History

The Investment and Life Assurance Group (ILAG) is a representative trade body which acts as a forum for producers, administrators and distributors of life and health protection insurance and of pension and investment products. It seeks to:

• Promote understanding of the regulatory, legislative and market environment in which members operate
• Provide a vehicle for members to exchange views and information
• Engage and build relationships with regulatory, government and industry bodies
• Facilitate the development of best practice throughout the industries it supports

The objectives are:

• To be a positive influencing force within the industry and with regulators and government, giving trusted advice and guidance from the practitioner point of view
• To provide regular forums for education, discussion and exchange of views between members
• To provide a voice for members' issues and concerns by the facilitation of representations and consultation responses

Formed in 1972 as Linked Life Assurance Group we initially focused on unit linked matters.

By 1994 the interests of our members had diversified and we changed our name to Investment and Life Assurance Group.We now represent members on all aspects of packaged products, other long term insurance business and health insurance in the UK.

In January 2008 ILAG became a company limited by guarantee, ILAG Limited.

Corporate Governance

ILAG is governed by an annually elected Board of Directors selected from the membership. The aim is to maintain a diversity of membership categories and business within the Board.

The main Board meets 8 times a year and oversees ILAG's activities.

It considers pan industry developments and determines ILAG’s position after consultation with members and liaison with ILAG’s Strategy Groups.

Sub groups of the Board deal with Nominations, Operations and Communications.

The Board delegates responsibility for the consideration of detailed matters to a range of Practitioner and Focus Groups.

Membership

Members are:

• Product providers
• Those supplying outsourcing services for any of the traditional life office function, such as administration, underwriting, claims and distribution
• Those supplying systems such as Wraps and Platforms which support life, pensions and investment products
• Those providing ancillary services to the financial services industry including actuarial and legal

Associate members are:

• Small Companies with, typically, 3-7 named partners participating in ILAG activities
• Individual - sole traders, or individuals who trade as the sole director of a limited company

Membership is by annual subscription.

ILAG Activities

ILAG runs a busy programme of seminars, workshops and forums and also facilitates discussion groups and debates. These are free, and run exclusively for ILAG members.

We attract high quality speakers from government, regulators, industry bodies and market practitioners.

We are proud of our practitioner base and much of the technical work is carried out within Strategy, Practitioner and Focus Groups. All of the groups focus on UK and EU developments and issues.

Members are encouraged to nominate employees with relevant skills and completeness to participate in these groups. Strategy Groups Wealth Management identifies analyses and provides commentary on key issues in the area of wealth management, accumulation, investment and decumulation. Protection identifies, reviews, analyses and seeks to influence key issues relating to the future strategic direction of the protection market.

Practitioner Groups

Financial Reporting reviews the standards, development and business implications of financial reporting. The Group also responds to relevant consultation papers.

Innovations in Technology examines developments in, and innovative uses of, information and mobile technologies and at legislation and regulation regarding the use of technology.

Investment Management focuses on investment related issues within the life and collective investment schemes industry. It is particularly concerned with the practical analysis of issues and developing consumer understanding and confidence.

NEDs Group is an education and discussion forum which identifies key issues of interest to current and potential non executive directors and company secretaries and provides guidance and practical training sessions.

Pensions Technical reviews all pension related developments including emerging legislation and regulations and social and economic issues affecting pension provision.

Protection focuses on matters relating to protection products, including health insurance. As well as regulatory issues, the Group also addresses genetic and medical advancements and patterns of mortality and morbidity.

Prudential Regulation deals with developments and trends in prudential regulation, monitoring and formulating responses to prudential regulation related consultations, particularly Solvency II.

Regulation responds to proposed changes to the regulation of our industry with particular focus on FSA publications, changes to practices within FSA, EU Directives and their implementation into UK legislation and regulations.

Risk considers the implications of changes, economic conditions and external environmental issues affecting life assurance and investment firms on member firms risk policies and enterprise risk management frameworks.

Taxation addresses all UK tax matters with HMRC and other relevant bodies and provides technical support to members.

Technology examines developments in, and innovative uses of, information and mobile technologies and looks at legislation and regulation regarding the use of technology.

Workplace Corporate Benefits reviews, researches and reports on changes, economic conditions and external environmental issues affecting life assurance and investment firms active or considering presence in the workplace.

Focus Groups

Retail Distribution Review was set up to formulate ILAG's response to the FSA’s Discussion Papers and Consultations in pursuit of a revised retail distribution framework being implemented in 2012.

Welfare Reform is an umbrella for a range of focus groups looking at developments and changes to the welfare scope and structure. Current groups are considering sickness and long term care issues.

Communications

ILAG’s website www.ilag.org.uk is a member based facility containing information on all aspects of ILAG’s activities and industry issues and developments. ILAG members receive regular communications, by e mail, on a wide variety of industry issues and EU developments as well as information about ILAG activities and events.

ILAG Administration

ILAG operates a cost efficient virtual office with a small administration team that facilitates and manages the work carried out by the Practitioner Groups. We are committed to a paperless environment and most communications with members are by e mail.

How to Join

Contact Sue Rice, Group Director. T 01952 630093, E sue.rice@ilag.org.uk