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Committees

Solvency Subcommittee

Terms of Reference

Created – 25 November 2003, Last revised – 21 September 2009

1.  Membership

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

2.  Purpose

To promote, develop, maintain and be a point of contact for appropriate guidance in the area of solvency and risk assessment of insurers internationally.

3.  Role

  • To promote to member associations, develop and maintain appropriate guidance related to the solvency and risk assessment of insurers internationally
  • To be a point of contact for the IAIS (International Association of Insurance Supervisors)
  • To coordinate related projects with various actuarial associations
  • To propose appropriate initiatives, ensure continuity in the actions of the IAA and to follow up diligently on relevant Council decisions

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 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 must 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 work of the Subcommittee is developed in conjunction with the advice and approval of the IRC. The work products (e.g. reports, external communications etc.) of the Subcommittee are submitted to the IRC for approval and ongoing action. The Subcommittee will liaise with other IAA Committees as required to carry out its role and activities.

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

Other operational matters:
The Subcommittee will

  • develop a mode of operation appropriate to its specific mandate in order to maximize its flexibility and its capacity to adapt to a rapidly changing international context.
  • constantly monitor the relevant Internet Web sites,
  • support the IRC in developing close ties with the IAIS in the area of solvency and risk assessment of insurers
  • encourage the publication of solvency and risk assessment articles by actuaries,
  • generally take those actions deemed beneficial to the actuarial profession.

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

None