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The Actuary The magazine of the Institute & Faculty of Actuaries

Life Board news

GNs 46 and 47

Earlier this year, the board published exposure drafts EXD69 (GN46) Individual Capital Assessment and EXD70 (GN47) Stochastic Modelling of Economic Risks in Life Insurance. Consultation closed in April and work on revising the GNs in response to comments received commenced. On 19 May, the Board for Actuarial Standards (BAS) took responsibility for the majority of the profession’s GNs, including the current versions (v1.1) of GNs 46 and 47, but indicated that it was content for the profession to continue working on those GNs that were part way through due process.

The GNs have now been finalised and are being passed to the BAS for adoption at its discretion. Much of the comment on GN47 was in relation to the table of benchmark figures and we intend to publish an information note on benchmarks for calibration of stochastic models in the near future. The note will be published on the profession’s website and members will be notified via an e-alert and in this news column.

All change please!

In July, I took over the chairmanship of the Life Board from Nigel Masters; Mike Kipling, whom we welcome back to the board, is now the deputy chairman. Thanks go to Nigel for his efforts in chairing the board over the past two challenging years and also to Craig Murison and Steve Handler who have stood down, as has Paul Coombes, who has been a lay member of the board since April 2005. We welcome Fiona Kirkland, Brian Purves, and Alan Rae to the board.

Over to you!

Following the handover of responsibility for technical guidance notes to the BAS, the Life Board envisages a change in emphasis away from the heavy concentration over recent years on developing and maintaining guidance notes, enabling it to revert to its function supporting members in the life insurance field. Solvency II, ICAs, closed funds, and increasing longevity are all likely to loom large on the board’s agenda in the coming year.

If there are topics that you would like to see the board tackle in the coming 12 months or so, please let us know by contacting Maria Singleton (email maria.singleton@actuaries.org.uk).