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Task Force on a Permanent Structure for International Actuarial Standards

Mandat

Created – 23 June 2011, Last revised –

1.  Role

  • To review the ideas in the Report of the Convergence of Actuarial Standards Task Force of September 10, 2010
  • To seek input from other organisations, such as the IASB and IAIS, as considered helpful
  • To prepare papers for discussion by the EC and Council in accordance with the schedule below, setting out alternatives
  • To prepare a final proposal for approval by Council at the appropriate time

2.  Expected Timeline

  • September 2011 (Zagreb) – preliminary discussion with Council
  • October 2011 – possible Zoomerang survey to narrow down proposals
  • May 2012 (Los Angeles) – full proposal for discussion with Council
  • June 21012 – Zoomerang survey to finalise proposals
  • July 2012 – Electronic vote on proposed structure
  • November 2102 (Nassau) – final details of implementation for voting
The Task Force will aim to provide an initial report to the EC for its meeting on 30 August 2011

3.  Issues to be Considered

  1. Overall Vision for International Actuarial Standards

    Identify needs and expectations of internal and external stakeholders

    Building on the current work of the IASSC, confirm the purposes and objectives of IAS

    Identify the goals of the permanent structure for IAS

  2. Structure

    Review how other similar entities such as IASB, IAASB,IAIS, IOPS, and IOSCO are structured

    Identify and evaluate the options for the IAA, including the degree of “independence” under each option

  3. Governance

    Involvement of Internal stakeholders (ie Member Associations)

    Involvement of existing actuarial standard-setters (in some countries, this is independent of the profession itself)

    Involvement of External stakeholders (Eg those involved in standard setting in IASB and IAIS, members of other professional bodies, academics, think-tank institutions, industry groups, consumer groups, OECD, IOPS and ISSA )

  4. Resource requirements

    Identify the resource requirements and cost implications of a permanent structure. (The Standard Setters Roundtable has already compiled some data.)

  5. Funding

    Investigate possible sources of funding.