January 26, 2012

Revised Due Process to Promote Global Convergence of Actuarial Standards

version française

The International Actuarial Association (IAA) has taken an important step towards promoting the global convergence of actuarial standards, by unanimously adopting a revised Due Process for International Standards of Actuarial Practice (ISAPs). The new Due Process will support the more effective production of ISAPs as model standards for use around the world, and reflects the recent restructuring of the IAA. The changes were recommended by the Executive Committee’s Due Process Task Force, following detailed consultations during 2011.

The IAA’s Strategic Plan comprises five strategic objectives, including the following:

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.

The IAA Council agreed in October 2010, in Vienna, 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.

A separate task force of the Executive Committee is now investigating the need for more fundamental structural and/or process changes for the development of standards.

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

The International Actuarial Association (IAA) is the worldwide association of professional actuarial associations, with a number of special interest sections for individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served.
International Actuarial Association | Association Actuarielle Internationale
150 Metcalfe Suite 601 Ottawa, ON Canada K2P 1P1
Tel: 1-613-236-0886 | Fax: 1-613-236-1386
secretariat@actuaries.org | www.actuaries.org