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The Actuary The magazine of the Institute & Faculty of Actuaries
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Life Board news

EXDs 60 and 61

The Life Board has now published EXD60 (GN40): The role of the actuarial function holder and EXD61 (GN45): Determining the with-profits insurance capital component. These are available, together with a covering letter, at www.actuaries.org.uk/Display_Page.cgi?url=/life_insurance/lb_consultations.html

The exposure drafts are open for consultation until 2 November and meetings for members to discuss and comment upon the drafts have been arranged as follows:

  • Tuesday 11 October 2005 Standard Life offices, 30 Lothian Road, Edinburgh at 5pm
  • Wednesday 12 October 2005 Staple Inn, London at 5pm

To reserve your place at one of the meetings, please confirm to Mei Chan (email mei.chan@actuaries.org.uk; tel 020-7632 2181, fax 020-7632 2131) as soon as possible.

Comments on the exposure drafts should be sent to Maria Singleton at Staple Inn (email maria.singleton@actuaries.org.uk) as soon as possible and in any event by the 2 November deadline. Alternatively, you may wish to post comments or debate the drafts at the dedicated bulletin boards which have been established for this purpose at www.actuaries.org.uk/phpBB2. It would be helpful if you could co-ordinate comments in the usual manner with colleagues in your organisation.

GN47

Work on revising GN47: Stochastic modelling for life insurance reserving and capital assessment has also been progressing, and this has included the production of tables for equity, property, and interest rates against which stochastic models might be tested. The Life Board is keen to share developing thinking and seek members’ comments at an early stage and has therefore prepared an informal discussion draft, along with background papers. These are available at www.actuaries.org.uk/link/life_insurance/lb_consultations.html

As for EXDs 60 and 61 above, comments on the discussion draft are invited including at the October consultation meetings referred to above; although priority will be given to comments on EXDs 60 and 61, it is anticipated that there will be plenty of opportunity to debate the discussion draft of GN47. Alternatively, comments and debate are welcome at the bulletin boards at www.actuaries.org.uk/phpBB2 or to Audrey Cosens at Staple Inn (email audrey.cosens@actuaries.org.uk), by 2 November.The discussion draft is a ‘work in progress’ and a formal exposure draft is expected to be published in early 2006.