ABI unveils consultation on actuarial advice

clock

The ABI has launched a consultation on proposed guidance for life insurers, aiming to help identify when they should consider obtaining external reviews of internal actuarial advice.

The draft guidance states this should happen when such advice influences decisions that can result in significant changes in the running of life insurance policies and therefore policyholder benefits or affects the decision to enter into and/ or the price paid in large transactions. It also says this should happen if the advice is critical to the implementation of material new regulatory or equivalent requirements or if the advice is provided in an area where the governing body is aware industry practice may have developed significantly since the last such advice was obtained. The ABI...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read
Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

'Income protection products are more important than ever'

Cameron Roberts
clock 26 February 2024 • 1 min read
'What if': Why business protection advice is so important

'What if': Why business protection advice is so important

'Advisers need to support their business owner clients'

Naomi Greatorex
clock 08 February 2024 • 4 min read