Share via

The Financial Reporting Council (FRC), a key regulator responsible for maintaining high standards in corporate governance and reporting in the United Kingdon, is currently seeking feedback on proposed amendments to the Technical Actuarial Standard for Insurance (TAS 200). Actuaries, insurance professionals, and stakeholders are encouraged to participate in this consultation process, with the response deadline set for 10^th May 2024.

Background

The FRC issued Technical Actuarial Standard 200: Insurance (TAS 200) in December 2016, and it became effective from 1st July 2017. To ensure the relevance and adequacy of technical actuarial standards, the FRC conducts regular reviews and aims to reconsider each standard in detail at least once every five years.

Regulatory Developments

Several regulatory developments have influenced technical actuarial work for insurance since the issuance of TAS 200. Notable developments include:

• Introduction of a new Consumer Duty principle by the Financial Conduct Authority (FCA) to ensure good outcomes for retail customers.
• Implementation of a value for money (VFM) framework for defined contribution workplace pensions.
• Policy statements addressing general insurance pricing practices.

Proposed Amendments to TAS 200

In response to these regulatory changes, the FRC is proposing amendments to TAS 200 to reflect evolving industry practices and requirements. Key proposals include:

• Additional provisions to address implications for technical actuarial work arising from regulatory changes.
• Revisions to improve the quality of advice related to Part VII transfers of insurance business.

How to Respond

Interested parties are invited to provide feedback on the proposed amendments by sending comments electronically to [email protected] or in hard copy to the Director of Actuarial Policy at the FRC’s London office. All responses should reach the FRC by 10th May 2024. Electronic submissions are recommended for timely processing.

Confidentiality

Responses will be treated as public records unless confidentiality is expressly requested. Those submitting confidential responses should indicate this clearly in the subject line of their email.

Conclusion

Participation in this consultation is essential for stakeholders involved in technical actuarial work within the insurance sector. By engaging in this process, professionals can contribute to shaping regulatory standards that promote quality and integrity in insurance-related actuarial practices.

This flash alert highlights the importance of engaging in the FRC’s consultation on TAS 200 amendments, emphasizing the significance of regulatory compliance and industry alignment in technical actuarial work for the insurance sector.