The International Actuarial Association (IAA) has taken an important step towards the global convergence of actuarial standards. This step follows a recommendation from the report of the Task Force on the Convergence of Actuarial Standards, which was presented to the IAA Council at its meeting of October 12, 2010 in Vienna. The Council agreed that the IAA should take a firm position on actuarial standards and that it should proceed to set up an efficient internal structure and due process to complement and support the development and adoption of high quality model standards. The IAA has adopted this recommendation as a specific strategic objective and has introduced a new structure to prepare model International Standards of Actuarial Practice.

The IAA adopted a Strategic Plan in November 2008, comprising five strategic objectives, one of which has now been modified as follows to reflect global convergence of actuarial standards:

Strategic Objective 3
Establish, maintain and promote common standards of actuarial education and common principles of professional conduct. Promote the development and issuance of actuarial standards in the jurisdictions of all Full Member Associations, and the global convergence of actuarial standards.

In anticipation of the adoption of this revised strategic objective, the IAA put in place earlier this year an interim structure to address the development of international standards of practice. It is intended to implement a revised structure on a permanent basis from January 1, 2013.

To learn more about the IAA and its strategic objectives, contact the IAA Secretariat.