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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.
Nominations for IFoA Council are closing on 4 May and elections opening to voting members on 20 May.
We asked some current Council members to tell us why this is something every member needs to engage with.
Louise Pryor, President-elect, said “Elections to the Council of the IFoA are taking place shortly. All Fellows and Associates have a vote, but many of us fail to use it. This is a shame, because it’s the main opportunity we have to influence the IFoA’s direction.
The IFoA has appointed Peter Wrench as Lay Convener of the Disciplinary Tribunal Panels, with effect from 1 April 2021.
The Lay Convener of the Disciplinary Tribunal Panels is a key role supporting the IFoA’s regulatory function and facilitates the determination of allegations of misconduct considered under the IFoA disciplinary enforcement processes.
The IFoA working party: Insurers hidden risk from reinsurance recaptures – the perspective of UK annuity writers launched a survey on Monday, 19 April that seeks to explore annuity writers exposure to; and management and mitigation of a reinsurance recapture or similar event that leads to an insurer being required to recognise previously reinsured risk(s). The working party was set-up to contribute to the topic and support market practitioners. The participating of annuity writers in the survey will enhance the usefulness of the working party’s output in due course.
John Taylor – Immediate Past President
Since the start of 2020 the IFoA has been exploring an ongoing trend to transfer risks from institutions – such as employers, the state, and financial services providers – to individuals.
We termed this the ‘Great Risk Transfer’ and we believe it poses one of the most significant yet little understood social, financial, and political challenges of our time.