The Investment and Life Assurance Group Limited (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:
- Engage and build relationships with regulatory, government and industry bodies
- Promote understanding of the regulatory, legislative and market environment in which members operate
- Provide a vehicle for members to exchange views and information
- 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 it initially focused on unit linked matters.
By 1994 the interests of our members had diversified and ILAG changed its name to the Investment and Life Assurance Group, ILAG.
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.
ILAG is governed by an annually elected Board of Directors selected from the membership. The aim is to maintain a diversity of membership category and business expertise within the Board.
The main Board meets every six weeks and oversees ILAG's activities.
It considers pan-industry developments and defines key themes after consultation with members and liaison with ILAG’s Strategy Groups.
Sub groups of the Board deal with Nominations and Operations.
The Board delegates responsibility for the consideration of technical matters to a range of Groups.
- Product providers and/or distributor of financial services products
- Those supplying outsourcing services for any of the traditional life office functions, 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
These are legal members of ILAG Limited with voting rights at General Meetings.
Associate members are:
- Transitional members, small companies and new set ups. During the transition period, participation in ILAG activities is limited to 10 named individuals
- Small Mutual members
- Individual - sole traders, or individuals who trade as the sole director of a limited company
These are not legal members of ILAG Limited and have no voting rights at General Meetings.
Associate members also have limited access to participation on ILAG's groups.
Transitional Members enter into a 'stepped arrangement as follows:
Year of joining – pro rata, based on current annual charge for Transitional membership
Year 2 - subscription is the full current annual charge for Transitional membership
Year 3 – subscription rises by 33% of the difference between Year 2 subscription and Band A subscription
Year 4 – subscription rises by 50% of the difference between Year 3 subscription and Band A subscription
Year 5 – subscriptions rises to Band A subscription and confers full legal membership and participation
Year 6 – subscription is based on the criteria set out in the annual schedule of subscriptions
Membership is by annual subscription.
ILAG offers a busy programme of seminars, workshops and forums and also facilitates discussion groups and debates. These are free, and run exclusively for ILAG members and can contribute to meeting CPD requirements.
We attract high quality speakers from government, regulators, industry bodies and market practitioners.
We are proud of our practitioner focus and the technical work carried out within our Groups. Members are encouraged to nominate employees with relevant skills and competencies to participate in them.
Much of the work carried out by the Board and technical groups is informed by the MATRIX which is ILAG's online log of current and forthcoming consultation and other published papers.
Wealth Management identifies analyses and provides commentary on key issues in the area of wealth management, accumulation, investment, decumulation and social care funding.
Protection identifies, reviews, analyses and seeks to influence key issues relating to the future strategic direction of the protection market.
Practitioner Groups (permanent committees)
Digital, Technology and Innovation Practitioner Group examines developments in, and innovative uses of, information and mobile technologies and looks at legislation and regulation regarding the use of technology.
Distribution examines all aspects of distribution within the UK, including initiatives designed to create standards in distribution activity or practices and legislation and regulation across all channels.
Financial Reporting reviews the standards, development and business implications of financial reporting. The Group also responds to relevant consultation papers.
Pension 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, UK & EU responds to proposed changes to the regulation of our industry with particular focus on FCA publications, changes to practices within FCA, EU Directives and their implementation into UK legislation and regulations.
Risk Management 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.
Workplace Benefits - Health and Wellbeing reviews, researches and reports on changes, economic conditions and external environmental issues affecting life assurance and investment firms, active or considering a presence, in the workplace.
NEDs Group is an education and discussion forum which identifies key issues of interest to current and potential Non-executive Directors and company secretaries. It provides guidance and practical training sessions.
Financial Crime arranges specific focussed events covering the developments and latest news in anti-money laundering, fraud, data and other financial crime related subjects.
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 email, on a wide variety of industry issues and EU developments as well as information about ILAG activities and events.
Our Twitter feed is @UK_ILAG.
ILAG operates a cost efficient virtual office with a small Management team that facilitates and manages the work carried out by the Board and Groups. We are committed to a paperless environment and most communications with members are by e mail.
How to Join
Membership is by application and approval by the Board.
For an application form, more information, or to discuss the benefits of membership in more detail, contact:
Sue Rice, Group Director.
T 01952 630093, M 07950327506,
Theresa Brooks, Financial and Membership Manager.
T 01536 726158, M 07950327515,