Regulatory and Actuarial References — UK Life Insurance#

Status: Draft, 2026-08-03.

Curated reference library for the UK section of the reference-product library. It covers the prudential (PRA / Solvency UK), conduct (FCA), legislation-and-tax, mortality/morbidity (CMI and ONS), professional-standards, and accounting sources that the reference cash-flow-model implementations (term-assurance / critical-illness / income-protection / whole-of-life / with-profits / unit-linked-bond / pension-annuity) rely on. Product folders cite entries on this page as [REG-R#] (e.g., [REG-R1]); the R1–R38 numbering below is frozen — do not renumber or reuse numbers, as product documentation cites against it. Within this page, plain [R#] refers to the same entries. Facts drawn from a document that was actually retrieved carry its number; claims from general knowledge or search-result summaries are tagged unverified; failed or unfetched links are disclosed per entry — no URL on this page is fabricated. All URLs accessed 2026-08-03 unless noted otherwise.

Regulatory architecture in one line: the PRA (Bank of England) sets prudential requirements under the post-Brexit “Solvency UK” regime (Solvency II as onshored, then reformed in 2023–24 and restated into the PRA Rulebook at end-2024); the FCA regulates conduct through its Handbook (COBS/ICOBS/PRIN); both act under FSMA 2000.

Scope note on capital: the SCR (and MCR) exist under Solvency UK — PS15/24 R6 restates the standard formula into the PRA Rulebook — but this library treats the capital layer as cited-not-specified: reference cash flow models produce best-estimate liability cash flows; SCR aggregation is referenced, never specified.

Product-relevance matrix#

x = load-bearing per the source bibliography’s cross-reference table; (x) = qualified, conditional, or background relevance (a qualification carried from that table, or a product named only in the entry’s own product annotation); blank = not indicated by the source. Column key: TA = term-assurance, CI = critical-illness, IP = income-protection, WOL = whole-of-life, WP = with-profits, ULB = unit-linked-bond, PA = pension-annuity.

R#

Reference (short name)

term-assurance

critical-illness

income-protection

whole-of-life

with-profits

unit-linked-bond

pension-annuity

R1

PRA Rulebook: Technical Provisions

x

x

x

x

x

x

x

R2

PRA Rulebook: Matching Adjustment

(x)

(x)

x

R3

PRA Rulebook: TMTP

x

x

x

R4

Risk Margin Regulations 2023 (SI 2023/1346)

(x)

(x)

(x)

(x)

(x)

(x)

x

R5

PS10/24 — MA reform

(x)

x

x

R6

PS15/24 — assimilated-law restatement

(x)

(x)

(x)

(x)

(x)

(x)

x

R7

PS2/24 — TMTP simplification

(x)

(x)

x

R8

SS7/18 — matching adjustment

(x)

(x)

x

R9

FCA COBS 20 — with-profits

(x)

x

R10

FCA COBS 21.3 — permitted links

x

R11

FCA ICOBS

x

x

x

R12

FCA PRIN 2A — Consumer Duty

x

x

(x)

(x)

x

x

(x)

R13

FSMA 2000

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R14

RAO 2001, Sch 1 Pt II (long-term classes)

x

x

x

x

x

x

x

R15

ITTOIA 2005 Pt 4 Ch 9 (chargeable events)

x

x

x

R16

HMRC IPTM

x

x

x

R17

Finance Act 2012 Pt 2 (BLAGAB / I-E)

x

x

x

x

x

x

x

R18

HMRC LAM

(x)

(x)

(x)

(x)

x

x

(x)

R19

Insurance Act 2015

x

(x)

(x)

R20

CIDRA 2012

x

x

x

(x)

R21

Taxation of Pensions Act 2014

x

R22

CMI — role and access model

x

x

x

x

x

x

x

R23

CMI Guide for Authorised Users

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R24

CMI “92” Series tables

x

x

(x)

(x)

R25

CMI “00” Series tables

x

x

(x)

R26

CMI “16” Series TA / accelerated CI

x

x

x

R27

CMI “16” Series PMA16/PFA16

x

R28

CMI SAPS investigation

x

R29

CMI WP185 — S4 Series

x

R30

CMI_2025 projections model

x

(x)

(x)

x

x

x

R31

CMI Income Protection investigation

x

x

R32

ONS national life tables

x

(x)

(x)

x

(x)

x

x

R33

FRC TAS 100

x

x

x

x

x

x

x

R34

FRC TAS 200

x

x

x

x

x

x

x

R35

IFoA APS L1

(x)

(x)

(x)

(x)

x

(x)

(x)

R36

Proxy modelling validation (BAJ 2024)

(x)

(x)

(x)

(x)

(x)

(x)

x

R37

Model risk: illuminating the black box (BAJ)

(x)

(x)

(x)

(x)

(x)

(x)

(x)

R38

UKEB adoption of IFRS 17

(x)

(x)

(x)

(x)

(x)

(x)

(x)

1. Prudential — PRA / Solvency UK#

R1. PRA Rulebook — Technical Provisions Part#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.prarulebook.co.uk/pra-rules/technical-provisions

  • Accessed: 2026-08-03

  • Fetched: yes (read via browser; prarulebook.co.uk blocks plain fetch with HTTP 403)

  • Annotation: The operative UK rules for valuing insurance liabilities: technical provisions equal a best estimate plus a risk margin (rule 2.4); the best estimate is the probability-weighted average of future cash flows discounted at the relevant risk-free interest rate term structure, on realistic assumptions, gross of reinsurance (rule 3.1); the calculation must be market-consistent (rule 2.3), with TP set to market value where cash flows are reliably replicable with market instruments (rule 2.5) R1. The definitions chapter (as amended 31/12/2024) fixes the risk-margin cost-of-capital rate at 4% per regulation 7B(b) of the IRPR Regulations (R4) and defines the reference-undertaking basis for the notional SCR used in the risk margin R1. The single most load-bearing prudential source for all seven products: it defines exactly what a “best estimate liability” projection must produce.

R2. PRA Rulebook — Matching Adjustment Part#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.prarulebook.co.uk/pra-rules/matching-adjustment

  • Accessed: 2026-08-03

  • Fetched: yes (browser)

  • Annotation: New Part created by PS10/24 (R5), effective 30 June 2024 (verified from rule date-stamps): a firm may not apply an MA to the risk-free curve for the best estimate without an MA permission (rule 2.1) R2. Verified definitions include the MA attestation (“attestation reference date”), “highly predictable” cash flows (MA 5.3), and “eligible element” — which now lets the guaranteed element of a with-profits immediate/deferred annuity and the in-payment element of an income protection policy into an MA portfolio even when the whole contract does not qualify R2. Definitions added 27/10/2025 implement the Matching Adjustment Investment Accelerator (MAIA permission, per PS17/25 [unverified — PS17/25 itself not fetched; its existence confirmed on the SS7/18 page, R8]). For a pension-annuity model this Part governs which liabilities may be discounted at risk-free + MA.

R3. PRA Rulebook — Transitional Measure on Technical Provisions Part#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.prarulebook.co.uk/pra-rules/transitional-measure-on-technical-provisions/31-12-2024

  • Accessed: 2026-08-03

  • Fetched: yes (browser, as-at 31/12/2024 view)

  • Annotation: The streamlined TMTP regime effective 31 December 2024, with verified definitions of “base TMTP” and a “dynamic portion” of designated obligations (the simplified calculation replaces the legacy Solvency-I-comparison approach [unverified as a characterization of the old method]), referencing back to INSPRU 7 as at end-2015 for legacy quantities R3. Relevant only to legacy WOL / WP / PA back-books written before 2016: a reference model needs to know TMTP exists (it adjusts technical provisions, not projected cash flows) but does not need to implement it. TMTP runs off fully by 2032 [unverified — per search summaries of PS2/24, R7].

R4. The Insurance and Reinsurance Undertakings (Prudential Requirements) (Risk Margin) Regulations 2023 (SI 2023/1346)#

  • Publisher: legislation.gov.uk (HM Treasury statutory instrument)

  • URL: https://www.legislation.gov.uk/uksi/2023/1346/made

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: The instrument that delivered the Solvency UK risk-margin cut: made 7 December 2023, in force 31 December 2023, it changes the cost-of-capital rate from 6% to 4% and introduces a risk-tapering factor lambda of 0.9 for life business (1.0 for non-life) with a floor of 0.25 R4. This pins the risk-margin parameters a UK implementation should carry: cost-of-capital method on the reference undertaking’s notional SCR, 4% CoC, lambda-tapering of projected SCRs for life business. Applies to all products, with the largest proportional effect on long-duration business (PA, WOL, IP); the risk-margin projection itself requires an SCR runoff — cited-not-specified in this library.

R5. PS10/24 — Review of Solvency II: Reform of the Matching Adjustment#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.bankofengland.co.uk/prudential-regulation/publication/2024/june/review-of-solvency-ii-reform-of-the-matching-adjustment-policy-statement

  • Accessed: 2026-08-03

  • Fetched: yes (browser; site 403s plain fetch)

  • Annotation: The instrument of the mid-2024 MA reforms, published 6 June 2024 (verified): a new Matching Adjustment Part of the Rulebook (R2); amendments to the Technical Provisions, Conditions Governing Business and Glossary Parts; updated SS7/18 (R8), SS8/18 (internal-model MA modelling), SS3/17, SS1/20, SS11/16; a new Statement of Policy on MA permissions; and reporting changes (MA asset & liability information return) R5. Reform themes verified from the contents: investment flexibility (assets with “highly predictable” cash flows), liability-eligibility expansion, credit-rating notching, and the new MA attestation regime R5. Implementation 30 June 2024 with some requirements from 31 December 2024 [unverified — per search summaries]. PA-dominant; WP and IP at the margins via liability eligibility.

R6. PS15/24 — Review of Solvency II: Restatement of assimilated law#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.bankofengland.co.uk/prudential-regulation/publication/2024/november/review-of-solvency-ii-restatement-of-assimilated-law-policy-statement

  • Accessed: 2026-08-03

  • Fetched: yes (browser)

  • Annotation: Completes Solvency UK: published 15 November 2024 (verified), it restates the revoked Solvency II assimilated law (including the Delegated Regulation layer) into PRA rules effective 31 December 2024, with verified chapters covering Technical Provisions: Risk Margin; Technical Provisions: Further requirements; Own funds; Standard Formula restatement; ring-fenced funds; governance; disclosure; and groups R6. A 20 December 2024 correction fixed the mass-lapse life underwriting risk rule (SCR-SF 3B6.6(1)) (verified note on page). For implementers: after 31/12/2024 the place to look for detailed TP requirements (contract boundaries, expense treatment, homogeneous risk groups) is the PRA Rulebook, not EU delegated regulation [the specific location of contract-boundary rules within the restated Parts: unverified].

R7. PS2/24 — Review of Solvency II: Adapting to the UK insurance market#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.bankofengland.co.uk/prudential-regulation/publication/2024/february/review-of-solvency-ii-adapting-to-the-uk-insurance-market-policy-statement

  • Accessed: 2026-08-03

  • Fetched: no (URL from search results; not retrieved this session)

  • Annotation: Published February 2024 [unverified — date per search summaries]; finalized the TMTP simplification implemented in R3, internal-model streamlining, and third-country branch changes, with an accompanying Statement of Policy “Permissions for transitional measures on technical provisions and risk-free interest rates” effective 31 December 2024 unverified. Cited here as the provenance of the R3 regime — the operative rules themselves are in R3. Relevant to legacy back-books (WOL, WP, PA).

R8. SS7/18 — Solvency II: Matching adjustment (supervisory statement)#

  • Publisher: Prudential Regulation Authority (Bank of England)

  • URL: https://www.bankofengland.co.uk/prudential-regulation/publication/2018/solvency-2-matching-adjustment-ss

  • Accessed: 2026-08-03

  • Fetched: yes (browser)

  • Annotation: The load-bearing supervisory statement on MA practice: first published 13 July 2018; current version published 23 October 2025, effective 27 October 2025, updated for the MAIA following PS17/25 (verified from the page) R8. Verified scope: asset and liability eligibility assessment, demonstrating compliance with the matching conditions (the PRA matching tests appear as Appendix 1 [unverified — appendix title seen only in search results]), calculation of the MA benefit, ongoing portfolio management and compliance, and MA/MAIA applications R8. For an annuity cash flow model this is where the PRA’s expectations on cash-flow matching tests live — it directly shapes how asset and liability cash flows are projected and compared; WP/IP via eligible elements.

2. Conduct — FCA#

R9. FCA Handbook COBS 20 — With-profits#

  • Publisher: Financial Conduct Authority

  • URL: https://handbook.fca.org.uk/handbook/COBS/20/3.html (PPFM section; chapter at /handbook/COBS/20/)

  • Accessed: 2026-08-03

  • Fetched: yes (browser; COBS 20.2 and 20.3 read directly)

  • Annotation: The conduct backbone of UK with-profits business. Verified from COBS 20.3: a firm must establish and maintain a PPFM (per fund where appropriate), retain five years of versions, distinguish enduring “principles” from shorter-term “practices”, and — per the COBS 20.3.6 table — cover the methods for determining amounts payable, the bonus-setting approach, and smoothing of maturity/surrender payments; verified from COBS 20.2: fair-treatment rules address shareholder-vs-policyholder conflicts and require fair pay-outs on individual policies R9. A WP cash flow model’s bonus/smoothing/estate logic should be parameterized the way a PPFM describes these mechanisms. COBS 20.5 covers with-profits governance (WP committees) [unverified — section seen only in search results].

R11. FCA Handbook ICOBS — Insurance: Conduct of Business sourcebook#

  • Publisher: Financial Conduct Authority

  • URL: https://handbook.fca.org.uk/handbook/ICOBS/1/1.html

  • Accessed: 2026-08-03

  • Fetched: yes (browser; ICOBS 1.1 read)

  • Annotation: Verified: ICOBS applies to distribution, effecting and carrying out of non-investment insurance contracts (ICOBS 1.1.1R) R11. Practical split for this library: pure protection business (term assurance, standalone CI, IP) is conducted under ICOBS, while investment life business (unit-linked bonds, with-profits, pensions) falls under COBS; the glossary definition of “pure protection contract” and the firm option to apply COBS to protection sales are unverified details. Modeling impact is indirect (disclosure/cancellation conduct rather than cash flows), so one entry suffices.

R12. FCA Handbook PRIN 2A — The Consumer Duty#

  • Publisher: Financial Conduct Authority

  • URL: https://handbook.fca.org.uk/handbook/PRIN/2A/1.html

  • Accessed: 2026-08-03

  • Fetched: yes (browser; PRIN 2A.1 read)

  • Annotation: Verified: the Consumer Duty applies to a firm’s retail market business, and where it applies, Principles 6 and 7 are disapplied (PRIN 2A.1.3G); “product” includes services and “retail customer” includes prospective customers R12. For modeling, the Duty’s price-and-value outcome drives the product-level value assessments that actuarial cash flow models increasingly support (e.g., charge levels on ULB, premiums on protection) [the price-and-value outcome location PRIN 2A.4: unverified]. Effective for open products from 31 July 2023 unverified.

3. Legislation and tax#

R13. Financial Services and Markets Act 2000 (c. 8)#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/ukpga/2000/8/contents

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: The framework statute. Verified: s.19 general prohibition (no regulated activity without authorisation or exemption) and Part 4A permissions (s.55A ff.); Part 1A establishes the FCA and PRA and their rule-making powers — the statutory hook for every Handbook and Rulebook entry above, including the s.138BA permissions used for MA/VA (seen in R1/R2 definitions) R13. Cite-only for modeling purposes.

R14. FSMA 2000 (Regulated Activities) Order 2001 (SI 2001/544), Schedule 1 Part II#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/uksi/2001/544/schedule/1

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: The legal taxonomy of UK long-term insurance. Verified classes: I Life and annuity; II Marriage and birth; III Linked long term; IV Permanent health; V Tontines; VI Capital redemption; VII Pension fund management; VIII Collective insurance; IX Social insurance R14. Maps this library’s product set onto the legal classes: TA/WOL/WP → Class I (or III if linked), ULB → Class III, IP (and long-duration CI riders) → Class IV, PA → Class I annuities. Useful for scoping which contracts are “long-term insurance business” for both regulatory permissions and tax.

R15. Income Tax (Trading and Other Income) Act 2005, Part 4 Chapter 9 — Gains from contracts for life insurance etc.#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/ukpga/2005/5/part/4/chapter/9

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: The chargeable-event-gains regime for policyholder taxation. Verified: the chapter covers gains on life policies, annuities and capital redemption policies; s.498 requires periodic calculations on part surrender/assignment and s.507 sets the calculation method; s.500 treats certain loans/payments as part surrenders; top-slicing relief sits at ss.535–538 (presence confirmed; full text not read) R15. Mechanics [brief, unverified as to exact statutory expression]: part surrenders within a cumulative 5%-of-premium annual allowance are not immediately taxable — excesses over the allowance and gains on full surrender/death/maturity are chargeable event gains taxed as savings income, with top-slicing spreading relief. Load-bearing for ULB models (also WOL/WP bonds; not qualifying protection policies): the 5% withdrawal pattern is a standard policyholder-behavior assumption for UK bonds.

R16. HMRC Insurance Policyholder Taxation Manual (IPTM)#

  • Publisher: HM Revenue & Customs (GOV.UK)

  • URL: https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual

  • Accessed: 2026-08-03

  • Fetched: yes (landing/contents)

  • Annotation: HMRC’s working interpretation of R15. Verified: IPTM3000 is the chargeable-events section; the manual is the practical reference for the 5% allowance arithmetic, insurance years, and top-slicing worked examples [specific subsection numbers, e.g. IPTM3500s for part surrenders: unverified]. Secondary source — use for mechanics, cite R15 for law.

R17. Finance Act 2012, Part 2 — Insurance companies carrying on long-term business#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/ukpga/2012/14/part/2

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: The company-level life tax regime. Verified: s.57 defines BLAGAB (life assurance business excluding pension business, ISA/CTF business, immediate needs annuities, overseas life assurance business, protection business, certain reinsurance); s.68 charges corporation tax on the “I-E profit” of BLAGAB (per the six-step method in s.73, by reference to amounts credited/debited in the accounts per s.70); non-BLAGAB long-term business — notably pension business and post-2012 protection — is instead taxed on trade profits R17. Modeling consequence: for BLAGAB products (bonds, WP) policyholder-level tax is effectively borne inside the fund, whereas pension and protection business is gross — so a UK cash flow model needs a per-product tax-basis flag more than a full tax engine. Basis map: ULB/WP/WOL → BLAGAB (I-E); PA and pensions → non-BLAGAB; TA/CI/IP written post-2012 → protection business, trade basis.

R18. HMRC Life Assurance Manual (LAM)#

  • Publisher: HM Revenue & Customs (GOV.UK)

  • URL: https://www.gov.uk/hmrc-internal-manuals/life-assurance

  • Accessed: 2026-08-03

  • Fetched: yes (landing/contents)

  • Annotation: HMRC’s manual on the FA 2012 regime. Verified structure: LAM01000 introduction; LAM02000–LAM06000 the I-E calculation components; later sections cover reinsurance, cross-border and friendly societies; the I-E basis as enacted applies from 1 January 2013 R18. Secondary source — use for how HMRC applies BLAGAB/I-E, cite R17 for law. Product relevance as R17.

R19. Insurance Act 2015 (c. 4)#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/ukpga/2015/4/contents

  • Accessed: 2026-08-03

  • Fetched: yes (contents)

  • Annotation: Verified coverage: duty of fair presentation for non-consumer insurance (Part 2) with proportionate remedies in Schedule 1 (deliberate/reckless vs other breaches), warranties and terms not relevant to actual loss (Part 3), remedies for fraudulent claims including group insurance (Part 4), late payment (Part 4A), and contracting-out limits R19. Commencement August 2016 unverified. Modeling relevance is via claim outcomes — avoidance/proportionate reduction affects claim-severity assumptions on group protection (TA/CI/IP group schemes) and non-consumer business — background, not a cash flow driver.

R20. Consumer Insurance (Disclosure and Representations) Act 2012 (c. 6)#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/ukpga/2012/6/contents

  • Accessed: 2026-08-03

  • Fetched: yes (contents)

  • Annotation: Verified: replaces the consumer duty of disclosure with a duty to take reasonable care not to make a misrepresentation; Schedule 1 sets graduated insurer remedies for qualifying misrepresentations (deliberate/reckless vs careless), with specific provisions for group policies and life insurance R20. Underpins underwriting/claims assumptions for consumer protection products (declinature and avoidance rates) — TA, CI, IP, and WOL consumer sales.

R21. Taxation of Pensions Act 2014 (c. 30)#

  • Publisher: legislation.gov.uk

  • URL: https://www.legislation.gov.uk/ukpga/2014/30/contents

  • Accessed: 2026-08-03

  • Fetched: yes (contents)

  • Annotation: The “pension freedoms” Act, effective 6 April 2015 (verified). Verified changes: flexi-access drawdown, uncrystallised funds pension lump sums (UFPLS), relaxed annuity design restrictions, reformed death-benefit taxation, and the money-purchase annual allowance mechanics R21. Modeling relevance: it reshaped the UK annuity market (annuitization is now optional), which drives take-up, anti-selection and mortality-basis assumptions for pension-annuity models and lapse/transfer behavior in the pension wrappers feeding them.

4. Mortality and morbidity — CMI and ONS#

R22. Continuous Mortality Investigation — main page (role and access model)#

  • Publisher: Institute and Faculty of Actuaries / CMI Ltd

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified: the CMI researches mortality and morbidity experience from data supplied by UK life offices and consultancies and runs five investigations — annuities, assurances (mortality and critical illness), income protection, SAPS (pension scheme) mortality, and mortality projections R22. Access model, stated honestly: the CMI is funded by subscriptions; current tables and the Projections Model are restricted to Authorised Users (subscribers, plus academics/researchers for non-commercial use), while older publications and working-paper texts are freely available R22. A reference implementation therefore documents table names and structure from public sources but cannot redistribute current qx values — model mortality bases should be std placeholders shaped like the named tables.

R23. CMI Guide for Authorised Users (2026)#

  • Publisher: Institute and Faculty of Actuaries / CMI Ltd

  • URL: https://www.actuaries.org.uk/system/files/field/document/CMI%20Guide%20for%20Authorised%20Users%202026_0.pdf

  • Accessed: 2026-08-03

  • Fetched: no (URL from search results; not retrieved)

  • Annotation: The CMI’s own guide to who counts as an Authorised User and how outputs are accessed [unverified beyond title/existence]. Cited as the canonical statement of the access regime summarized in R22.

R24. CMI “92” Series tables (AM92/AF92 family)#

  • Publisher: Institute and Faculty of Actuaries / CMI

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-mortality-and-morbidity-tables/92-series-tables

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified table names: assured lives AM92 (males) and AF92 (females); immediate annuitants IML92/IMA92, IFL92/IFA92; retirement annuitants RMV92/RFV92; pensioners PML92/PMA92, PFL92/PFA92; complete set published 30 June 1999 R24. Base experience 1991–94 unverified. AM92/AF92 remain the canonical teaching assured-lives tables (IFoA Formulae and Tables) and the natural public-domain-adjacent shape for std protection-mortality placeholders, though modern pricing uses the “16” Series (R26); the annuitant tables are historical context for PA.

R25. CMI “00” Series tables#

  • Publisher: Institute and Faculty of Actuaries / CMI

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-mortality-and-morbidity-tables/00-series-tables

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified families: permanent assurances AMC00/AMS00/AMN00 and AFC00/AFS00/AFN00 (combined/smoker/non-smoker); temporary assurances TMC00/TMS00/TMN00, TFC00/TFS00/TFN00; annuitants IML00/IFL00 (immediate), RMD00/RMV00/RMC00 and female equivalents (retirement), PPMD00/PPMV00 etc. (personal pensioners); pensioners PNMA00/PNFA00 (normal), PEMA00 etc. (early), PCMA00/PCFA00 (combined), widows WA00/WL00 R25. Base experience 1999–2002 unverified. Shows the naming grammar (product/sex/smoker/select) a UK model’s mortality-basis interface should mirror; the smoker/non-smoker split first matters here for protection pricing.

R26. CMI “16” Series term assurance mortality and accelerated critical illness tables (IFoA blog announcement)#

  • Publisher: Institute and Faculty of Actuaries (blog; tables by CMI Assurances Committee)

  • URL: https://blog.actuaries.org.uk/cmi-new-16-series-term-assurance-mortality-and-accelerated-critical-illness-tables/

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified: the “16” Series covers term-assurance mortality (including terminal illness) and accelerated critical illness, based on 2015–2018 experience; proposed with Working Paper 150, finalized with Working Paper 154 (August 2021); WP151 analyzed CI claims by cause and WP152 covered 2019/2020 experience; the CMI cautions against mechanical application (sum-assured differentials, COVID-19) R26. Table names in the family include TMNL16/TFNL16 [unverified — from search summaries, not the fetched blog]. This is the current protection base-table family: a UK term/CI reference model should name-check the 16 Series and use std placeholder rates in its shape (smoker status, select period); WOL indirectly.

R27. CMI briefing note — final “16” Series pension annuity in payment mortality tables#

  • Publisher: Institute and Faculty of Actuaries / CMI Annuities Committee

  • URL: https://www.actuaries.org.uk/documents/final-16-series-pension-annuitant-mortality-tables-briefing-note-v01-2020-07-10

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified: the “16” Series pension annuity in payment tables (PMA16/PFA16) are based on 2015–2018 experience of insured pension annuities — the current annuitant base-table family, superseding the “00” and “08” Series lineages [the “08” Series interim datasets (e.g. WP101, 2011–2014 data): unverified, from search summaries]. A pension-annuity model’s base mortality should be expressed as a percentage of a named PMA/PFA-style table with a projection overlay (R30).

R28. CMI Self-Administered Pension Schemes (SAPS) mortality investigation#

  • Publisher: Institute and Faculty of Actuaries / CMI

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-investigations/self-administered-pension-scheme-saps-mortality-investigation

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified series history: S1 (October 2008), S2 (February 2014), S3 (December 2018), and the current S4 Series released February 2024 alongside Working Paper 185; the latest experience analysis (WP209) covers 2017–2024 on data to September 2025 R28. S4 tables have an effective date of 1 January 2017 and are graduated on 2014–2019 data, deliberately excluding pandemic years [unverified — per search summaries of WP181]. SAPS tables are the pension-scheme (bulk annuity / DB) counterpart to the insured-annuitant PMA/PFA families and include amounts-based and socio-economic variants unverified; most relevant to bulk purchase annuities / buy-ins.

R29. CMI Working Paper 185 — final “S4” Series mortality tables#

  • Publisher: Institute and Faculty of Actuaries / CMI SAPS Committee

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-working-papers/self-administered-pension-scheme-mortality/cmi-working-paper-185

  • Accessed: 2026-08-03

  • Fetched: no (URL from search results; not retrieved)

  • Annotation: The release document for the S4 Series (February 2024), read together with consultation WP181 [unverified beyond existence/dates from R28 and search results]. Cited as the primary anchor for S4; the tables themselves are Authorised-User-restricted (R22).

R30. CMI Mortality Projections Model CMI_2025 (announcement, with Working Paper 211)#

  • Publisher: Institute and Faculty of Actuaries / CMI

  • URL: https://actuaries.org.uk/news-and-media-releases/news-articles/2026/mar/10-mar-26-cmi-model-shows-further-rise-in-cohort-life-expectancy/

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified: CMI_2025, the current version of the Mortality Projections Model, was published in March 2026 with Working Paper 211, calibrated to England & Wales population mortality data to 31 December 2025; methodology carried over from the restructured CMI_2024 (published June 2025 with WP201, which added age/period terms); cohort life expectancy at 65 rose ~8 weeks (M) / ~6 weeks (F) vs CMI_2024, and 2025 all-age mortality was a record low, about 2% below 2024 R30. The model is subscriber-restricted; users are expected to adjust core parameters (e.g. the long-term rate, which has no default recommendation unverified) to their portfolio. Any UK projection basis in this library should be expressed as “CMI_20xx with long-term rate p% std” — PA dominant, also WOL/WP and TA/CI/IP improvement bases.

R31. CMI Income Protection investigation#

  • Publisher: Institute and Faculty of Actuaries / CMI

  • URL: https://www.actuaries.org.uk/learn-and-develop/continuous-mortality-investigation/cmi-investigations/income-protection-investigation

  • Accessed: 2026-08-03

  • Fetched: no (URL from search results; not retrieved)

  • Annotation: The CMI’s morbidity investigation for individual income protection: experience is analyzed as claim inceptions and claim terminations (recoveries and deaths) — the structure a multi-state IP cash flow model must mirror; current methodology per WP59, with recent experience in WP193 (2017–2020) and WP203 (2021–2023) [all unverified — from search-result summaries]. The critical-illness counterpart lives in the assurances investigation (R26). Historic standard bases (e.g. CMIR12 sickness rates) remain the public teaching reference unverified.

R32. ONS National life tables (UK series)#

  • Publisher: Office for National Statistics

  • URL: https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/bulletins/nationallifetablesunitedkingdom/2021to2023

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: The fully public mortality reference. Verified from the fetched bulletin: period life tables on three consecutive years of data (2021–2023 release published 23 October 2024 covering England & Wales, with UK-level figures following — the UK 2021–2023 tables were published 18 March 2025 [unverified, from search results]); life expectancy at birth 83.0 (F) / 79.1 (M); datasets (including qx by single year of age and sex) are freely downloadable under the Open Government Licence R32. Because CMI tables are restricted (R22), ONS tables are the only redistributable UK mortality source — suitable for std placeholder bases in reference models, with the caveat that population mortality is heavier than insured/annuitant experience.

5. Professional standards#

R33. FRC Technical Actuarial Standard TAS 100: General Actuarial Standards, v2.0#

  • Publisher: Financial Reporting Council

  • URL: https://www.frc.org.uk/library/standards-codes-policy/actuarial/tas-100/

  • Accessed: 2026-08-03

  • Fetched: yes (standard’s FRC page; PDF not read)

  • Annotation: Verified: v2.0 published 3 March 2023, effective 1 July 2023; contains the requirements applying to all technical actuarial work, with supporting guidance including on Principle 5 (Models) and proportionate application R33. For this library, TAS 100 is the quality bar a reference cash flow model’s documentation should meet: justified assumptions, data limitations stated, models fit for purpose and communicated with their limitations [principle-level detail beyond Principle 5: unverified].

R34. FRC Technical Actuarial Standard TAS 200: Insurance, v2.0#

  • Publisher: Financial Reporting Council

  • URL: https://www.frc.org.uk/library/standards-codes-policy/actuarial/tas-200/

  • Accessed: 2026-08-03

  • Fetched: yes (standard’s FRC page; PDF not read)

  • Annotation: Verified: v2.0 published 20 September 2024, effective 1 January 2025; contains the requirements for technical actuarial work in insurance R34. The 2024 revision reflects Consumer Duty implications, insurance transformations, audit and assumption-setting, and removes provisions now covered by TAS 100 [unverified — from FRC/IFoA announcement summaries]. Directly in scope for anyone using these reference models for actual reserving or capital work in the UK.

R35. IFoA APS L1: Duties and Responsibilities of Life Assurance Actuaries, v4.0#

  • Publisher: Institute and Faculty of Actuaries

  • URL: https://actuaries.org.uk/media/04ujhlcm/aps-l1-version-4-0.pdf

  • Accessed: 2026-08-03

  • Fetched: yes (PDF downloaded and read)

  • Annotation: Verified from the document: version 4.0, effective 2 April 2024; sets requirements for Members acting as Chief Actuary (long-term business, Solvency II firms), Small Insurer Chief Actuary, With-Profits Actuary, and Appropriate Actuary (non-Solvency II firms), including predecessor-discussion and standpoint-disclosure obligations and the duty to disclose departures from generally accepted actuarial practice R35. Explains who professionally owns the with-profits discretion (R9) and the actuarial-function outputs a cash flow model feeds — all products, WP especially.

R36. Proxy Modelling Working Party — “Consideration of the proxy modelling validation framework”#

  • Publisher: British Actuarial Journal (Cambridge University Press), Vol. 29, 2024

  • URL: https://www.cambridge.org/core/journals/british-actuarial-journal/article/consideration-of-the-proxy-modelling-validation-framework/B499011B84ACEC53C627C15765D33F4B

  • Accessed: 2026-08-03

  • Fetched: yes (abstract/landing)

  • Annotation: Verified: Wollam, Kuona, Thomson, Liu, Paton and the IFoA Proxy Model Working Group; BAJ vol. 29 (2024). Covers calibration (OLS, automated selection, penalized regression), scenario selection, eleven validation tests and roll-forward practice for the proxy models UK life insurers fit to their “heavy” cash flow models, informed by the PRA’s 2019 thematic review, with an annuity-portfolio case study R36. Directly load-bearing here: it defines the relationship between a full liability cash flow model (what this library specifies) and the proxy layer built on top of it — and thus what outputs the heavy model must expose.

R37. Model Risk Working Party — “Model risk: illuminating the black box”#

  • Publisher: British Actuarial Journal (Cambridge University Press), Vol. 23, 2017/18

  • URL: https://www.cambridge.org/core/journals/british-actuarial-journal/article/model-risk-illuminating-the-black-box/FD2FD9F9DD86CCB611B4ECEF1421A7AA

  • Accessed: 2026-08-03

  • Fetched: yes (abstract/landing)

  • Annotation: Verified: Black, Tsanakas, Smith et al. (IFoA Model Risk Working Party), BAJ vol. 23 (published online 2017). A practical model-risk-management framework — governance, model inventory and materiality filtering, risk appetite, mitigation and communication — with case studies R37. The professional frame for documenting model limitations and validating liability cash flow models (complements TAS 100 Principle 5, R33).

6. Accounting frames — why one cash flow model serves several bases#

R38. UK Endorsement Board — IFRS 17 Insurance Contracts (UK adoption)#

  • Publisher: UK Endorsement Board

  • URL: https://www.endorsement-board.uk/projects/ifrs-17-insurance-contracts/

  • Accessed: 2026-08-03

  • Fetched: yes

  • Annotation: Verified: IFRS 17 (as issued May 2017 and amended June 2020 and December 2021) was adopted for UK use on 16 May 2022, effective 1 January 2023, replacing IFRS 4; the UKEB committed to a post-implementation review reporting by 1 January 2028 R38. UK-listed and other IFRS-reporting life insurers therefore account for all the products in this library under UK-adopted IFRS 17.

The three measurement bases one projection feeds#

IFRS 17 (UK-adopted). IFRS 17 measures insurance contracts as fulfilment cash flows (probability-weighted expected cash flows, discounted, plus an explicit risk adjustment) plus a contractual service margin releasing profit over coverage, with the variable fee approach for direct-participation business such as unit-linked and with-profits [mechanics: unverified — general knowledge; standard text not fetched; adoption facts per R38]. The expected-cash-flow engine is the same projection a Solvency UK best estimate needs — differences are in discount rates, risk adjustment vs risk margin, aggregation (groups/cohorts) and the CSM layer, not in the underlying per-policy cash flows.

Solvency UK. The regulatory balance sheet values liabilities as best estimate R1 plus risk margin R4, discounted at PRA-published risk-free curves, with MA R2 for eligible annuity-style business — again the same projected premiums, claims, expenses and options/guarantees cash flows, with regime-specific discounting and margins. SCR/MCR capital layers consume the same projections but are cited-not-specified in this library R6.

Tax. The tax result is computed from statutory accounts with the FA 2012 overlay R17: I-E for BLAGAB, trade profit for pension and protection business, plus policyholder-level chargeable event effects R15 that shape lapse/withdrawal behavior. A tax projection is therefore a consumer of the same cash flow model output (income, gains, expenses by fund/business line) rather than a separate model — which is why the reference implementations keep product cash flows basis-agnostic and apply basis layers (discounting, margins, tax) as configuration.

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