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At its meetings on 29 November 2019 and 4 June 2020, the Institute and Faculty of Actuaries’ Council agreed to a proposal to amend Regulation 16 of the IFoA’s constitution, which concerns the admission criteria for Affiliate members of the IFoA.
Council agreed that there is merit in ensuring the Affiliate membership category is open and flexible enough to be available to anyone with an interest in actuarial work but who is not an IFoA student or qualified member. The proposed amendment to Regulation 16 provides this flexibility.
This year, in the light of our global expansion, our focus on delivering value to members and the UK’s decision to leave the European Union, the Institute and Faculty of Actuaries (IFoA) has reviewed its membership of the Actuarial Association of Europe (AAE). After many fruitful discussions with the AAE Board, we can now confirm that the IFoA will remain a full member of the AAE.
As part of our joint discussions, the IFoA’s financial contribution was reconsidered. The AAE is now applying a 25% cap on subscription fees for any member association.
The General Insurance Board has recently set up a new community page on LinkedIn. The aim of this page is to share the content being made by IFoA GI volunteers which varies from working party updates to analysis performed by ICAT workstreams. The page will also share relevant GI articles and any upcoming events.
We are hoping to grow this page over time and allow more direct communication with the GI membership. Don’t miss out and follow the page here.
A $57bn Australian pension fund has settled a court case with a 25-year-old member who accused it of failing to act in his best interests by not properly considering climate risks posed to investments. The settlement, which was reached a week before the trial was due to start, requires the fund to ensure its actions are consistent with “net zero carbon footprint” by 2050.
At its September meeting, the Institute and Faculty of Actuaries (IFoA) Council endorsed a ground-breaking report on climate-related risk at the IFoA. It was agreed that a core goal for the IFoA should be that climate related risk is understood and considered by its members in the same way as other major risks such as interest rate risk and mortality risk.
The report sets out an action plan with 38 recommendations covering immediate priorities and longer-term goals. The more immediate priorities include education, regulation and thought leadership.
The IFoA has launched a new Diversity Action Group (DAG) volunteer group to allow members to contribute easily to this important area of our work.
DAG is a Member Interest Group which works collaboratively with the IFoA Leadership team to support the IFoA in matters of diversity in the IFoA and in the actuarial profession. They do this by leading work-streams to deliver resources; campaigns, initiatives, events and original research.
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers week 44 of 2020 (24 October to 30 October) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 10 November 2020.
The key points of this update are:
During the coronavirus pandemic, the Continuous Mortality Investigation (CMI) is publishing frequent UK mortality analysis through its mortality monitor. The latest update covers weeks 42 and 43 of 2020 (10 October to 23 October) based on provisional England & Wales deaths data published by the Office for National Statistics (ONS) on 3 November 2020.
The key points of this update are:
Every year, the IFoA recognises excellence in research through the award of prizes for exceptional research papers in actuarial science or related disciplines.
This year, the Geoffrey Heywood Prize, awarded for engagement with an actuarial audience who are not subject matter experts, was won by Ronald Richman and Mario Wüthrich for their paper ‘A neural network extension of the Lee-Carter model to multiple populations’ published in the Annals of Actuarial Science.
Paper author, Ronald Richman, said: