The Actuary magazine - July 2022

JULY 2022 theactuary.com

The magazine of the Institute and Faculty of Actuaries

HEALTH How the HPV DNA test could impact critical illness cover

ENVIRONMENT The essential climate metrics actuaries need to be aware of

GENERAL INSURANCE An innovative solution for flood damage to crops

INTERVIEW New IFoA president Matt Saker sets out his stall for the year ahead

FACING THE FUTURE Is AI about to replace underwriters?

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Contents July 2022

43 21 Health: Screen refresh Could the WHO recommendation to use HPV DNA test affect critical illness claims? Stephen Tseng and David Lu investigate

A

13

Up Front

24 Health: Bringing data to mind Lisa Balboa, Maryse Nashime, Serena Soong and Joe Wilson discuss how data could generate better insight on mental health

4 Editorial The profession is on the cusp of a new era, says Ruolin Wang

27 Data science: An end to underwriting?

With artificial intelligence making huge leaps, Reza Hekmat and Balint Bone assess whether underwriting could become fully automated

5 CEO’s comment Stephen Mann assesses the progress the IFoA has been making during the past couple of years

38 Environment: Preparing for the future Parties that are vulnerable to climate change could hedge their risk through greenhouse gas forwards, proposes Richard Hartigan

40 Investment: Currency conversion Nicky Witras on the legal state of cryptocurrency around the world, and why it isn’t yet a more popular asset class for investors

42 World view: Malawi Edwin Mulenga talks about life as an actuary in this East African nation

30 Environment: Commons purpose

6 IFoA news The latest IFoA news and events

Neil Mitchell examines the organisations and networks behind climate-related governance

At The Back 43 Student

34 Environment: A new metric system

Features

Some climate metrics are especially relevant for actuaries; Michael Sher takes us through them

14 Interview: Matt Saker The new president of the IFoA on moving with the times

18 Health: Wear and share

Sze Won Tan and Kin Hoe Lee explain their insurance solution for crops damaged by flooding

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Did you know you can also read The Actuary magazine on any tablet or D Android A phone? Click through to read more online, download resources, or share sh on social media via our links in the app. It’s an exclusive free benefit for our o members. Download on the App Store at: www.theactuary.com/ipad Visit: V www.play.google.com

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44 Puzzles 46 People/society news

36 General insurance: A winning proposal

Lisa Balboa, Tim Smith and Etienne van Wyk look at wearable tech’s potential for reducing claims

www.theactuary.com

Adeetya Tantia explains Web 3.0 and what we can expect from it

The latest news, updates and events

47 Inside story Kudzai Chigiji on the many benefits she has derived from volunteering

Additional content including daily news can be found at www.theactuary.com Weekly newsletter: for all the latest actuarial news, features and opinion direct to your inbox, sign up at bit.ly/1MN3bXK

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Upfront News

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PUBLISHER Redactive Publishing Ltd 9 Dallington Street, London EC1V 0LN PUBLISHING DIRECTOR Anthony Moran MANAGING EDITOR Sharon Maguire +44 (0)20 7880 6246 sharon.maguire@redactive.co.uk SUB-EDITOR Kate Bennett N E W S / F E AT U R E S REPORTER Christopher Seekings +44 (0)20 7324 2743 christopher.seekings @redactive.co.uk D I S P L AY S A L E S theactuary-sales@redactive.co.uk +44 (0)20 7324 2753 RECRUITMENT SALES theactuaryjobs@redactive.co.uk +44 (0)20 7880 6234 ART EDITOR Sarah Auld PICTURE EDITOR Akin Falope SENIOR PRODUCTION EXECUTIVE Rachel Young +44 (0)20 7880 6209 rachel.young@redactive.co.uk

EDITOR Ruolin Wang editor@theactuary.com F E AT U R E S E D I T O R S Kimberly Chimsasa: Pensions and investment Travis Elsum: Environment and sustainability Alex Martin: Environment and sustainability Blessing Mbukude: Life Fiona Neylon: General insurance Yiannis Parizas: General insurance and data science Rajeshwarie VS: General insurance PEOPLE/SOCIETY NEWS EDITOR social@theactuary.com Sharon Maguire sharon.maguire@redactive.co.uk STUDENT EDITOR Adeetya Tantia student@theactuary.com IFOA EDITOR Kate Pearce +44 (0)207 632 2118 kate.pearce@actuaries.org.uk EDITORIAL A D V I S O R Y PA N E L Peter Tompkins (chairman), Chika Aghadiuno, Nico Aspinall, Naomi Burger, Matthew Edwards, Jessica Elkin, Richard Purcell, Sonal Shah, Nick Silver INTERNET The Actuary: www.theactuary.com Institute and Faculty of Actuaries: www.actuaries.org.uk

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Contact: The Institute and Faculty of Actuaries, 7th floor, Holborn Gate, 326-330 High Holborn, London WC1V 7PP. T +44 (0)20 7632 2100 E kate.pearce@actuaries.org.uk.

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E: membership@actuaries.org.uk Delivery queries: contact Rachel Young E: rachel.young@redactive.co.uk Published by the Institute and Faculty of Actuaries (IFoA) The editor and the IFoA are not responsible for the opinions put forward in The Actuary. No part of this publication may be reproduced, stored or transmitted in any form, or by any means, without prior written permission of the copyright owners.

While every effort is made to ensure the accuracy of the content, the publisher and its contributors accept no responsibility for any material contained herein. © Institute and Faculty of Actuaries, July 2022 All rights reserved ISSN 0960-457X

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On the threshold Congratulations to the newly-elected (and re-elected) Council members, and Matt Saker for his inauguration as the new IFoA president. In our interview this month, Matt looks back on the changes he’s experienced in the profession during the past 30 years – in particular the past three years – and ahead to the issues he would like to tackle in his presidential term.

Fittingly, this month’s edition also focuses on a new era for the actuarial profession, as authors take stock of what we know and consider the changes that might be around the corner. As climate-related discussions proliferate, we review the various climate-related metrics (p34), networks and organisations (p30), and how they can help us on our collective journeys. Looking to the future (and futures!), we ask whether ideas from investments can help organisations hedge and prepare for climate risks (p38).

We also learn about how new technology is shaping our industries. Are wearables about to revolutionise the way health insurers interact with policyholders (p18)? What do we know (and not know) about cryptocurrencies as an asset class (p40)?

And, last but not least, in the cover feature: what would the ultimate fully automated underwriting journey look like, and how close are we to realising it (p27)?

I hope you enjoy this issue.

RUOLIN WANG EDITOR editor@theactuary.com Ruolin Wang is a Solutions Manager at Schroders. Any views are her own and not those of Schroders.

www.theactuary.com

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Upfront CEO

Upfront STEPHEN MANN

Common threads

T

his has been quite a year so far – like most years for the IFoA, I am finding out. I joined the IFoA two-and-a-half years ago to help implement the bold new strategy to ‘reposition the profession’ that Council had been working on, with key priorities focusing on skillsets, supporting new areas and showcasing actuaries being ahead of the curve. This also required transforming the IFoA to support these outcomes, as well as ensuring it has the culture, systems and processes to be more member-centric. In his inaugural presidential address, Matt Saker talked about how he believes the actuarial profession can grow, influence and lead in a rapidly changing world, building on the progress so far. This has to be a whole-team effort and I am really looking forward to working with Matt as president in progressing this, as well as with our new Council members Oliver Bettis, Kudzai Chigiji, Dan Georgescu, Jennifer Hartley, Yan Liu, Matthew Pearlman, Hilary Salt and Cynthia Yuan – congratulations to you all.

A change of presidency is an opportunity to reflect on what we have been doing over the past few months. The impact of the pandemic accelerated our ambition to become a digital-first organisation. Many of you will have attended our recent first-ever hybrid IFoA Conference, which brought you together as one actuarial community. Whether you joined in-person or online, networking is one of the key things our members value. This hybrid conference was a ‘test and learn’ for us and we will review the feedback to shape next year’s conference.

In May we brought together all IFoA employees at a two-day in-person event, with the theme of ‘one IFoA’. This was the first time since the COVID-19 pandemic begun that everyone in the organisation had come together faceto-face. It was a great opportunity to spend time discussing the improvements STEPHEN MANN we have made, and taking the confidence is the chief executive from this to work through what else we of the Institute and can do to make your IFoA experience Faculty of even better.

Actuaries www.theactuary.com

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We talked about the importance of taking ownership of issues in the wider context of serving members more effectively. Much of our effort here has been digital, too. Our website refresh is designed to be more member-friendly, with a second phase coming later this year. There will be more to follow, as nearly all of our IT systems are changing. Our free-to-access online events have hopefully made it easier for you to take advantage of learning opportunities.

The IFoA Learning Change Programme continues to be the IFoA’s biggest-ever investment in our learning offer, ranging from new pathways to Fellowship (following on from the introduction of the Banking pathway) to consideration of how best to introduce some optionality into the pre-Associateship curriculum. It also includes the purchase of a new online delivery platform for our exams, which will hopefully provide an even better experience for our students while maintaining the high standards we all expect.

We have focused on how we can better support you to make an impact on society. Our Thought Leadership series was well received and a recent Ipsos MORI survey shows our public affairs agenda is landing well with policymakers. Climate change is one of the biggest challenges we face and actuaries need to be aware of how it impacts the advice they give. The IFoA Sustainability and Climate Risk course, launched in March this year, is giving members the opportunity to become experts in this field.

Embracing diversity of thought and perspective is essential to the role of an actuary, and at the beginning of the year the IFoA’s Diversity, Equity and Inclusion strategy was launched to support you with this. There is lots of activity underway to support the strategy. I have been really encouraged by the positive conversations we have had with several actuarial employers exploring how we can best support each other in achieving our mutual aims.

One of the key tests is when these changes are felt by our members. That may take time, but I hope it is clear that our members are at the heart of what we do.

Finally, but importantly, we have continued to run the IFoA efficiently and effectively. We are in good financial shape and are able to hold member fees flat for yet another year.

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Upfront News

IFoA launches new Practising Certificates Scheme BUDDY SYSTEM

What could you gain from talking one-to-one with an experienced actuary in your field?

The IFoA’s Buddy System has been refreshed and relaunched, opening the IFoA’s global network to help you progress in your career.

The Buddy System provides volunteerled, informal, confidential online support, offering members the opportunity to ask an experienced IFoA ‘buddy’ about anything relating to the actuarial profession or professional wellbeing – wherever they are based.

You can reach out to a buddy online at www.actuaries.org.uk/buddy

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Who are IFoA buddies?

Our buddies are all qualified IFoA members with varying levels of experience across different practice areas, based both in the UK and around the world. They have added their names to the buddy list because they are keen to hear from, and offer support to, peers across the profession.

One buddy told us: “A newly qualified general insurance actuary approached me via the Buddy System, bored with their job and unsuccessful in finding a new position with their current CV. “We brainstormed what their ideal job would be – and which types of employers would be most likely to fit their ‘dream’ – and I gave them bullet points to help rewrite their (very plain, uninviting) CV to make them the ‘best candidate’ for such a job.

“Four months later, they were delighted to report having got their ‘dream job’, using their ‘new’ CV. Total input from me, just two hours – hugely rewarding.”

Buddies are committed to keeping conversations completely 6 | THE ACTUARY | JULY 2022

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confidential, so system users can speak freely.

Ask anything Buddies are open to discussing any work-related issues, from actuarial methodologies and practices to managing up, and from seeking promotion to dealing with work pressure. The system is open to all members – both students and qualified actuaries. In addition to being a source of advice from more experienced actuaries, it is also open to queries from experienced actuaries who are seeking new perspectives or peer support.

You can choose which buddy you wish to make contact with, but the Communities Engagement Team is on hand to provide support if required.

If you have any questions about the system, or are interested in becoming a buddy, please email engagement.team@ actuaries.org.uk Note that the Buddy System is intended as a ‘first port of call’. There are other IFoA programmes available to offer issue-specific support: Professional Support Service – designed to assist members looking for support on professional or technical matters, including ethical dilemmas they face in their actuarial work Appropriate Person Pool – for members requiring help in identifying someone for their reflective practice discussion Information about these programmes, along with further information about CPD and examinations, can be found on the IFoA website.

The IFoA has published the final version of its new Practising Certificates (PC) Scheme, together with the accompanying new PC Handbook, which sets out the process for applying for a PC. The new PC Scheme will take effect on 1 December.

The PC Scheme requires members to obtain a relevant certificate to enable them to take on some of the most senior regulated actuarial roles in the UK. The new approach offers a simplified, more proportionate and effective PC Scheme, with a move to competency-based criteria for PCs and more focus on initial applications with a lighter touch approach to renewals.

Information on the new scheme can be found at bit.ly/3NOMQ5O, together with the Handbook and new application forms. The final versions of the Competency Frameworks for each PC are included within the PC Handbook. Information about the transitional arrangements for existing PC and non-PC holders who have sat the current UK Practice Modules are also provided, together with a list of FAQs about the new PC Scheme.

We welcome any questions about the new PC scheme and application process. You can get in touch here at practising.certs@actuaries.org.uk

Marjorie Ngwenya appointed to Prudential Regulation Committee We were very proud to hear that former IFoA President Marjorie Ngwenya has been appointed as an external member of the Bank of England Prudential Regulation Committee for a three-year term, beginning in September (bit.ly/3tyNTP7).

Commenting on the announcement, the Chancellor of the Exchequer, Rishi Sunak MP, noted that Marjorie’s experience in international financial services will “add valuable insight and expertise to the Prudential Regulation Committee.”

Andrew Bailey, Governor of the Bank of England, said of Marjorie’s appointment: ‘’Her senior leadership experience, including from her role as president of the IFoA, will be invaluable for our work on the Solvency II reforms and the future regulatory framework. I look forward to working with her in the coming years.’’

In response, Marjorie Ngwenya said: ‘’I am delighted to be appointed as an external member of the Prudential Regulation Committee as it considers a number of important issues, including the Future Regulatory Framework Review and Solvency II reforms.’’

The IFoA would like to extend our congratulations to Marjorie and wish her all the best for this exciting new role. www.theactuary.com

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Upfront News REVIEW

IFoA launches new thematic review – UK corporate pensions advice The IFoA Review Team has recently launched a new thematic review that will look into corporate pensions advice. This will consider the advice given by actuaries to the sponsors of UK defined benefit (DB) pension schemes, looking at funding and strategic advice.

Actuarial advice to sponsors is critical to the financing of DB pension schemes, which affects the long-term security of member benefits. The range of advice in this area is potentially wider than the advice given to trustees and may involve other professionals. The review will look at current practices adopted by actuaries in this area.

Senior review actuary David Gordon added, “Although corporate actuaries advise the sponsor rather than the trustees, their advice can have a material impact on pension scheme members, making corporate pensions advice a significant area of public interest.”

The review is open to submissions until 2 September. To take part in this exercise, or for more information on planned reviews, please visit bit.ly/3Hkei8S or contact the Review Team directly for more information at reviews@actuaries.org.uk The IFoA Thematic Review Programme is part of the Actuarial Monitoring Scheme, designed to improve the effectiveness of actuarial regulation in the public interest, provide meaningful, credible, independent feedback to members and their employers, and promote ongoing reinforcement and continuous improvement.

Save the date

The IFoA’s flagship events are back in person!

The GIRO and LIFE Conferences will be taking place in person in Liverpool this November.

GIRO

Life

21–23 November, ACC

23–25 November, ACC

Sponsored by:

Sponsored by:

Save the dates in your calendar and come to Liverpool to connect, collaborate and be inspired by thought-provoking sessions and networking opportunities.

If you are interested in sponsoring these conferences, please contact Hannah.watson@actuaries.org.uk

www.theactuary.com

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JULY 2022 | THE ACTUARY | 7

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The magazine of the Institute and Faculty of Actuaries

FEATURES LIST 2022 PLEASE NOTE THE THEMES FOR EACH ISSUE ARE NOT EXCLUSIVE.

The schedule is subject to occasional revisions.

Please check with the features team prior to contributor deadlines for further details. Contact: features@theactuary.com

ISSUE

DEADLINES

SUBJECT THEMES

August 2022

Published: Ad booking deadline:

04 August 2022 15 July 2022

■ RISK SPECIAL ■ ESG/Business/CSR ■ Finance/Investment/Economics

September 2022

Published: Contributor deadline: Ad booking deadline:

01 September 2022 11 July 2022 11 August 2022

■ General Insurance/Reinsurance ■ Pensions/Investment ■ Regulation/Solvency II/IFRS 17

October 2022

Published: Contributor deadline: Ad booking deadline:

06 October 2022 08 August 2022 16 September 2022

November 2022

Published: Contributor deadline: Ad booking deadline:

03 November 2022 12 September 2022 14 October 2022

■ Risk Management/Modelling ■ General Insurance / Reinsurance ■ Finance/Economics/Investment

December 2022

Published: Contributor deadline: Ad booking deadline:

01 December 2022 10 October 2022 11 November 2022

■ WIDER FIELDS ■ Environment / Sustainability ■ Regulation/IFRS17

FURTHER INFORMATION For further information and advice please contact features@theactuary.com

WRITING FOR THE ACTUARY See terms and conditions at www.theactuary.com/contribute

APRIL 2021 theactuary.com

MARCH 2021 theactuary.com

The magazine of the Institute and Faculty of Actuaries

■ INNOVATION SPECIAL ■ Technology/ investment ■ Health and Care

The magazine of the Institute and Faculty of Actuaries

NOVEMBER 2021 theactuary.com

MARCH 2022 theactuary.com

APRIL 2022 theactuary.com

HEALTH

INTERVIEW

The magazine of thee IInstitute nstitute and Faculty of Act Actuaries tuaries

The magazine of the Institute and Faculty of Actuaries

Andreas Kyprianou on working in ‘the era of mathematics’

HEALTH

HEALTH

The growing significance of lifestyle factors

MORE CONTENT ONLINE Additional content can be found at www.theactuary.com

It’s time to rethink the impact of diabetes on insurance coverage

INTERVIEW

PENSIONS

Sudaman Thoppan Mohanchandralal on building a data culture

Closing the protection gap via customer retention

RISK

Does automation have a place in the reserving process?

A look at our new Certificate in Data Science programme

How IFoA modellers supported SAGE’s pandemic response

LIFE Examing the effect of migration on mortality

RISK How are insurance firms approaching counterparty credit risk?

TECHNOLOGY

What the pandemic has taught us about the interdependency of risks

MODELLING

Plotting the journey’s end for defined benefit schemes

GENERAL INSURANCE

Are we starting to understand long COVID?

ENVIRONMENT How actuaries can help to minimise climate injustice

MODELLING Do you know what’s driving your climate change model?

Averting environmental collapse in a world of hyper-connectivity INTERVIEW Paul Johnson on the economics of public policy today

CYBER ARMAGEDDØN

MODELLING The models allowing us to evaluate credit migration and default risk

INTERVIEW

LIFE

INTERVIEW

Sid Malik on the PRA’s breadth of actuarial work

Is there evidence linking temperature extremes with mortality?

MAY 2021 theactuary.com

JAN/FEB 2021 theactuary.com

Lessons for the future from two years of COVID-19

MAY 2022 theactuary.com

theactuary.com

PENSIONS

97.3 53.9 62.1 91.5

Post-retirement benefits in south-east Asia

The magazine of the Institute and Faculty of Actuaries

The magazine of the Institute and Faculty of Actuaries

Matthew Edwards and Stuart McDonald reflect on the crucial work of the COVID-19 Actuaries Response Group

The ever-evolving threat of cybercrime

REGULATION

Should banking and insurance mortgage frameworks align?

GENERAL INSURANCE

100% 96%

How insurers can leverage social media sentiment

98% 90% 89%

Digital Diagnosis

We need to renew our focus on ‘social’ aspects of ESG

Key lessons around electronic health records for insurance, and what the future holds

95% 81% 91%

37%

90%

42%

75%

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90% 95%

me

INTERVIEW

The role of insurance in growing the hydrogen economy

d

Dominic Christian on tackling climate change through collaboration

l to A little bird

How COVID-19 galvanised actuarial mindsets

HEALTH Investigating the rise of lung cancer in female non-smokers

ENVIRONMENT INTERVIEW

MODELLING

RISK

Iain Allan on the opportunities that await actuaries in the banking world

A proposal for a less volatile alternative to the Euler rule for capital allocation

Stress testing the potential geopolitical impacts of the COVID-19 pandemic

INTERVIEW

PENSIONS

ENVIRONMENT

Cassandra Coburn on healthy longevity and healthy diets

Are pooled annuity funds the future of retirement income?

Why actuaries should pay attention to biodiversity risk

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How insurers can tackle extreme weather and ecosystem loss

INTERVIEW Fabiola Schneider on tackling greenwashing in sustainable investment

www.theactuary.com

28/06/2022 16:16

Upfront News

To the Queen’s Most Excellent Majesty The President, Council and members of the Institute and Faculty of Actuaries in the UK, the Commonwealth and across the world most respectfully offer to your Majesty our heartfelt congratulations on your Platinum Jubilee.

The actuarial profession, through both the Institute of Actuaries and its Royal Charter granted in 1884, and the Faculty of Actuaries and its Royal Charter granted in 1868, is proud of its role in serving the public, and in particular playing its part to ensure the financial security of the public as well as providing broader public service in tackling such challenges as climate change.

The Institute’s loyal address to Her Late Majesty Queen Victoria, on the occasion of her Golden Jubilee, highlighted the positive encouragement of financially ‘provident habits’, fostered by actuaries, which continue today.

We thought it might be interesting to note the change in longevity over the course of your reign.

Life expectancy for females/males born in 1952

Female 72 years Male 66 years Life expectancy for females/males born in 2022

Female 83 years Male 79 years As higher living standards and improved medical care result in longer lives, our members continue to be at the forefront of helping to provide social policy needs such as saving opportunities, retirement benefits and health care while addressing intergenerational fairness.

The Institute and Faculty of Actuaries continues to grow and we now have over 32,000 members, many of whom practise professional skills outside the United Kingdom. Through the education and training of our members, we strive constantly to extend and improve knowledge of our science across the globe.

We humbly trust that your Majesty’s Jubilee celebrations prove to be a true recognition of the public service you have offered to the nation over the past 70 years.

Given under the Common Seal of the Institute and Faculty of Actuaries, 1 June 2022

Louise Pryor, PRESIDENT, INSTITUTE AND FACULTY OF ACTUARIES

www.theactuary.com

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R E G U L AT I O N

IFoA welcomes government proposals on a regulatory regime for actuaries On 31 May, the UK government released its response (bit.ly/3MypwHV) to the consultation on the 2021 white paper Restoring trust in audit and corporate governance (bit.ly/3MApsaJ), which set out proposals for actuarial regulation.

Matt Saker, president of the IFoA, said: “We welcome the decision to have the newly established Audit, Reporting and Governance Authority (ARGA) oversee and regulate the actuarial profession, focused primarily on individuals, by reference to a clearly defined list of public interest actuarial activities. The government has listened to our concerns and agreed it would be contrary to the public interest to deter membership of the IFoA, or the employment of IFoA members in both traditional and emerging areas of actuarial work, by regulating only the work of our members. It is also helpful the government has confirmed the current division of responsibilities between ARGA and the IFoA will be retained, albeit on a statutory footing.

“While welcoming the consultation response, we do have questions and concerns about the detail of the government’s proposals, which may still lead to unintended consequences, including regulatory arbitrage, contrary to the public interest. It will be critical to define the scope of ARGA regulation clearly and carefully, focused on public interest activities, and how this regulation will be monitored and enforced, consistently and proportionately.

“There remains the real risk otherwise that some rules may still apply to members of the IFoA but not to non-members, who are undertaking the same work. We believe this could undermine the profession, lead to a lowering of standards and result in regulation spanning an ill-defined range of activities which would be difficult to monitor and enforce effectively.

“Actuaries are essential to a well-functioning financial system. The work they do on a daily basis in the public interest ensures that people receive the pensions they are entitled to, that insurance products are priced accurately for customers and that companies hold sufficient capital to pay claims to their customers.”

JULY 2022 | THE ACTUARY | 9

24/06/2022 17:25

Upfront News

IFoA

D I S C I P L I N A R Y PA N E L H E A R I N G S

Adam Charles Brunskill FIA

Ms Anupama Rathore (student – resigned) On 21 February 2022 the Disciplinary Tribunal Panel considered a charge of misconduct against Ms Rathore (the respondent). These were proceedings in the absence of the respondent.

The IFoA’s charge against the respondent was that, being at the material time a student member: between around 26 February and 9 March 2020 she sent emails to individuals employed by and/or associated with her employer/former employer, Company A, in which she used offensive and racist language; on or around 28 April 2020 and/or 5 May 2020, she posted (a) review(s) on the website Quora in which she referred to Company A and/or individuals employed by and/or associated with Company A, using offensive and racist language. Her actions were alleged to be in breach of the Communication principle of the Actuaries’ Code (version 3.0) and the Integrity principle, in that she failed to show respect for others in the way she conducted herself.

The panel found all of the elements of the charge proved and that they constituted misconduct.

The panel determined that the most appropriate and proportionate sanction was a reprimand and exclusion from IFoA membership. The respondent may not apply for readmission for a period of one year.

On 9 May 2022 the Disciplinary Tribunal Panel considered a charge of misconduct against Mr Brunskill (the respondent).

The IFoA’s charge against the respondent was that, in or around December 2017, he provided calculations of the solvency capital requirement for Company B to Company B’s management that were purportedly in accordance with the applicable Solvency II regulations. In those calculations he: did not calculate the solvency capital requirement for Company B as at 31 March 2018 in accordance with the applicable Solvency II regulations, and; significantly understated the solvency capital requirement for Company B in the calculation of the solvency capital requirement as at 31 March 2018. His actions were alleged to be in breach of the principles of competence and care, and of compliance in the Actuaries’ Code (version 2.0). It was also alleged that in or around February 2019, he did not communicate appropriately with Company B and/or its new actuarial advisers in that he did not provide information requested by it, in breach of the principle of communication in the Actuaries’ Code (version 2.0).

The panel found all of the elements of the charge proved, by admission, and that they constituted misconduct.

The panel determined that the most appropriate and proportionate sanction was a reprimand and a fine of £5,000.

Council election results The results of the election to the IFoA Council were announced at the IFoA’s Annual General Meeting on 15 June. In addition to Dr Yan Liu, who was elected unopposed as a member of Council’s Scottish constituency, the following seven General constituency candidates were elected: Oliver Bettis Kudzai Chigiji Dan Georgescu Jennifer Hartley Matthew Pearlman Hilary Salt Cynthia Yuan Congratulations to those members who have been elected. On behalf of the IFoA, and in particular our Council, we thank all candidates for standing for election. We are grateful that you were prepared to dedicate your time to make a difference to the future of the IFoA and the profession more broadly.

The full results of the election are available to view at bit.ly/3HIAbix

A D J U D I C A T I O N PA N E L M E E T I N G

Lachlan McLucas, student On 4 April 2022 the Adjudication Panel considered an allegation of misconduct against Mr McLucas (the respondent).

The panel found evidence to support the allegation that he drove/used a motor vehicle on a road contrary to: section 5(1) (a) of the Road Traffic Act 1988 and

Schedule 2 to the Road Traffic Offenders Act 1988; Part VI section 143 of the Road Traffic Act 1988 and Schedule 2 to the Road Traffic Offenders Act 1988; and section 87(1) of the Road Traffic Act 1988 and Schedule 2 to the Road Traffic Offenders Act 1988.

The panel determined that the conduct was in breach of the principle of compliance in the Actuaries’ Code and disclosed a prima facie case of misconduct. It took into account all relevant information and was satisfied that the appropriate and proportionate sanction in this case was a reprimand.

Find a full copy of all the published determinations at bit.ly/IFoA_IDP_Determinations 10 | THE ACTUARY | JULY 2022

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