IAA Hosts Seminar: Extension of actuarial methods to better manage financial risks and regulatory requirements
The International Actuarial Associated hosted a seminar in Basel, Switzerland on 20-21 May 2014 to present on the work of the global actuarial profession as it relates to the broadly-defined financial sector and its particular relevance to the banking and insurance sectors.
The seminar attracted 18 representatives from organizations with a focus on banking, regulation, and insurance, namely:
- International Association of Insurance Supervisors;
- Bank for International Settlements;
- Financial Stability Institute; and
- Financial Stability Board.
The IAA delegation, led by President Rob Brown, included:
- Immediate Past President Kurt Wolfsdorf;
- Vice-Chair of the Insurance Regulation Committee, Peter Boller;
- Chair of the Reinsurance Subcommittee, Michael Eves; and
- Vice-Chair of the Solvency Subcommittee, Philipp Keller.
The program which focused on actuarial methods to support the improved management of financial risks and developing regulatory requirements; banking and insurance regulatory models and objectives; and, the value of professional actuarial standards and IAA work on standards, is available online and includes a link to all presentations.
“The value of the seminar was highlighted by the lively interaction between the presenters and the audience”, said President Rob Brown. “Everyone came away with a deeper appreciation of the relevant issues and the role the actuarial profession can, and might, play in the analysis of a wide variety of risks in the broad financial sector.”
“The IAIS is thankful to the IAA for hosting this seminar in Basel and for the range of important issues it covered,” said Yoshi Kawai, Secretary General of the IAIS. “The seminar included engaging discussions on many activities at the core of the IAIS’ agenda, which is no surprise as the actuarial profession is an important stakeholder for insurance supervisors. We look forward to continuing our fruitful engagement with the IAA on matters of mutual interest, especially in relation to the development of global insurance capital standards.”
The presentations from the seminar are also available on the IAA website under Publications — Presentations.
This activity is in support of the IAA’s strategic objectives to maintain relationships with key supranational audiences and to improve recognition of the actuarial profession. To learn more about the work of the IAA on this topic, please contact the Secretariat.