Terms of Reference

1. Membership

The SSRT consists of a single representative of each participating actuarial standard-setter and of the International Actuarial Association (IAA). The representative of the IAA is the Chairperson, or designate, of the Actuarial Standards Committee. IAA member associations that are not standard-setters are invited to participate as observers. The Round Table selects the Chairperson from amongst the representatives, on a rotating basis, annually. A retiring Chairperson is not eligible for re-election until a period of 12 months has passed since the end of his or her term of office.

2. Mission and Purpose

The mission of the SSRT is to foster where appropriate, convergence of actuarial standards of practice internationally.

The purpose of the SSRT is to provide a forum for actuarial standard-setters that will facilitate achieving this mission.

3. Role

The roles of the SSRT encompass the following:

  • To provide a forum for exchange of experiences among standard-setters in relation to both ISAPs and local standards.
  • To act as a sounding board for the IAA's Actuarial Standards Committee and Professionalism Committee.
  • To facilitate discussion among organizations issuing standards with a view to identifying and, where appropriate, helping to resolve barriers to convergence of standards internationally.
  • Where the SSRT becomes aware of issues which could be usefully dealt with by common standards, in particular in relation to standards and other requirements promulgated by supranational entities such as the IASB and IAIS, to communicate its considerations to the IAA.
  • To identify common principles and practice in existing national standards and seek ways to reflect the appropriate ones in all national standards.

4. Decision-making authority

The SSRT has no decision-making authority.

5. Operational Matters

Frequency of Meetings:

The SSRT meets semi-annually in conjunction with each IAA Council meeting and by teleconference as required. Extraordinary face-to-face meetings may be called as appropriate.

Agendas and papers

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

Minutes:

Minutes of each meeting will be prepared and distributed as soon as practicable after each meeting. Minutes are posted on the SSRT page on the IAA website.

Reporting on SSRT Activities:

Each representative will report on SSRT activities to the entity he/she represents in the manner deemed appropriate by that entity.

IAA Liaison:

The SSRT will liaise with the Actuarial Standards Committee, Professionalism Committee and other IAA committees, subcommittees, task forces, or working groups as required in order to carry out its role and activities.

Other Liaison:

Other liaisons will recognize the informal nature of the SSRT, and will not be represented as activities of the IAA. As required to carry out its role and activities, the SSRT may liaise with its member standard-setters, other actuarial standard-setters, member organizations of the IAA, and possibly other external stakeholders such as the IASB and the IAIS.

Other operational matters:

The SSRT will develop a mode of operation appropriate to its mission and role in order to maximize its flexibility and its capacity to adapt to a potentially fluid situation over the next several years.

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

The SSRT may from time to time appoint sub-groups, drawing from the representatives at the SSRT as well as IAA member organizations, as deemed appropriate.

 

Revised: Vancouver, October 2015


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