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ABI launches actuarial guidance

The ABI has launched guidance for life insurers on when internal actuarial advice should be subject to external review. It follows a public consultation earlier this year. Its origins lie in the Morris review and subsequent work by the actuarial profession and the Financial Reporting Council.

The guidance, External Reviews of Internal Actuarial Advice: Best Practice for Life Insurers, recommends that boards consider seeking an external review when actuarial advice is critical to a decision that has significant implications for the company. This could include where there are major changes to the running of life insurance policies, the regulatory environment and established industry and actuarial practice.

The ABI guidance is not prescriptive and recognises that external advice may often be unnecessary.

Peter Vipond, the ABI's Director of Financial Regulation and Taxation, said:

'This guidance is designed to assist boards in making informed decisions based on sound advice. We urge boards to assess each case individually, and to consider the advantages and disadvantages an external review would have.'

Notes

The guidance is available at www.abi.org.uk

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
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Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK's capital. They are the risk managers of the UK's economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

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