UK FRC launched consultation on proposed revisions to Technical Actuarial Standard 200 Insurance (TAS 200) and issued consultation paper with TAS 200 exposure draft.
Updates aim to streamline TAS 200 while reflecting industry regulatory developments.
Also to help practitioners consider implications of UK FCA consumer duty principle in actuarial work/remove provisions addressed in general actuarial standards (TAS 100).
UK FRC said revisions are to deliver quality actuarial work for well-functioning market.
Effectiveness
Comments are invited until May 10, 2024.
Sep. 20, 2024 Revised Standard Published
On Sep. 20, 2024, UK FRC issued Technical Actuarial Standard 200 Insurance V2.0 (TAS 200), which aims to reflect stakeholder feedback and industry developments.
Includes changes to: support practitioners when considering implications for actuarial work in the UK FCA Consumer Duty principle; reflect known gaps in some technical actuarial work areas, including insurance transformations, audit, assumption setting.
Removed some provisions already addressed in General Actuarial Standards (TAS 100)
The revised standard comes into effect on Jan. 1, 2025.
Oct. 4, 2024 IFoA Press Release
On Oct. 4, 2024, UK IFoA highlighted the publication of the revised standard TAS 200.
Also linked to a UK FRC podcast highlighting some of TAS 200 key changes.
Document dated Oct. 4, 2024, received from UK IFoA Oct. 7, summarized on Oct. 8.
