IAA and OECD Sign Memorandum of Understanding

The International Actuarial Association (IAA) and the Organisation for Economic Co-operation and Development (OECD), an organization that promotes policies to improve the economic and social well-being of people around the world, have executed a formal Memorandum of Understanding (MoU). It was signed by the OECD Deputy Secretary-General, Rintaro Tamaki and IAA President-elect, Kurt Wolfsdorf, on June 8.

The purpose of this MoU is to set out the terms of an agreement between the IAA and OECD that creates the framework for cooperation between the parties to benefit from common areas of activity in their respective strategies and operations. Pensions, insurance, statistics, and financial risk have been identified as areas of common interest. Key expected elements of cooperation include:

• The exchange of information on respective activities and outputs, with regular dialogue on respective programs of work and the outcomes of cooperation activities;
• Consultation on the development of principles and standards in the insurance and private pensions sectors; and
• The establishment of joint discussion groups or task forces on specific issues of interest.

This MoU represents a continuation of outreach activities arising from the key objectives of the IAA Strategic Plan, which include establishing, maintaining, and extending cooperative relationships with major supranational organizations, with a particular emphasis on those areas where actuarial input is a significant factor influencing decisions on important social and economic issues with a global impact. This memorandum of understanding formalizes the mutual cooperation between the IAA and OECD in a way that transcends the tenure of particular individuals involved in the relationship from time to time, and will ensure a continuation of the relationship independent of the tenure of key individuals.

To learn more about the work of the IAA in this area, contact its Secretariat, care of the Chairperson of the Supranational Relations Subcommittee.