Source: UK Government
The Government Actuary’s Department (GAD) has continued to provide online advice and guidance about the insurance industry to other parts of government, during the coronavirus pandemic.
Experts in GAD have advised HM Revenue and Customs (HMRC) on the workings and decision-making of insurance companies both generically and on a confidential basis, on specific cases. We help HMRC analyse insurance-related cases and better understand the reasons why certain decisions may have been made, for example for capital related reasons.
GAD’s advice also includes looking at factors that influence how insurance companies make investment decisions and explaining how they use financial modelling to decide their best strategies.
This most recent round of advice about investments and assets, was the fourth in a series of presentations to HMRC. GAD actuary Nick Clitheroe delivered these online by video and said: “These live, interactive workshops provided an ideal opportunity for us to deliver integrated, in depth knowledge sessions which help clients on an ongoing basis.”
At a joint GAD and HMRC event, before the advent of the coronavirus pandemic restrictions, we provided detailed analysis on both generic and specific cases, to help the department with its strategy. In assessing the impact of GAD’s expertise at the event, attendees from HMRC said it had been very useful, saying there was a good debate generated on general and specific issues.
During the ongoing coronavirus pandemic, GAD continues to use video conferencing and other online resources to provide advice and guidance about the insurance industry to other parts of government.