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International Standards and APS X1

The Institute and Faculty of Actuaries (IFoA) sets out in the Actuarial Profession Standard (APS) X1 principles to be applied by members to determine which standards they must or should be applying to a piece of work

As a starting point, it clarifies that all members, regardless of where they are located or whether the work is being carried out in the UK or elsewhere, must apply the Actuaries’ Code and relevant APSs.

APS X1 also sets out principles for members to follow in identifying and applying appropriate standards to their work. This is likely to be of particular relevance for those members working in geographically complex situations or where there are competing standards that might apply to their work.

UK Geographic Scope

For members carrying out work that is within ‘UK Geographic Scope’, there is a requirement to apply the FRC’s Technical Actuarial Standards (TASs) .

List of relevant authorities

We have published, for the purposes of assisting compliance with APS X1, a list of relevant authorities. This is the list that members can rely upon for the purposes of section 2.2.2 of APS X1 and sets out a note of bodies that have indicated their standards are substantially consistent with the IAA model standard ISAP 1.

Contact Details

If you have any enquiries about our Actuarial Profession Standards (APSs) please email

regulation@actuaries.org.uk

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.