Representatives from the IAA were among more than 200 Members and Observers who participated in the International Association of Insurance Supervisors’ (IAIS) global seminar and committee meetings from June 16–19.

The event, which took place in Québec City, Canada, covered topics such as international capital standards, implementation of standards, and market conduct. Kelly Rendek, Co-chair of the IAA Microinsurance Task Force of the Insurance Regulation Committee (IRC), shared an initial presentation of her task force’s work on Addressing the Gap in Actuarial Services in Inclusive Insurance Markets to the IAIS Financial Inclusion Subcommittee and a further discussion will occur at the IAIS Annual meeting in October. Other IAA representatives at the meetings included Dave Sandberg, Chair of the IRC, and Amali Seneviratne, Director of Technical Activities at the IAA Secretariat. 

President Rob Brown presented to the IAIS Executive Committee on recent IAA activities of interest, including progress on the development of international standards of actuarial practice, and in particular how they relate to the IAIS’ proposed Basic Capital Requirement and Global Insurance Capital Standard.

At an open session for Observers, Dave Sandberg shared a summary of the IAA’s recent comments on International Capital Standards. The IAA and the IAIS continue to explore areas of mutual collaboration such as capital, valuation and other key issues where the actuarial profession can bring the needed expertise and add value contributing to a sustainable global growth.

This activity represents a continuation of the IAA's strategic objectives to establish, maintain and extend co-operative relationships with supranational organizations and to provide them with actuarial input to improve the soundness of decisions being made on important issues with a global impact. To learn more about the work of the IAA on this topic, please contact the Secretariat.