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 email@example.com 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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Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.
Presenters: Rebecca Deegan, Head of Policy, IFoA, and Faye Alessandrello, Policy Manager, IFoA
This event is now fully booked. To join the waiting list please click here.
Jignesh Mistry and Rob Walton from PwC will be presenting their talk on the IFRS17 Risk Adjustment. Please note this talk was also held at the 2019 Life Conference.
This session is jointly organised by the Institute and Faculty of Actuaries (IFoA) and the Society of Actuaries of Thailand (SOAT).
Video case studies will be selected from the IFoA’s 2019/2020 online content which covers a range of topics under an overarching theme of “A Trusted Profession”. 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.
What do good cyber practices look like and, to what extent, can we as an industry implement these operationally and recognise these for underwriting?
With a single party government at Westminster holding a comfortable majority, and with the first phase of Brexit complete, the potential for radical reforms of the pensions landscape is increased.
Former Pensions Minister Steve Webb discusses what changes we can expect to see in pensions including in state pensions, pension tax relief, automatic enrolment and the workplace pension landscape.
This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.
Presenter: Mark Pibworth
The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:
Speaker: Dr Marc Roper
This event will cover the highlights from last year's Life Conference 2019 held in Dublin. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best-reviewed sessions from the conference. Book now to ensure your place.
The world of Data Science continues to exponentially grow with unknown limits and where it can reach. However, without data we will all still face these challenges in our day to day life.
Recent years have seen ESG, Climate Change, and Responsible Investing thrust onto the corporate agenda in every boardroom. The same also be said for pension funds. Expectations of how companies should respond are high and NEDs on Boards are expected to adapt and adjust their guidance to companies accordingly. What does this mean for Actuaries serving as NEDs and Trustees?
Speaker: Iain Collier, Chair of the CSWP
The talk will look to cover the following: Progression towards a Cashless Society • Developments home and overseas • Benefits, Risks and Issues • Crypto Currencies and Central Bank Digital Currencies.
There will be an extended Q&A session at the end of the event.
What next in Economic Policy? Please join us for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).
This event will be live streamed from Edinburgh.
What next in Economic Policy? Please join us on 25 March 2020 for the live stream of our annual Spring Lecture presented by Vicky Pryce in Edinburgh. Vicky is Chief Economic Adviser and a board member at the Centre for Economics and Business Research (CEBR).
Presented By: Rebecca Deegan, Head of Policy, IFoA, and Catherine Burtle, Senior Policy Analyst, IFoA
Following the release of the updated CMI Mortality Projection Model, CMI_2019, the CMI Mortality Projections Committee will lead a discussion on future mortality improvements.
Join us at the IFoA Asia Conference 2020 at CCEC Nexus, Kuala Lumpur where intellectual thought leaders, senior industry players, opinion formers, academics, actuaries and non-actuaries from across Asia and beyond are expected to attend. This year's landmark conference promises to an exciting one as our first Asian President-elect, Tan Suee Chieh will, as newly appointed president of the IFoA, use his presidential address to highlight the two key pillars of the IFoA’s emerging strategy:
- the reinvention of the profession in terms of its skillsets and mind-sets so that we can thrive in an increasing range of domains in a digital age;
- the widening application of actuarial science in achieving social impact and sustainability goals.
We are also delighted to announce that the Honourable Mr. Lim Guan Eng, Minister of Finance, Malaysia, will be the guest of honour at this year's conference.
Early bird registration is now open until 1 March. 10% group discounts are offered to a minimum of six IFoA members booking in a single transaction. Limited spaces are available, so please sign-up early to avoid disappointment.