Newsletter - December 2005
|Alf Guldberg, President
||Yves Guérard, Secretary
|Jean-Louis Massé, President-Elect
||Luis Huerta, Immediate Past President
At its meeting in Rio de Janeiro on November 19, 2005, the Council of the IAA elected the following as its officers for the calendar year 2006:
Jean-Louis Massé of Canada as President
Yves Guérard of Canada as Secretary General
Peter Clark of the United Kingdom as President-Elect
Alf Guldberg of Sweden as Immediate Past President
In this Issue
Report on the IAA Council and Committee Meetings, and on the Presidents’ Forum, held in Rio de Janeiro, Brazil
from November 16-20, 2005
- Proposed budget for 2006 adopted available online. The invoices for the 2006 fees have been sent and are payable before the end of January 2006.
- Admission of New Full Member Associations Council admitted as Full Member associations the Association des Actuaires de Côte d’Ivoire (Ivory Coast), the Persatuan Aktuaris Indonesia (Indonesia) (subject to the implementation of an education plan and to final confirmation by the Accreditation Committee), and the Slovenska Spolocnost Aktuarov (Slovakia)
Congratulations and Welcome! This brings the total number of Full Member associations of the IAA to 55.
- Appointments and Reappointments to IAA Committees and Subcommittees Consult the full list of appointments and reappointments to IAA Committees and Subcommittees online. Following the meetings, Ibrahim Muhanna of Lebanon was provisionally appointed by the President as Vice-Chairperson of the Member Services Committee, effective immediately.
- Amendments to Statutes and Internal Regulations A number of amendments to the Statutes and Internal Regulations were adopted, ranging from general housekeeping to changes to the protocol for the nomination of president-elect; membership criteria for Full Member associations; expense reimbursement policy. All changes can be consulted online.
- Revised Committee Terms of Reference The Committees on Accreditation and on Insurance Regulation saw their mandates modified. Consult their new mandates online.
- The Role of IAA Delegates to Outside Organizations and Sections formally adopted.
IAA meetings in Rio de Janeiro: a mix of work and play surrounded by natural beauty!
|The recent IAA Council and Committee meetings held in Rio de Janeiro, Brazil reached a record high for an out of Europe location! In total, there were 163 delegates and 40 accompanying persons representing 26 countries. Representation by membership category was as follows: 29 of 50 Full Member associations, 2 of 3 Institutional Members and all six sections. Total voting rights represented, including proxies and ballots, totalled 73.73%!
Roberto Westenberger and
Vera Romero of IBA
|The Insurance Accounting Committee (IAC) had the pleasure of welcoming Nelson Carvalho, Chairman of the Standards Advisory Council of the International Accounting Standards Board to its meeting.
From left to right: Paul McCrossan, Vice-Chairperson, (IAC); Nelson Carvalho; Yves Guérard, IAA Secretary General; Francis Ruygt, Vice-Chairperson, IAC; Sam Gutterman, Chairperson, IAC
IBA's Board of Directors chose a symbolic way to thank the IAA for having chosen Rio to host its November 2005 meetings by sending a photo of their "ad hoc" Ambassador, to be shared with all participants.
The IAA wishes to thank its Brazilian hosts, the Instituto Brasileiro de Atuária (IBA), who found an original way to demonstrate their culture: through the living arts of dance! Delegates took pleasure in relieving their stress from a hard day’s work by joining in the dance festivities.
|Mr. Luiz Alberto Garcia Alvernaz,
President of the IBA, receives a
blown glass replica of the IAA globe
from President Alf Guldberg, as a
token of appreciation for having
organized these meetings.
Presidents’ Forum held in conjunction with IAA meetings The second Presidents’ Forum was held on Sunday November 20 at the conclusion of the IAA Council and Committee meetings. Twenty-three leaders of our Full Member associations gathered to discuss topics of mutual interest and share their views on various strategic issues they felt were important for the profession globally. In the end, six participants volunteered to champion the strategizing of one of the following topics and to pursue discussions with the other actuarial presidents over the coming months. The topics selected by the presidents, and their champions, are:
- Global education, examination and accreditation – Chris Daykin
- Enterprise risk management (ERM) – Tony Coleman
- Review of the governance structure of the IAA – Andrew Gale
- Branding and positioning of the profession – Robert Beuerlein
- Financial management – Paul Braithwaite
- Adding value to belonging to the IAA – Michael Pomery
The next meeting is planned for May 28, 2006 in Paris, France, just prior to the start of the 28th International Congress of Actuaries. If you are the president of a Full Member association, plan to be there!
Reports by the President and the Secretary General available online
Recognition of Outgoing Chairpersons
The IAA dinner on November 18 was the perfect opportunity to thank outgoing chairpersons for their service to the IAA. Paul Thornton (photo on the left) and Norbert Heinen (photo on the right) were recognized by their peers for their leadership of the Pensions and Employee Benefits Committee from 1996 to 2005 and the Accreditation Committee from 2000 to 2004, respectively. President Alf Guldberg presented them with a plaque of recognition and an IAA pin.
The meetings of the IAA were followed on Monday, November 21 by a Risk Seminar organized jointly by the IBA and the IAA Financial Risks Committee (chaired by David Kingston) and also by the 6th Congresso Brasileiro de Atuàrios and 7th Congresso Pan-Americano de Atuarios, all held in the same location.
Creation of a Task Force on the
Feasibility of a Global Actuarial Qualification
A new task force is launched As a result of the many discussions in Rio, and on the recommendation of both the Strategic Task Force and the Executive Committee, the President, in consultation with the Nominations Committee and in accordance with the powers vested in him under Article 9 of the Statutes, provisionally approved the creation of a TASK FORCE ON THE FEASIBILITY OF A GLOBAL ACTUARIAL QUALIFICATION. The IAA is currently in discussions with the World Bank for funding of this initiative and a formal report will be presented to Council in advance of its May 28 meeting in Paris. Follow the developments in this area through our discussion group forum. The Terms of Reference and membership are as follows:
Terms of reference
- To examine the feasibility of establishing, under the auspices of the IAA, a universally available global actuarial education and examination system, leading to a globally recognized qualification as an actuary
- To ensure that, in keeping with the principle of subsidiarity, no member association is in any way compelled to modify its existing system but can opt to make use of the global system to provide totally or in part for the education and examination of its members.
- To examine the various avenues for cooperating in this endeavour with member associations and with universities to combine the use of available resources and new technologies in order to achieve an optimal balance of coordination, internal management, outsourcing and subcontracting
- To draw up an implementation plan and timeline and to consider the administrative and actuarial resource requirements for the IAA, how they might be put in place, including the strategy for moving to a self-sustainable system, and what external financial support might be needed initially to establish the system and to manage it until it becomes self-sustaining
- To consider the financing options available from international funding agencies (such as the World Bank, ADB, FIRST Initiative, IADB, etc.) and how they might be tapped in a way that is consistent with IAA’s principles and supports the priority objectives
- To submit a draft report supporting recommendations to be incorporated to the 90 day agenda for the Paris meeting, receive comments and submit the final report and recommendations in time for inclusion in the 30 day agenda for the Council to consider and, if appropriate, to adopt at its May 2006 meeting.
The members comprise the Officers, the leadership of the relevant committees and others appointed to represent different educational systems and areas of practice achieving cultural, geographic and linguistic diversity as follows:
- Carla Angela
- Jean Berthon
- Peter Clark
- Chris Daykin
- Yves Guérard
- Alf Guldberg
- Steve Handler
- Norbert Heinen
- Ron Hersmis
- Luis Huerta
- Jim MacGinnitie
- Helen Martin
- Jean-Louis Massé
- Mary Frances Miller
- Masaaki Yoshimura
The Task Force shall be chaired by the Immediate Past-President of the IAA
(Luis Huerta for 2005; Alf Guldberg for 2006)
A New Section for the IAA
November 19, 2005 marks the beginning of the IAA’s seventh Section! The Life Section was created and promotion for this new section has already started. Interested in joining? Visit the Web site
While on the Web site, familiarize yourself with the other six Sections of the IAA, namely AFIR/ERM, ASTIN, AWB, IACA, IAAHS (Health) and PBSS (Pensions, Social Security).
Annual membership fees for all sections are low at $40 CAD each (except
for AWB whose dues are $20 CAD) which, depending on conversion rates,
translates into approximately $35 US or €30.
News of the 28th International Congress of Actuaries
May-June 2006 - Paris
It is not too late to make a donation to the Congress Bursary Fund. If interested, contact the IAA Secretariat at email@example.com.
In conjunction with the release of a more detailed scientific program, the Congress organizers have just announced an EXTENSION to the registration Period B.You now have until JANUARY 28, 2006 to take advantage of the Period B low registration fees.
A significant number of contributions have been received and the Congress promises to be very rich in scientific and professional presentations. As of December 20, new information on the Congress is being published periodically on the Congress Website: www.ica2006.com and, more importantly, during the course of the scientific sessions’ development. Do not forget to visit the site regularly!
The organizers are looking forward to welcoming you to Paris in May 28 to June 2, 2006!
IAA Secretariat Growing
In November, the IAA Secretariat added a full-time employee to its staff. Celeste Leclerc joined as Project Manager, Membership and Development. Her portfolio comprises Accreditation, Education, Professionalism and Advice and Assistance. Celeste comes to the IAA with many years of experience, and more importantly, during the past four years she was Member Relations Coordinator for Precarn Incorporated, a national, member-owned industrial consortium supporting the development of intelligent systems technologies through its extensive network of corporations, research institutes and government partners.
Christian Levac, who is now full time with the Secretariat as of October, is now Manager, IT and Member Services. His focus is to support all electronic functions, the Web site, the Sections and the Member Services Committee.
Katy Martin’s role is now Project Manager, Technical Projects. Her responsibilities focus on the work of all technical committees, standards, public statements, and assistance at meetings.
In the News
IAA Chairperson Receives Medal of Honor
The Actuarial Society of South Africa recently awarded its highest honour, the Murray Medal, to Steve Handler, IAA Chairperson of the Advice and Assistance Committee, for outstanding service to the profession over an extended period. Congratulations Steve!
Update on the Work of IAA Committees and Sections
Click on the committee or section name to learn more about their activities.
Advice and Assistance
Pensions and Employee Benefits
IAA Fund meeting in Indonesia, September 2005: President Alf Guldberg was joined, inter alia, by Secretary General Yves Guérard; Chair of the A&A Committee, Steve Handler; and Chair of the Member Services Committee, Peter Clark at the Fourth International Professional Meeting of Leaders of the Actuarial Profession and Actuarial Educators in Bali, Indonesia in September 2005. The IAA delegation also participated in the 13th EAAC meeting held in the same location earlier the same week; President Alf Guldberg addressed the meeting at the closing ceremony while both Yves Guérard and Peter Clark made presentations in Plenary sessions. The agenda of the IAA Fund meeting, presentations and final meeting report are available on the IAA Fund section of the Website.
IAA Fund group photo
Panel with President Alf Guldberg at far left
IAA Events you won’t want to miss
May 25 to 28, 2006 – Paris, France
Council and Committee Meetings and Presidents’ Forum
May 28 – June 2, 2006 – Paris, France
28th International Congress of Actuaries
Note that all Sections will be holding sessions jointly with the Congress
Register by January 28, 2006 and Save $$$
Long Range Planning
The International Actuarial Events Calendar is the perfect tool for your long range planning. Visit it often through the link on the IAA’s home page. Member associations are encouraged to post their events in the calendar to make the tool as useful as possible. If you have misplaced your association’s login and password, send an email to firstname.lastname@example.org.
Symposium on “Finance and Insurance” within the 8th Congress of SIMAI (Italian Society of Mathematics Applied to Industry)
Call for Papers
In the context of the 8th Congress of SIMAI (Italian Society of Mathematics Applied to Industry), which will take place from May 22-26, 2006 at Ragusa, Sicily (see www.iac.rm.cnr.it/simai), there will be a Session (or Symposium) devoted to “Finance and Insurance”. At least eight half an hour talks are expected.
Possible topics include: Quantitative risk management; Liquidity and model risks; New markets of derivatives (e.g. insurance, energy, weather, environment derivatives etc.); Social insurance and pension funds.
Those wishing to submit a presentation are requested to send title and abstract, by January 31, 2006, to one of the scientific organizers of the Symposium, namely:
- Marcello Galeotti, Dimad, Florence, email@example.com
- Vincenzo Vespri, Math. Dept. “U. Dini”, Florence, firstname.lastname@example.org
19TH INTERNATIONAL SUMMER SCHOOL 2006 OF THE SWISS ASSOCIATION OF ACTUARIES ON
Quantitative Risk Management: Concepts, Techniques and Tools
Dates: Monday, July 10 to Friday, July 14, 2006
Location: University of Lausanne, Lausanne, Switzerland
Scientific Directors: Alexander McNeil, Rüdiger Frey, and Paul Embrechts
The course is based on the new textbook entitled Quantitative Risk Management: Concepts, Techniques and Tools by Alexander McNeil, Rüdiger Frey, and Paul Embrechts
For more information and online pre-registration, visit the Web site: www.saa-iss.ch
News from Member Associations
The Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires and the Instituto Actuarial Argentino, are organizing the 8th Pan American Congress of Actuaries to be held in Buenos Aires, Argentina from October 18-20, 2006. Full details will be available on the Web site: www.cpcecf.org.ar. Participation by actuaries and by other professionals related to actuarial subjects is welcome.
Institute of Actuaries of Australia
Governance & Regulatory Review
The Institute embarked on a major project at the beginning of the year to conduct a concurrent review of its Code of Conduct, Disciplinary Scheme, CPD Standard and PS200, and to develop new standards covering External Peer Review and Financial Condition Reports in General Insurance. This significant Governance & Regulatory review project also included a review of the way in which the IAAust sets standards and the structure of the Professional Standards Committee.
Actuarial Society of India
The Actuarial Society of India’s 8th Global Conference of Actuaries will be held in Mumbai, India on March 10 and 11, 2006. Details are available at http://www.actuaries.org/EVENTS/Seminars/Global-conf-final-PDF.pdf
Society of Actuaries (SOA), United States
SOA Board approves a New ASA-Level Enterprise Risk Management Designation
In support of the strategy to position members for new opportunity, the Society of Actuaries' Board of Governors approved a new ASA-level enterprise risk management designation. This new designation was designed to help members exploit enterprise risk management (ERM) opportunities. Click here for more information on this.
New Zealand Society of Actuaries
Following its AGM, the Council of the New Zealand Society of Actuaries is as follows for the year 1 October 2005 to 30 September 2006:
|Immediate Past President:
|| Greg Lee
It is with great regret that we learned of the recent passing of two actuarial colleagues.
Björn Ajne, of Sweden, member of the IAA Council for many years until its restructure in 1998
Dudley Funnel, of Canada, former Secretary of the IACA Section.
Interested in the History of Actuarial Science?
Visit the following Web site created by Henk Wolthuis, University of Amsterdam, The Netherlands:
If you have interesting actuarial material that you would like to share, contact Henk at email@example.com.