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Committees

General Insurance

Terms of Reference

Created – 18 October 2015, Updated - 9 August 2016

Terms of Reference

1.  Membership

Membership of the Committee is open to all IAA Full Member associations, in accordance with Article 4.3 vii of the Internal Regulations. The Committee also will have liaison representation from relevant supranational organizations.

2.  Purpose

  • To promote the actuarial viewpoint in discussions at the international level on matters relating to general (P&C) insurance* systems, and related self-insurance matters, with a particular focus on actuarial aspects.
  • To promote the actuarial viewpoint in discussions at the international level on matters related to the identification, measurement, and management of property, third party liability, and other similar risk exposures.**
  • To provide and/or facilitate GI/P&C actuarial input and perspective to endeavors of other IAA committees, as appropriate.
  • To increase the involvement and raise the profile of GI/P&C actuaries in policy debates and research on general (P&C) insurance systems; related self-insurance systems; and a broad range of issues related to the identification, measurement, and management of property, third party liability, and other similar risk exposures.
  • To support, through IAA Member Associations, actuaries working in general (P&C) insurance systems and related self-insurance fields, both private and public.
  • To support the development and promotion of GI/P&C actuarial capabilities.

 *Note: This document uses the label “general (P&C) insurance” or “GI/P&C”. In various regions of the world, “general insurance” is known as “non-life” insurance, or “property/casualty (P/C)” insurance, or "short-term" insurance.

**Note: Collectively referenced as “general insurance, self-insurance, and risk management” in these terms of reference.

3.  Role

To achieve the stated purpose, the Committee will:

  • Seek to reflect the views of the worldwide actuarial community, as expressed by the Member Associations of the IAA, in discussions and debates at the international level on general (P&C) insurance systems; on related self-insurance issues; and on the identification, measurement and management of property, third party liability, and other similar risk exposures.
  • Liaise with relevant supranational organisations on actuarial involvement in general (P&C) insurance, self-insurance, and risk management research and analysis.
  • Work with relevant experts to develop and articulate a point of view on major environmental, technological and societal shifts, opportunities, challenges and risks in which GI/P&C actuaries can bring a unique and valuable perspective.
  • Provide and facilitate resources and input to other IAA committees, as warranted, to reflect general (P&C) insurance, self-insurance, and risk management actuarial perspectives that are relevant to the work of those committees.
  • Highlight key aspects of GI/P&C that differ from life and health (and therefore the accounting, regulation, management, risk management and marketplace dynamics are different).
  • Promote the public interest through developing the role actuaries can play in general (P&C) insurance, self-insurance, and risk management research and debate.
  • Work with Member Associations to develop guidance and promote best practice for actuaries providing advice on general (P&C) insurance, self-insurance, and risk management actuarial matters; and to support the development of actuarial education for general (P&C) insurance, self-insurance, and risk management.
  • To communicate on these and related issues with other affected parties, including IAA Member Associations

4.  Decision-making authority

The Committee operates within the IAA Statutes and Internal Regulations and makes recommendations for action by Council or the IAA Executive Committee as appropriate. Its responses to exposure drafts and other pronouncements are prepared in the context of Council approved rules.

5.  Operational Matters

Frequency of Meetings

The Committee meets at least twice a year in conjunction with each IAA Council meeting and may also meet by teleconference or electronic link as required.

Agendas and papers

All meetings will have a formal agenda prepared by the Chairperson that generally must be distributed, along with required papers, at least one week before each meeting and made available on the Committee page on the IAA website.

Minutes

Minutes will be prepared and distributed as soon as practicable after each meeting and will be made available on the Committee page on the IAA website.

Votes

The committee shall attempt to make decisions by consensus. However, where necessary, decisions may be made by a simple majority of the Committee members voting either at the meeting or electronically, with the Chairperson having a casting vote in the event of a tie.

Reporting

The Committee reports to the Executive Committee (EC). To facilitate communication, the EC appoints one of its members to serve as the EC liaison person.

The Committee Chairperson will submit a proposed workplan and, where applicable, a related budget for the coming year, for EC consideration and approval.

The Chairperson will provide a written update report to the IAA Secretariat after each bi-annual Committee meeting.

IAA Liaison

The Committee will liaise with other IAA Committees and Sections as required to carry out its role and activities, and help these committees achieve theirs. This will include at least, where relevant, the ASTIN Section, Resource and Environment Working Group, Microinsurance Working Group, Insurance Accounting Committee, Insurance Regulation Committee (and its Solvency and Reinsurance Subcommittees), Education Committee, Actuarial Standards Committee, and Advice and Assistance Committee along with the developing Associations with which the Advice and Assistance Committee is working.

External Liaison

The Committee will liaise with external stakeholders as required to undertake its role and activities, including, where relevant, the International Association of Insurance Supervisors, International Accounting Standards Board, OECD, World Bank and other development banks, microinsurance facilities, and other organisations.

These liaisons are subject to requirements and/or processes of the IAA Statutes and Internal Regulations, and established policies and protocols. Public statements are made in accordance with the Branding Policy and the Due Process for Making a Public Statement.

Other operational matters

The Committee will share information regarding developments and initiatives in relation to matters relevant to general (P&C) insurance systems and related self-insurance systems via the Committee page on the IAA website.

The Committee may also periodically conduct surveys of Member Associations as required to undertake its role and activities.

Subcommittees, Working Groups and Taskforces Reporting to the Committee

None.