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IAA Fund

IAA Fund

Terms of Reference

Created – 13 November 2004, Last revised – 4 November 2008

1.  Membership

Membership of the Subcommittee is restricted to those appointed by IAA Council.

2.  Purpose

The purpose of the IAA Fund Subcommittee is to implement the activities financed from the assets earmarked as the IAA Fund under Article 33 of the Statutes.

The objective of the IAA Fund is to stimulate and support the development of the actuarial profession and actuarial education in actuarially developing countries, in particular where there is no professional association or where the local association is at an early stage of development.

3.  Role

  • To identify country-specific and regional opportunities and needs to support the development of the actuarial profession and actuarial education in actuarially developing countries.
  • To organize and conduct selective and catalytic activities intended to support the development of the actuarial profession and actuarial education in actuarially developing countries.
  • With due regard to the Subsidiarity Principle (Article 8 of the Statutes – Cooperation), to liaise with the authorities, actuarial associations and actuaries of the selected countries/regions to assist in the development of the actuarial profession, actuarial education and professionalism.
  • To cooperate with actuarial and non-actuarial organizations to achieve the IAA Fund’s objectives and optimize the availability of resources.
  • To elicit financial support for IAA Fund activities in the form of monetary gifts and donations of time and skills from the global actuarial community and other interested parties.
  • To act as a vehicle for identifying and providing a channel for funding sources which can underwrite more significant activities to develop the profession or support actuarial education initiatives.
  • To work with IAA Member Associations and their corresponding committees and task forces to promote the coordination and harmonization of the contributions of each entity.
  • To carry out its responsibilities in conjunction with the Advice and Assistance Committee and to prepare recommendations to be submitted to the IAA Council.

4.  Decision-making authority

The Subcommittee operates within the IAA Statutes and internal regulations and makes recommendations for consideration by the Advice and Assistance Committee that will subsequently make a recommendation to the IAA Council or the IAA Executive Committee as appropriate.

The Chairperson and Vice-Chairperson(s) of the Subcommittee are designated as Chairperson and Vice-Chairperson(s) of the IAA Fund.  A Chief Executive of the IAA Fund is also appointed by IAA Council and is an ex officio member of the IAA Fund Subcommittee.

5.  Operational Matters

Chief Executive:
The Chief Executive of the IAA Fund is responsible for the prudent financial management of the IAA Fund, may authorize expenditure from the Fund and is accountable for the Fund's financial outturn. The Chief Executive implements the operational decisions of the IAA Fund Subcommittee, for example with regard to the organization of meetings and selection of bursary recipients.

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 must generally be distributed, along with required 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 eachmeeting will be 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 will prepare a report on the activities of the Subcommittee for inclusion in the Advice and Assistance Committee’s report to the IAA Council at least two weeks before each Council meeting.
  • The Chairperson will also provide a written update report to the Advice and Assistance Committee after each semi-annual Subcommittee meeting.
  • The Chairperson (or designee) will be available to participate in a discussion of the Subcommittee’s activities at each semi-annual meeting of the Advice and Assistance Committee

IAA Liaison:
The Subcommittee will liaise with other IAA Committees as required to undertake its role and activities.

This liaison role will include the Africa Subcommittee, Latin America Subcommittee, China Subcommittee, Accreditation Committee, Education Committee, and the Professionalism Committee in relation to the development of the profession, education requirements, qualifications to practice and other aspects of professionalism.

This liaison role also will include the Supranational Relations Committee in relation to interests of supranational bodies in the development and roles of the actuarial profession in actuarially developing countries and/or regions and the Member Services Committee and the Sections in relation to creating opportunities for actuaries and others from actuarially developing countries to participate in seminars, colloquia, and congresses of the IAA and its Sections.

External Liaison:
The Subcommittee will liaise with external stakeholders as required to undertake its role and activities, subject to any requirements or processes of the IAA statutes and regulations.

Other operational matters:
The Subcommittee will share information regarding developments and initiatives in relation to its work supporting the development of the actuarial profession and actuarial education in actuarially developing countries via the Subcommittee page on the IAA website.

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

None