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The FRC has today (16 February) published a consultation on proposed revisions to Technical Actuarial Standard 200 (TAS 200).
The consultation on these proposed revisions aims to “streamline the standard and ensure it reflects recent regulatory developments in the insurance industry”.
The proposed revisions to TAS 200 include changes to support practitioners in considering the implications for actuarial work of the FCA’s Consumer Duty principle.
It also includes the removal of provisions that are already “sufficiently” addressed in the FRC’s General Actuarial Standards (TAS 100).
Mark Babington, executive director of regulatory standards, said: “The insurance industry is a vital part of the UK economy. Recent regulatory reforms in the sector aim to bolster the competitiveness of the UK as a global financial centre, promote competition and growth, and deliver better outcomes for consumers and business.
“The proposed revisions to TAS 200 are designed to deliver high quality actuarial work that supports a well-functioning insurance market.”
The FRC will be keeping the consultation open until 10 May.
