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Committees

Professionalism

Terms of Reference

Created – 1 August 1999, Updated – 9 August 2016

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.

2.  Purpose

To encourage and promote the development, maintenance and enhancement of professional actuarial practice internationally.

3.  Role

  • To identify and discuss issues relating to the professionalism of actuaries internationally, including (but not limited to):
    • model International Standards of Actuarial Practice (ISAPs) and educational International Actuarial Notes (IANs),
    • education requirements,
    • qualifications to practice,
    • cross-border practice,
    • professional conduct, and
    • disciplinary processes.
  • With due regard to subsidiarity, to develop and recommend for approval by the Council appropriate approaches for the IAA to adopt regarding these aspects of the professionalism of the international actuarial profession.
  • To manage the IAA activities relating to professionalism on behalf of the Council according to Council's adoption of the Principles of Professionalism.
  • To carry out the responsibilities set out in the Due Process for ISAPs and the Due Process for IANs, including:
    • To make recommendations to Council regarding the Due process for developing ISAPs and IANs.
    • To monitor whether Due Process has been followed in the development of ISAPs and IANs.
    • To receive reports from full member associations on the action taken locally following the issuance of an ISAP.
    • To ensure, in conjunction with the Actuarial Standards Committee (ASC) and the relevant Committee, that ISAPs and IANs that have been approved are reviewed regularly (normally every three years)
  • To monitor experience with the application and implementation of ISAPs and of IANs, and the Due Process for their development, and to make recommendations to the Executive Committee or Council, as appropriate.
  • To provide guidance to member associations in relation to aspects of professionalism, including the principles of professionalism and the application and implementation of ISAPs and IANs.

4.  Decision-making authority

The Committee operates within the IAA Statutes and Internal Regulations and makes recommendations for action by the Council or the IAA Executive Committee as appropriate.

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.

Internal 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 ASC in relation to the development or review of ISAPs and any Committee that may be involved in the development or review of IANs. It will also include the Education Committee and Accreditation Committee in relation to education requirements, qualifications to practice and other aspects of professionalism relevant to IAA membership.

External Liaison:
The Committee will liaise with external stakeholders as required to undertake its role and activities.

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 professionalism via the Committee page on the IAA website.

6.  Subcommittees, Working Groups and Taskforces Reporting to the Committee

Ad hoc task forces may be established for specific time-limited projects.