As of 1 August 2017, update 43 was issued to members. APS G1 The Chief Actuary in Non-Life Insurance (bit.ly/2i1DcSV) and APS L1 Duties and Responsibilities of Life Assurance Actuaries (bit.ly/2uFfJN3) have been revised with an effective date from 1 September 2017.
As of 1 August 2017, update 43 was issued to members. APS G1 The Chief Actuary in Non-Life Insurance (bit.ly/2i1DcSV) and APS L1 Duties and Responsibilities of Life Assurance Actuaries (bit.ly/2uFfJN3) have been revised with an effective date from 1 September 2017.
APS G1 version 1.0, effective from 1 January 2016, and APS L1 version 2.0, also effective from 1 January 2016, were due for review in December 2016. Both have now been revised and updated in order to:
- Reflect Prudential Regulation Authority terminology
- Remove unnecessary duplication of regulatory requirements
- Align the standards for chief actuaries in life and general insurance as far as practicable.
The standards have been reviewed in accordance with the standards approval process for minor procedural amendments.
The Professional Standards Directory can be found at bit.ly/2vzrB21
It is designed to permit members and others to access the current IFoA's Actuarial Profession Standards (APSs), together with the current versions of the Financial Reporting Council (FRC) Standards.
Practising certificate holders
APS G1 and APS L1 provide that members holding various roles in life and in general insurance must hold an IFoA Practising Certificate. The specific criteria that applicants must meet in order to obtain a Practising Certificate are set out in the Practising Certificates Scheme (bit.ly/2vzn3sD) rather than in the APSs. A revised Practising Certificates Scheme has been published and is available on the IFoA's website (www.actuaries.org.uk).
If you have any queries, please email [email protected]