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Committees

Subcommittee on Education and Practice

Terms of Reference

Created - 16 March 2002, Updated - 9 August 2016

1.  Membership

Membership of the Subcommittee on Education and Practice ("Subcommittee") of the Insurance Accounting Committee ("IAC") is open to representatives of all IAA member associations and selected individuals.

2.  Purpose

To develop and maintain information of an educational and practice nature that will be useful to actuaries globally in the area of insurance accounting and auditing. This includes International Actuarial Notes ("IAN"s) and other educational material such as monographs and books relating to actuarial practice in the context of financial reporting of insurers.

3.  Role

  • To develop educational and actuarial practice related materials that will benefit practicing financial reporting actuaries, particularly as such materials apply to the financial reporting process of insurers.
  • To develop recommendations regarding the development, enhancement and maintenance of IANs and other educational material useful in preparing or reviewing financial statement values and other relevant information specific to insurers who are subject to financial reporting under IFRS including disclosures and related information. These include insurance contracts and certain financial instruments and service contracts, including related assets, liabilities and other financial statement items included in the financial reports of insurers.
  • To facilitate the development and introduction of relevant IANs and other educational materials to IAA Member Associations, with the goal of providing assistance to practicing actuaries globally.
  • To work with the ASC to ensure the appropriateness of any ISAP within the scope of interest of the IAC.
  • To maintain regular communication with IAA member associations relating to the activities of the IAA and IAA member associations regarding relevant IANs and other educational material.
  • To support the maintenance and management of relevant IANs and other educational material within its scope to ensure that they are relevant and up-to-date.
  • To gather and disseminate information about practices and research used by practicing actuaries around the world, as such practices and research apply to the scope of interest of the IAC.

4.  Decision-making authority

The Subcommittee operates within the IAA Statutes and Internal Regulations and works under the general direction of the IAC.

5.  Operational Matters

Frequency of Meetings:
The Subcommittee meets twice per year in conjunction with each IAA Council meeting and by teleconference as needed. Extraordinary face-to-face meetings between IAA Council meetings may be called as appropriate.

Agendas and papers:
All meetings have a formal agenda agreed to by the Chairperson (or co-Chairpersons) that are generally distributed, along with relevant papers, at least one week before each meeting. Agendas and meeting papers are available from the Subcommittee page on the IAA website.

Minutes:
Minutes of each meeting are prepared and distributed as soon as practicable after each meeting. Minutes are available from the Subcommittee page on the IAA website.

Reporting on Committee Activities:

The Chairperson (or a co- or vice-Chairperson) prepares a report on the activities of the Subcommittee on a regular basis, at least twice a year.

The Chairperson (or co- or vice-Chairperson) also provides to the IAC a written update after each Subcommittee meeting to append or for integration with applicable update reports from the IAC.

IAA Liaison:
The work of the Subcommittee is developed in conjunction with the advice of the IAC. The work products developed for external use (e.g., IANs, other educational materials, and external communications) of the Subcommittee are submitted to the IAC for approval and ongoing action. The Subcommittee liaises with other IAA Committees or Subcommittees as needed to carry out its role and activities.

External Liaison:
The Subcommittee liaises with external stakeholders as required to carry out its role and activities, in consultation with, and the approval of the IAC. These liaisons are subject to any requirements and processes of the IAA Statutes and Internal Regulations.

Other operational matters:
The Subcommittee         

  • develops a mode of operation appropriate to these Terms of Reference in order to maximize its flexibility and its capacity to adapt to a rapidly changing international context,
  • monitors relevant Internet Web sites,
  • supports the IAC in maintaining close ties with the IASB, IAASB and the IAIS in the area of insurance accounting and auditing, as applicable,
  • takes actions deemed beneficial to the actuarial profession and society as a whole.