Highlights of the IAA Council Meeting and President’s Forum at The Hague

The International Actuarial Association (IAA) held its semi-annual Council and Committee meetings at The Hague from May 22-26, in conjunction with the Congress and 125th Anniversary celebration of Het Actuarieel Genootschap of the Netherlands (AG), one of its Full Member Associations, and with the Colloquium of the IAA’s ASTIN Section.

Highlights of these events were the keynote speeches by two distinguished leaders in the international community. The Presidents’ Forum held on May 25th featured guest speaker Mr. Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority (EIOPA). The Council meeting held on May 26 featured guest speaker, Mr. Errol Stoové, President of the International Social Security Association (ISSA).

Mr. Stoové’s speech at Council stated the importance of actuarial matters, including strategic issues relating to the sustainability of social security systems. He provided an overview on ISSA, followed by highlights of its many accomplishments and plans.  Collaboration with the IAA has been well appreciated: “We also look forward to publication of the International Standard of Actuarial Practice 2:  Valuation of Social Security Programmes (ISAP2) and to continue to mutually cooperate on other projects and attend each other’s events.” “As social security is increasingly in the spotlight and faced with a range of challenges – demographic, financing and management amongst others – this relationship provides an excellent and mutually beneficial base for future work and ultimately, for strengthening the financial, social and political sustainability of social security systems around the world.” The full text of the speech is available on the IAA website by clicking on this link.

Mr. Bernardino spoke at the Presidents’ Forum about the present economic challenges in Europe, Solvency II and the new role of EIOPA as one of the European supervisors. In closing, Mr. Bernardino reiterated that EIOPA will be contributing to the development of sound global regulatory and supervisory standards (not just for Europe) in insurance and pensions. “I believe that standards will be there in the future although I don’t know when and I cannot predict who will do it. There is a role for the actuarial profession and there is a role for the IAA. You should not wait to be asked; think about the future and lay out the agenda yourself.”

This event supports the IAA’s Strategic Objective 1 that aims to strengthen relationships with key supranational audiences and provide them with actuarial input to improve the soundness of decisions being made on issues with global impact. To learn more about the work of the IAA, please contact the Manager, Supranational Relations at the IAA Secretariat.