FRC consultation on proposed changes to Technical Actuarial Standard 200
News types: Consultation Announcement, Codes and Standards Announcements
Published: 16 February 2024
The Financial Reporting Council (FRC) has today published a consultation on proposed revisions to Technical Actuarial Standard 200 (TAS 200) 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 and the removal of provisions that are already sufficiently addressed in the FRC’s General Actuarial Standards (TAS 100).
The FRC’s Executive Director of Regulatory Standards, Mark Babington 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 consultation is open until 10 May.