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Committees

Reinsurance Subcommittee

Terms of Reference

Created –1 May 2003, Last revised – 21 September 2009

1.  Membership

Membership of the Subcommittee is open to all IAA member associations.

2.  Purpose

To address and coordinate actuarial issues of particular relevance to reinsurance as well as the relevance of reinsurance to direct insurance or having another particular importance for reinsurance.

3.  Role

  • To discuss and form an opinion on actuarial issues in relation to reinsurance which concerns both buyers and providers of reinsurance.
  • To provide a platform to promote and develop internationally valid principles and/or best practices for reinsurance relating to matters such as technical reserves, capital adequacy requirements, valuation of assets and liabilities, etc.
  • In cooperation with the Insurance Regulation Committee, liaise with the IAIS on issues relating to supervision and regulation of reinsurance companies

4.  Decision-making authority

The Subcommittee operates within the IAA Statutes and internal regulations and works under the general direction of the Insurance Regulation Committee (IRC), that will subsequently make recommendations to Council or the IAA Executive Committee as appropriate.

5.  Operational Matters

Frequency of Meetings:
The Subcommittee meets twice per year in conjunction with each IAA Council meeting and by teleconference as required.

Agendas and papers:
All meetings will have a formal agenda agreed by the Chairperson which should generally be distributed along with required papers, at least one week before each meeting. Agendas and meeting papers are available from the Committee page on the IAA website.

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

Reporting on Committee Activities:

  • The Chairperson will prepare a report on the activities of the Subcommittee which the Chairperson of the IRC will integrate into his regular report to Council two weeks before each Council meeting.
  • The Chairperson will also provide to the IRC a written update after each Subcommittee meeting.

IAA Liaison:
The Subcommittee will liaise with other IAA Committees as required to carry out its role and activities with respect to reinsurance elements. This will include especially those Committees who also have close relations with the work of the IAIS (e.g. Insurance Regulation Committee) or the IASB (e.g. Insurance Accounting Committee).

External Liaison:
The Subcommittee will liaise with external stakeholders as required to carry out its role and activities, subject to any requirements or processes of the IAA Statutes and Internal Regulations. (especially with relevant subcommittees of the IAIS)

In cooperation with the IRC and the Groupe Consultatif Actuariel Européen, liaise with the European Commission on issues relating to reinsurance matters.

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

None