Both the IAA and AAE produce model actuarial standards: the IAA produces International Standards of Actuarial Practice (known as ISAPs) and the AAE produces European Standards of Actuarial Practice (known as ESAPs).
Those are model standards and, as such, are not binding on individual members of the IFoA. The IAA and AAE do, however, encourage Full Member Associations to take steps in relation to those standards in terms of adopting, adapting, modifying or declaring their existing standards as being substantially consistent.
Substantial consistency with ISAP 1 and ESAP 1
The IAA approved the model standard ISAP 1 General Actuarial Practice on 18 November 2012 (with a reformatted version issued on 13 October 2013). The AAE approved the model standard ESAP 1 General Actuarial Practice on 3 October 2014. The latter almost entirely replicates ISAP 1.
The IFoA has, in conjunction with the FRC, considered the requirements of ISAP 1 (and, accordingly, of ESAP 1) and concludes that, following the introduction of APS X2 Review of Actuarial Work in July 2015 and on the introduction of APS X1 Applying Standards to Actuarial Work and the FRC’s TAS 100 in July 2017, the framework of standards applying to its members is substantially consistent with ISAP 1.
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The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.
What are the options for the world economy looking ahead?
In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.
Trust and Leadership for Actuaries
Led by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.
Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.
As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.