points of this update are:
The 12 May meeting began with an update on engagement between the Sustainability Board and the Practice Boards on the recommendations of the Climate-Related Risk Taskforce (CRRT). To keep momentum and progress on the member engagement plans, closer working ties are being established between the Sustainability and other Practice Boards.
Commenting on the Financial Conduct Authority’s (FCA) finalised rules on General Insurance Pricing Practices, John Taylor, Immediate Past President at the Institute and Faculty of Actuaries, said: