However, students are not expected to have read all of the items on the list or to have gained a detailed knowledge of any particular topic additional to that contained in the Core Reading. Equally, students may use other sources of information to enhance their wider understanding, such as:
- the financial and trade press, including The Actuary magazine
- bulletins and other publications from reinsurers and consultancies
- other papers from the Institute and Faculty of Actuaries and the Staple Inn Actuarial Society (SIAS)
- Continuous Mortality Investigation bulletins
- presentations made at recent Life conferences or other life insurance seminars
- other recommended references on the Life Practice Area of the site.
The Institute and Faculty of Actuaries is responsible for the setting of ethical actuarial standards. The Financial Reporting Council (FRC) is responsible for the setting of technical actuarial standards.
- Technical actuarial standards can be found on the FRC's website
- Other professional guidance material can be found on the Regulation pages of the Institute and Faculty of Actuaries website
Articles and papers
These article and paper references from Unit 16 of SA2 Core Reading 2019 are listed by year for each unit within SA2 to which they are most applicable. However, some reading material may be relevant to more than one Unit while one paper listed at the end under 'Wider reading' is not obviously applicable to any specific Unit.
Title links are to papers first presented to IFoA sessional research meetings or to Staple Inn Actuarial Society (SIAS) papers. Papers subsequently published in British Actuarial Journal (BAJ) have their permanent 'DOI' links to the BAJ, published by Cambridge Core. Members can access these articles without charge following login to the IFoA website or to the Athens portal for online resources - please contact firstname.lastname@example.org for an Athens account.
Units 2 and 3 – specific products and general business environment
- Lessons from closure: an analysis and comparison of the issues facing closed life funds and closed pension schemes. Campbell, A.C.; Grimley, D.C.; Pallister, J.K. et al. BAJ (2006) 12(3): 639-727.
- Variable Annuities: past, present and perfect. Shallis, P; Jones, G; Buckle, I; Hills, M., SIAS, 2009.
- A holistic lifecycle financial planning framework. Corrigan, J; Matterson, W., SIAS, 2010.
- Retail Distribution Review - an introduction - part 1, part 2. Kissoon, A.; Ealham, G. SIAS, 2013.
Units 4 and 6 – UK legislation and regulatory environment
- The Penrose Report. A discussion meeting held by the Institute of Actuaries. Abstract of the discussion. [Report of the Equitable Life Inquiry]. BAJ (2004) 10(5): 1047-1070.
- The ECJ Gender Directive ruling - one year on [slide presentation]. Texier, L.; Bhudia, R. SIAS, 2014.
Units 7 to 11 – regulation, valuation and capital management
- Market consistent valuation of life assurance business. Sheldon, T. J.; Smith, A. D. BAJ (2004) 10(3): 543-626.
- Current developments in embedded value reporting. O'Keeffe, P. J. L. et al. BAJ (2005) 11(3): 407-496.
- Notes on options, hedging, prudential reserves and fair values. Wilkie, A. D.; Owen, M. P.; Waters, H. R. BAJ (2005) 11(2): 199-312.
- The cost of capital for financial firms. Exley, J.; Smith, A. D. BAJ (2006) 12(1): 229-301.
- Practical implementation challenges of internal models under Solvency II. Austin, R et al., SIAS, 2009.
- Market-consistent valuations and the implications of the recent financial crisis. Foroughi, K. Proceedings of the International Congress of Actuaries, Cape Town, 2010.
- Developing a framework for the use of discount rates in actuarial work. Cowling, C.A. (2011) Discount Rate Steering Committee (Chair: C A Cowling) BAJ (2012) 17(1): 153-211.
- Insurance accounting - a new era? Foroughi, K. et al. BAJ (2012) 17(3): 562-615.
- Demystifying the risk margin: theory, practice and regulation. Brown, A. SIAS, 2012.
- Dynamic management actions. Clark, D.; Kent, J.; Morgan, E. SIAS, 2012.
- Stress testing and scenario analysis in life insurance and beyond. [slide presentation] Leach, D. et al.;The Stress and Scenario Testing Working Party. SIAS, 2014.
- Heavy models, light models and proxy models. Hursey, C. et al.; The Proxy model Working Party. 2014. (Sessional research paper, 2014) BAJ (2015) 20(1): 147-166.
(DOI: https://doi.org/10.1017/S1357321714000221) (Abstract of discussion of paper)
Unit 11 - Professional guidance [Unit 11 in SA2 Core Reading 2019]
- Technical Actuarial Standards: TAS D, TAS R, TAS M, Insurance TAS, Transformations TAS.
- Other Actuarial Profession Standards, IANs and non-mandatory resource material as listed in the Core Reading. See Actuarial Profession Professional Standards Directory
Unit 12 – Treating customers fairly
- Treating life customers fairly [Report from the Life: Treating Customers Fairly Working Party]. Staffurth, J. et al. SIAS, 2007.
Unit 13 – Risk management and controls
- Financial aspects of longevity risk. (2004) Richards, S. J.; Jones, G. L. SIAS, 2004.
- Longevity in the 21st century. Willets, R. C.; Gallop, A. P.; Leandro, T. et al. BAJ (2004) 10(4): 685-832.
- Governance and risk management in United Kingdom insurance companies. Deighton, S. P. et al. BAJ (2009) 15(3): 503-566.
- Living with mortality: longevity bonds and other mortality-linked securities. Blake, D.; Cairns, A. J. G.; Dowd, K. BAJ (2006) 12(1): 153-228.
- Report from the actuarial processes and controls best practice working party – life insurance. Care, R et al. Paper presented to Institute and Faculty of Actuaries, 2009.
- Model risk : daring to open up the black box. (sessional research paper, 2015) - Morjaria, N. et al.; Model Risk Working Party. BAJ (2015) 21(2): 229-296.
- The nature of longevity risk. Dhamani, S. SIAS, 2015.
Unit 14 – Management of with profits business
- Asset shares and their use in the financial management of a with-profits fund. Needleman, P. D.; Roff, T. A. BAJ (1995) 1(4): 603-688.
- Measuring and managing the economic risks and costs of with-profits business. Hibbert, A. J.; Turnbull, C. J. BAJ (2003) 9(4): 725-786.
- Equity between with-profits policyholders and shareholders. O'Brien, C.D. BAJ (2012) 17(2): 435-474.
- The management of with-profits funds in run-off: Working Party report. 2014.
Unit 15 – Contract design and pricing
- A market-based approach to pricing with-profits guarantees. Hare, D. J. P. et al. BAJ (2000) 6(1): 143-213.
- Reinventing annuities. Wadsworth, M. J.; Findlater, A. J. M.; Boardman, T. V. SIAS, 2001.
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Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
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This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
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For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.