Newsletter - March 2005
|Alf Guldberg, President
||Yves Guérard, Secretary
|Jean-Louis Massé, President-Elect
||Luis Huerta, Immediate Past President
IAA Official Representation
The IAA officers have been busy representing
the IAA at official events since the beginning of the year. President Alf Guldberg was present
at the Biennial President’s dinner in Ireland as well as at the 7th Global Congress of
Actuaries in New Delhi, India (see
report in this newsletter). Past President Luis Huerta continues to serve us well.
He represented the IAA at the IAA Fund meeting in Panama (see
report in this newsletter), then at the meeting of the North American Actuarial Council
(NAAC) in Oaxaca, Mexico and at a meeting of Latin American Supervisors (ASSAL) in Bolivia.
He will also represent us at a World Bank Conference next month. Secretary General Yves Guérard
represented the IAA at the 9th Regional Pension and Social Insurance Conference in Beirut (see
report in this newsletter).
In the News
Observer Member The IAA is pleased to announce that, in January 2005, the
World Bank joined the IAA as its first Observer Member. The IAA looks forward to a long
and mutually beneficial relationship with the World Bank.
Huerta Honoured Immediate Past President of the IAA, Luis Huerta, was recently
honoured by Anahuac University. He received the Medalla Liderazgo Anahuac en Actuaria 2004
(the 2004 leadership medal in the actuarial field) in a ceremony that took place on February
10, 2005, as part of the university’s 40th anniversary celebrations. The University
wished to recognize the graduates of its actuarial school who represent an example for
younger generations through their brilliant and impeccable career path, their commitment
to high values for the human race and society and for their contribution to the development
of the country. Following a careful review, the University Council unanimously decided
to award the leadership medal of Anahuac for 2004 to Luis Huerta in recognition of his
status as a well-known actuary in Mexico, his outstanding leadership as president of
the International Actuarial Association, his valuable contribution to the insurance sector
through his various directorships and his commitment to the development of the actuarial
profession in Mexico.
Review Issues Final Report Download
the report. Read
the comments from the profession.
Relief Through the generous contributions of our members, the IAA has collected
$17,250 CAD on behalf of UNICEF to aid the victims of the Tsunami disaster. Thank you
to all who contributed!
General and Chairperson of Audit and Finance Committee Visit IAA Secretariat Yves
Guérard, Secretary General, and Curtis Huntington, Chairperson of the Audit and
Finance Committee, met with the staff of the IAA Secretariat in Ottawa earlier this month
to review the year-end financial statements and perform other duties arising from their
respective roles. They also took advantage of this opportunity to meet with the Executive
Director of the Canadian Institute of Actuaries, Daniel Lapointe.
Left to right:
Curtis Huntington, Chairperson, Audit and Finance Committee
Daniel Lapointe, CIA Executive Director
Nicole Séguin, IAA Executive Director
Yves Guérard, Secretary General
- IAA Launches
New Web Site The
IAA has done it again! We have launched a new streamlined Web site that is more transparent
for non-members, the result of strategic plan discussions for
the IAA. The new
site does not
require logging in to the members’ site each time a member wishes to access it.
Once you have opened an account, you will automatically be logged into the site whenever
you go to it. This is only one of many new features. We invite you to explore the others!
It is a major undertaking whenever a Web site is revised, therefore we indulge in your
patience as we continue to make all the necessary adjustments. In the meantime, if you
have any questions about the site, or wish to draw a missing link to our attention, or
have any other comment, please communicate with Christian
Actuarial Association Established in Portugal Read
about the newest actuarial association in Portugal. They have been invited to join
- How to open your account
to access the members’ section of the Web site? To
access the Members section on the IAA
Web Site, click the flashing LOGIN TO MEMBERS SECTION button in the orange bar. Enter your Email address in the box below Don’t
Have an Account Yet?. An automated process will verify whether you already have an account setup. If you
do, you will receive an email message with your account details within a few minutes. If
you don't, the system will verify your Email address with our membership database. If the
system locates your Email address, you will be taken through a simple process to create a
new account. If we cannot locate the Email address, you will be prompted to complete a form
which will allow us to verify your details and enable us to create an account on your behalf.
to find a colleague worldwide? Once you
have gained access to the Members section, the LOGIN TO MEMBERS SECTION button changes
to MEMBER TOOLKIT. Click the MEMBER TOOLKIT button, then select Membership Directory Search.
The form allows you to perform a search of the membership directory of over 39,000 actuaries
worldwide, based on various criteria such as name, company, city, country, section affiliation,
etc. The more criteria you enter, the narrower the search results will be. The results
your search will appear on a new page with 15 results per page. Navigate through the results
by using the buttons (First Page, Next 15, Previous 15, and Last Page). Click on the link
found on the name of the person to view the complete details of the member. Please note
that this feature will not permit the creation of mass distribution lists.
- What we do with your money?
Have You Missed a Deadline?
this article to find out what you might have missed.
Update on the Work of
Update on the Work of
Find out what is happening within the IAA
sections and how you can contribute to their work.
this article to find out what events are being planned.
Have you got yours yet? A Global Framework
for Insurer Solvency Assessment: A Research Report by the IAA’s Insurer Solvency Assessment
Working Party – Less than 100 copies left - Order Your Copy Today – CLICK
Encyclopedia of Actuarial
Wiley UK has recently published an Encyclopedia
of Actuarial Science. A website has been created (http://www.wiley.com/legacy/wileychi/eoas/)
where you can obtain all the details of the Encyclopedia and information on how to order your
own personal copy. This site has links to Wiley in the US, Canada, and Europe (UK and Germany).
Asia and Australia do not have an online ordering facility at present, but email, phone and
fax options exist. Orders from IAA member organizations and their individual members will benefit
from a 20% discount.
CAS Web Site and the ASTIN
The CAS Web Site’s “Online
Database of Actuarial Abstracts” is a searchable database of actuarial research
paper citations. The Catalog contains citations for over 4,000 papers and includes abstracts
and links to papers that are available online. Users can download full texts of papers through
the Web Site’s publications
section. This section includes the Proceedings from 1914-present and all issues of the
CAS Forum and Discussion Paper Program that have been published.
The complete collection of over 600 articles
in the IAA ASTIN Bulletin is online on the CAS Web Site. These papers are available to ASTIN
members through a direct linkage from the IAA Web Site at www.IAA-ASTIN.org.
News from Member Associations
about education opportunities.
You Missed a Deadline?
The deadline for paying your 2005 IAA association
dues and individual membership section dues was January 31, 2005. If you have not already
done so, please send full payment to the IAA Secretariat as soon as possible in order to maintain
The completed education questionnaire was
also due on January 31, 2005. Please ensure your association has complied with this
Completed Full Member association confirmation
forms for 2004 were due on February 28, 2005. This is an important requirement for maintaining
Full Member status in the IAA. Please ensure your association has returned its completed form.
The IAA will use the Fast Track Procedure
to officially respond to the following requests for comments. Your association has until the
specified deadline to object to the use of the fast track procedure.
April 10, 2005 - IAIS Consultation
Paper Towards a common structure and common standards for the assessment of insurer solvency:
Cornerstones for the formulation of regulatory financial requirements
April 25, 2005 - IAASB Exposure Draft
on Auditing Accounting Estimates and Related Disclosures
April 25, 2005 - IAASB Exposure Draft
on Materiality in the Identification and Evaluation of Misstatements
on the Work of IAA Committees
Chris Daykin, Chief Executive
Actuaries Serving the Public Interest
The 14th International Meeting of Leaders
of the Actuarial Profession and Actuarial Educators took place in Latin America Tuesday, February
15 and Wednesday, February 16, 2005 at the Crowne Plaza Hotel in Panama at the invitation of
the actuaries in Panama, led by Luis Martinez.
Meeting invitees included representatives
from 13 countries in the region: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba,
Dominican Republic, Ecuador, El Salvador, Mexico, Nicaragua, Panama, Peru, as well as from
Canada, South Africa, Switzerland, the United States and the United Kingdom. The meeting was
supported administratively by Luis Martinez of Panama and Nicole Séguin of the IAA Secretariat.
The IAA Fund hosted a welcome dinner at the Crowne Plaza Hotel on the Tuesday evening. A closing
dinner overlooking the Panama Canal was sponsored by Aseguradora Mondial on the Wednesday evening.
The final agenda and papers presented at
the meeting are available on the IAA Web site under the IAA Fund button by selecting Meetings
then Latin America. Reports were received from nine countries reporting on the many developments
in the profession and the role of the actuarial association in different countries, and these
are also available on the Web site.
There was general agreement that such a meeting
is important for the region and that a further meeting should, if possible, be organised in
2006 or 2007. At the conclusion of the meeting, several delegates signed a letter proposing
the formation of a Centro Actuarial Panamericano (PAC) as a means for formally developing the
profession in that region.
Help support the activities of the IAA Fund
Subcommittee. The IAA Fund is in constant need of funding in order to meet the demands of developing
the profession internationally. The recent meeting in Panama was the Fund’s first event
for 2005. Participants were very enthusiastic about the outcome of the meeting and look forward
to contributing to the advancement of the profession in Latin America. The 15th event is planned
for September 2005 in Bali to aid in the Asia-Pacific Region. Financial contributions from
organizations and individuals are being solicited to ensure the success of this planned event. Click
here to make your contribution today for 2005.
The Actuarial Society of South Africa (“ASSA”)
hosted the latest in a series of IAA meetings on financial risk. The two-day seminar, held
at the Sandton Convention Centre in Johannesburg on March 8 and 9, comprised 11 plenary sessions
and 8 concurrent sessions. Four concurrent sessions focused on the insurance sector and the
other four dealt with financial risk in the banking sector.
A variety of financial risk experts addressed
delegates on a wide range of issues, including macro-economic financial risks in Southern Africa,
the use of exchange traded funds to manage financial risks, corporate governance, securitisation,
the role of insurance in mitigating risks facing the poor, enterprise risk management, past
business crises and, of course, the implementation of Basel II.
Presenters included professionals from other
disciplines, e.g. economists, accountants and representatives of regulatory authorities. The
input from these non-actuarial experts added a valuable further dimension to discussions. Some
delegates, however, experienced the risk of high blood pressure during a presentation by a
South African financial journalist, who criticised local life offices.
But, “all work and no play …” (and
actuaries certainly aren’t dull!) Dinner was held at a traditional restaurant, which
afforded delegates the opportunity to taste crocodile, giraffe and a variety of antelope. Those
less adventurous could partake of “tame” meat, salads and “pap” (a
traditional maize meal dish).
The final session entailed a panel discussion
on the risk management function. After David Kingston had spoken the final word, delegates
were treated to a performance by the choir from a Sowetan school that participates in ASSA’s
enrichment programme for pupils from previously disadvantaged communities.
Seven Preliminary Practice Guidelines
The Subcommittee on Actuarial Standards
of the Insurance Accounting Committee has had a very busy last twelve months. In September
and November 2004, we issued seven preliminary exposure drafts for Practice Guidelines (available
for download from the IAA’s website) that may be used by actuaries working for or with
insurance entities in conjunction with International Financial Reporting Standards (IFRS).
This effort has been undertaken to provide actuaries and other financial reporting practitioners
with an easy to use source of practice and educational guidance. It is hoped they will prove
useful as background in the application of IFRS, which will be used by many European and other
insurers beginning this year.
The Practice Guidelines are not intended
to interpret these accounting standards. Rather, we hope that they will prove useful in raising
awareness regarding the standards and their implications, so that more comparable and reliable
financial results are prepared. In addition, the Practice Guideline entitled Actuarial Practice
will provide assistance to actuaries in supporting the development of financial statements
by their employers and clients.
All seven standards are being issued as class
4 International Actuarial Standards of Practice, referred to as Practice Guidelines. Although
they are referred to as “standards,” they will only be required to be followed
if the actuary is required (by statute or regulation) to do so, the client of the actuary requests
the actuary to comply with them, or the actuary indicates that he/she has followed them. In
addition, each local actuarial association has the option of endorsing, adopting, or adapting
them to their local circumstances.
The two sets of Practice Guidelines issued
thus far will be the topic of discussion at a meeting of the subcommittee on April 11 and 12
in London. The source of discussion and debate will be the twenty-five sets of comments on
the preliminary exposure drafts received from actuarial associations, accounting associations,
and interested individuals, among others. At this meeting, the subcommittee will certainly
make changes to the initial exposure drafts distributed. We will recommend to the IAA Council
whether a re-exposure is needed depending on the extent and type of changes we make.
We hope to distribute one further set of
Practice Guidelines regarding the financial reporting of insurers in conjunction with IFRS.
We encourage actuaries and others involved in financial reporting to review our progress with
these Practice Guidelines.
March 23, 2005
Sam Gutterman, Chair, IAA Committee on
Paul McCrossan and Francis Ruygt, Co-chairs, Subcommittee on Actuarial Standards
Committee Member Terri Vaughan has been nominated
to represent the IAA as an observer on the Solvency Subcommittee of the International Association
of Insurance Supervisors (IAIS) and David Sandberg as the alternate representative. The committee
continues to work on various responses to the IAIS documents.
In previous updates I have asked for enthusiastic
volunteers to come forward to establish a Life Section of the IAA. I am delighted to say that
Stuart Wason and Kurt Wolfsdorf have accepted that challenge and are already working on the
project. Several actuaries from around the world have indicated their interest in this proposed
new section and there will be a preliminary meeting in Rome in the afternoon of Thursday, June
16. Please do come along!
on the Work of IAA Sections
ASTIN’s next colloquium will be in
Zurich, Switzerland, September 5-7, 2005 and will include a joint day with AFIR/ERM. There will
not be a separate ASTIN Colloquium in 2006 in order to encourage participation in the International
Congress. In June 2007 the ASTIN Colloquium will be held in Orlando, Florida, at Disney World,
where ASTIN will celebrate its jubilee 50th Anniversary.
Elections. A general election will be held
during the General Assembly of the 2005 ASTIN Colloquium in Zurich. One member will be elected
to the ASTIN Committee, in the capacity as Editor, to replace a recent vacancy due to retirement.
Candidates for election should write to the ASTIN Chairman, David Hartman. Candidates sponsored
by their national actuarial association will be given additional consideration.
Sections are quickly becoming a key area
of interest to the IAA, and its leadership is actively encouraging their development in order
to bring together actuaries from around the world. IAA Sections are grassroots organizations
that largely set their own agendas. The IAA Health Section Committee (HSC), which was formed
in 2003 to lead the newly formed Health Section (IAAHS), has been very busy planning how best
to serve the needs of the international health actuarial community. Our three most important
recent activities are: adopting a planning document entitled “Way Forward Proposal” (this
important document can be viewed in the Health Section portion of the IAA web site at www.iaa-iaahs.org),
forming of nine Topic Teams, and organizing a health track for the Paris International Congress
of Actuaries in May-June 2006.
In late November the HSC formed nine Topic
Teams designed to bring our HS members together to work on problems and areas of interest to
a broad cross-section of our members --- so they are vital to the HS’s success. The new
Topic Teams and their Team Leaders are as follows:
- Long Term Care Insurance (Avi
Bar Or, Israel)
- Income Protection Insurance (Dan
- Critical Illness Insurance (Sue
- Private Medical Expense Insurance (Alex
- Voluntary Health Insurance (to supplement
Social Insurance benefits), combined with Public-Private Health System Partnership Team
The goals for Topic Teams are to create an
international community of actuaries and others (membership is not limited to actuaries) who
seek to gather, discuss, research, and disseminate information to our members. The “Way
Forward Proposal” provides a more in-depth description of Topic Teams and their importance
to our future. If you have an interest in joining one of these Topic Teams, please contact
the Team Leader.
Following on the success of our first two
international health colloquia, one in Cancun during ICA2002 and the other in 2004 in Dresden
Germany, we are actively planning our third international meeting, which will be held as a
part of ICA2006 in Paris. We have formed
an Organizing Committee headed by Claude Ferguson to
coordinate our efforts with the Paris Organizing Committee and to develop our scientific program.
I encourage those of you with interests in
health insurance or health care financing who have not already joined the IAA Health Section
to go to the IAAHS web site and sign-up
by clicking “How to Join”. 2005 dues will be collected through your national actuarial
IACA Report from November 2004 to March
1. As already reported, the biennial general
meeting of IACA elected Adrian Waddingham (UK) as Chairman and Mike Toothman (US) as Vice Chairman
at Sydney in November 2004. The Secretary/Treasurer is Margaret Sherwood (US). These appointments
all followed the biennial IACA Conference in Sydney, so successfully organised by past Chairman
2. New members were also elected to the
IACA Committee, which now numbers 18 people, spread both geographically and by consulting business
area, and including two nominees of IAA.
3. IACA’s new constitution was also
ratified in Sydney and is being presented at the IAA meeting in Rome for the final endorsement
of IAA Council.
4. The new IACA constitution provides for
four function committees: Professionalism (Chairman Jay Jaffe, USA), Publications (Chairman
Andrew Vaughan, UK), Research (Chairman Ken Buffin, US), Membership (Mike Lombardi, Canada).
5. IACA has recognised that it is sometimes
difficult and expensive for members to attend their biennial conferences, and it is now holding “mini” IACA
meetings every year and in conjunction with other organisations. There was a mini IACA meeting
held at London Gatwick in February 2005 and attached to the Annual Conference of the UK’s
Association of Consulting Actuaries. About 60 members attended the half-day programme.
6. There will be two joint meetings later
in 2005. The first will be as part of the East Asian Actuarial Conference in Bali, Indonesia,
in September 2005, and also as part of the CCA Conference in Ashville, North Carolina in November
2005. In this way IACA is bringing its events closer to the members, and arranging them more
7. Emmanuel Tassin (France) is already heading
an IACA committee making preparations for the IACA programme content at the IAA Congress in
Paris in June 2006.
8. At present the paid-up membership of
IACA is around 500, although efforts are being taken to more than double this in time for the
Paris 2006 congress.
Global Conference of Actuaries (GCA)
|Quote from FICCI website:
“ The 7th GCA aims to provide a platform for interaction at a global level amongst
actuaries and other finance experts on financial and risk management subjects relating to
insurance and financial services industry.”
|From left: Mr. Onkar
S. Kanwar, President, FICCI, Mr. C. S. Rao, Chairman, IRDA,
Mr. Alf Guldberg, President, International Actuarial Association
Mr. Liyaquat Khan, President, Actuarial Society of India
The Actuarial Society of India (ASI), in
conjunction with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the
International Actuarial Association (IAA), held the 7th Global Conference of Actuaries (GCA)
from February 15-16, 2005 in New Delhi. The Conference has been held annually since 1999 and
is a unique opportunity for the global actuarial community to get together and share experiences
and insights for mutual benefit. IAA President, Alf Guldberg, represented the IAA at this annual
The inaugural session comprised a welcome
address by Mr. Onkar S Kanwar, President FICCI, stressing the need for actuaries to enlarge
their "canvas of knowledge”; a theme presentation by Mr. Liyaquat Khan, President
ASI, highlighting the achievement of ASI towards the globalisation of the actuarial profession
and the setting up of the Mortality and Morbidity Investigation Bureau, and a special
address by Mr. Alf Guldberg, President of the International Actuarial Association, discussing the ongoing
Morris Review in the United Kingdom and referring to meetings with Sir Derek and his team in
Washington. Mr. Guldberg stated that 2005 would be an eventful year with the introduction of
practice guidelines for International Financial Reporting Standards as well as the implementation
of the IAA education guidelines for all Full Member associations.
Mr. Jean Berthon, Vice President of the Institut
des Actuaires in France, gave a brief description of the actuarial profession in France and
made a presentation on the 28th International Congress of Actuaries planned for June 2006 in
The 7th Global Conference of Actuaries provided
an excellent opportunity for the Indian actuarial profession to interact with the international
actuarial community and to learn about and adopt best global actuarial practices for India.
You can find
out more about the conference
Regional Pension and Social Insurance Conference, Beirut
The National Social Security Fund and The
Muhanna Foundation presented the 9th Regional Pension and Social Insurance Conference in Beirut,
Lebanon, 20-22 February 2005. The theme of the conference was "The Government Role and/or
Control" and discussion topics included: Pension Reform, Governance, Unemployment, Privatization,
Supervision, Investment, Healthcare, IT, Actuarial Valuation, Accounting Standards, Portability,
and Private Insurance as a Third Pilar.
to right) Hassan Mohanna (Lebanon), Hussein Jbara (Lebanon), Mohammed Larbi Nouha
(Morocco), Wa'el Akram Asa'd Saqqa (Jordan), Fatma Kharusi (Oman), Rashid Al Meer (Bahrain),
Abdel Malek Alama (Yemen), Mohammad Karaki (Lebanon), H.E. General Emile Lahoud (President,
Lebanon), Ibrahim Muhanna (Lebanon), Yves Guérard (Secretary General, IAA), Curtis
Huntington (United States), Chris Symeonidis (Greece), Chris Daykin (United Kingdom),
George Psaras (Cyprus), Jamal Berry (Lebanon), Joseph Khalife (Lebanon)
to right) Yves Guérard, Secretary General, IAA;
Ibrahim Muhanna, Chairman, Board of Trustees, The Muhanna Foundation; H.E. Mr. Assem Kansou,
Minister of Labour, Lebanon;
Dr. Mohammad Karaki, Director General, National Social Security Fund, Lebanon; and Michal
Rutkowski, Director, Human Development Sector MENA Region, The World Bank
Address and presentation by Secretary-General
IAA Events you won’t
want to miss
and Committee Meetings
June 13-16, 2005 – Rome, Italy
International Congress of Actuaries
May 28 – June 2, 2006 – Paris, France
Pre-registration is now open
Paris 2006 Bursaries
As part of its Outreach program and to take
advantage of the educational opportunities that the Congress offers, the IAA will be making
bursaries available to a limited number of persons from developing countries wishing to participate
in the Congress, but who will require some form of assistance. Member associations are invited
to help identify suitable candidates in order to leverage this important event to increase
the outreach of the global actuarial profession and achieve diversity.
The Member Services Committee will soon be
posting an Application Form on the web site, targeted at younger actuaries and potential leaders
of the profession in developing countries, in search of candidates for bursaries to attend
the 28th International Congress of Actuaries in 2006. The criteria for the award of bursaries
together with an application form will be announced and posted to the Web site shortly. Please
note that bursaries are reserved for residents of developing countries (GNP per capita of less
than US$5,000 per annum) and preference will be given to persons actively participating in
the Congress as presenter or author of a paper and also to those who are actively contributing
to the development of the profession in their home country.
During the meetings in Washington, the ASTIN
Committee offered a contribution of C$25,000 to the IAA Bursary Fund and challenged other sections
and associations by offering to match their contributions up to a further C$15,000. More money
is needed in order that as many people as possible can benefit from the Congress. Please encourage
your association, your section or any other funding body of which you are aware to donate generously!
If you would like more details please contact Peter
Clark or Nicole Séguin.
APRIL 11-15: World Bank 3rd Contractual
Savings Conference: Once again, the IAA will be co-sponsoring the World Bank’s
3rd Contractual Savings Conference: Supervisory and Regulatory Issues in Private Pensions
and Life Insurance on April 11-15, 2005 in Washington, DC. This year’s conference
will focus on global standards for insurance and pension, risk-based supervision, risk
management with a specific focus on asset and liability management, investment process
and retirement products. Find out more about
the exciting program and how you can participate.
MAY 1-3: Enterprise Risk Management (ERM)
Symposium, Chicago Downtown Sheraton www.ermsymposium.org
MAY 16-19: Asset Liability Management
- Techniques and Practices for Insurance Companies presented by the Society of Actuaries
and Nexus Generations at the Royal Windsor in Brussels, Belgium, May 16-19, 2005
May 16, 2005
Designed to provide a review of fundamental ALM concepts, this full day course consists
of lectures and practice sessions aimed at supplementing the pre-reading material and helping
prepare participants for the intense Techniques and Practices that will follow.
May 16-19, 2005
Techniques and Practices
Conducted over a three and half day period, participants will spend 34 hours together
including 22 hours of lectures, case studies and application exercises.
What some of our participants had to
“ This was by far the best course I have ever attended.” – LONDON
“Lectures were excellent.
Assignments and case studies were great opportunities to apply what was presented. Thank you!” – QUEBEC
Charles L. Gilbert, FSA, FCIA, CFA
K. Ravindran, PH.D.
Robert R. Reitano, PH.D., FSA, MAAA
Andrew D. Smith, BA
For more information: www.nexusgenerations.com/courses.html
To register: www.seeuthere.com/rsvp/invitation/invitation.asp?id=/m2c696-753842739724
Having difficulties with the links: www.soa.org | www.nexusgenerations.com
MAY 27: Groupe Consultatif 18th Annual
Colloquium: The Colloquium, ”New Challenges to the Actuarial Profession: Implementation
of the International Accounting Standards and new European solvency system”, will be
held on May 27, 2005 in Lisbon, Portugal. See the brochure at www.gcactuaries.org
AUGUST 8-12: Dependent risks in actuarial
science and finance: The 18th International Summer School 2005 of the Swiss Association
of Actuaries will be held August 8-12, 2005 at the University of Lausanne, Switzerland. For
more information and online pre-registration, see the web site: www.saa-iss.ch. Deadline
for registration is March 31, 2005.
AUGUST 25 TO SEPTEMBER 2: Second Brazilian
Conference on Statistical Modeling in Insurance and Finance: Ubatuba, São Paulo
from August 25 to September 2, 2005. The conference encourages the submission of original
research papers, work-in-progress reports, future research proposals, practical problems
expecting solution and students papers. Full details on this scientific conference are available
SEPTEMBER 12-15: The 13th EAAC, Bali,
Indonesia: Registration for the 13th East Asian Actuarial Conference has started. The
brochure regarding the conference program and registration details can be downloaded from here.
This Conference has established its reputation as the vital meeting place for actuaries in
the Asian region to network and to get up to speed on the most current issues affecting the
profession. Please be informed that the cut-off date for early bird registration is 30 June
OCTOBER 6-8: Workshop on New Mathematical
Methods in Risk Theory
Workshop in honour of Hans Bühlmann to be held in Florence, October 6-8, 2005. 2005 is the
year of Hans Bühlmann's 75th birthday and the 35th anniversary of his capital book Mathematical
Methods in Risk Theory. To celebrate both of these events, the Department of Matematica per le
Decisioni of Florence University is organizing a Workshop aimed to offer an overview of important
current topics in Risk Theory, in the spirit of interaction among insurance themes, financial
instruments and mathematical methods that Hans Bühlmann has pioneered and given fundamental
contributions to. A non-exhaustive list of arguments includes: • Correlated Risks and Copulas • Joined
Management of Risks and Investments • Credit Risk • Risk Measures • New Techniques
in Ruin Probability • Fair Valuation • Catastrophe and Weather Derivatives.
Those interested in presenting a communication
in the previous or other areas related to Risk Theory can submit Title and Abstract before
the deadline of May 31, 2005 by following the on line procedure in the Workshop web site www.riskworkshop.it.
For any further information, please contact firstname.lastname@example.org,
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 email@example.com.
from Member Associations
of Actuaries of Australia
New Part III
The Institute of Actuaries of Australia
has introduced a new Part III education program in 2005 which comprises the four modules managed
and delivered by the Institute. Students are required to complete two compulsory subjects:
Investments, and Commercial Actuarial Practice and select two modules (A and B) which constitute
one of the following specialist subjects: Life Insurance, General Insurance, Superannuation & Planned
Savings, Investment Management and Finance.
Of the two compulsory subjects: The Investments
course comprises a comprehensive collection of seminal readings and web-based e-learning material
and the Commercial Actuarial Practice course will be conducted as a six-day residential program
and will be assessed by means of a full-day written report in addition to a final examination.
The Investments course will provide students with a thorough grounding in investment theory
and practice which will help to underpin the specialist courses. The Commercial Actuarial Practice
course will enhance students' ability to apply actuarial skills across a range of practice
areas, apply ethical concepts, corporate governance requirements and actuarial professional
standards and successfully communicate actuarial solutions to a range of audiences.
2005 Biennial Convention
The Institute's Biennial Convention is a
dynamic forum of information exchange and debate in the areas of insurance, superannuation,
general insurance, funds management, health, risk management, banking and investment. Participants
are drawn from within Australia and overseas, with an emphasis on the Asia Pacific region.
The Institute's premier event will be held at the Cairns International Hotel in tropical North
Queensland from Sunday 8 May to Wednesday 11 May. The theme for the Convention is SUSTAIN…ABILITY:
ACTUARIES AND THE FUTURE. Sessions have been developed around the key issues of corporate sustainability,
sustainable futures and sustainability of the profession. To register online go to www.actuaries.asn.au/PublicSite/convention.
Review of Professional Standards, Code
of Conduct and Disciplinary Scheme
In response to recent domestic and international
developments concerning corporate governance, and as part of its regular program of review,
the Institute of Actuaries of Australia is currently undertaking an extensive review of professional
standards. The Institute has established a task force of senior members of the profession to
undertake a detailed review of the Institute's Code of Conduct. It is expected that a redraft
of the Code will be ready for final adoption at the Institute's AGM in December this year.
The key issues for this review are: the public interest duty of members; the definition of "actuarial
advice"; the role of the Senior Actuary; use and misuse of actuarial advice; whistle blowing
duties of members and potential conflicts of interest with employer/client confidentiality;
transmission of advice to third parties, and the content of actuarial reports. The Institute
is also conducting a review of the terminology used in professional standards with a view to
ensuring that consistent language is used in all standards to clearly denote mandatory and
discretionary requirements for members. Finally, the Institute is conducting a review of the
Disciplinary Scheme to capitalise on recent experience under the Scheme and to ensure that
the Scheme meets member and public expectations in terms of professional self-regulation. Key
issues for this review are transparency, timeliness, the range of penalties available for discipline,
and consistency of outcomes with relevant decisions from other official bodies such as regulators.
Society of India
Actuarial Evening 2005
“ Actuarial Evening, 2005” was
organised by the Actuarial Society of India on February 14, 2005 at Diwan-i-Aam, Taj Mahal
Hotel, New Delhi and sponsored by Munich Re, one of the leading global reinsurers. This is
the fifth such evening with the first one being organised in February 2001. The evening provided
a platform for actuarial interaction as well as being a forum to recognise actuarial achievement
by way of various prizes. Notable persons present included Mr. Liyaquat Khan, President ASI,
Mr. Alf Guldberg, IAA President, Mr. Michael Pomery, President Institute of Actuaries, Mr.
Harvie Brown, President Faculty of Actuaries, Mr. C S Rao Chairman IRDA and Mr. Edward Reiche,
Head of Life for Asia, Munich Re.
In his address, Mr. Khan discussed the rapid
growth of the ASI over the past 5 years, highlighting the tremendous increase in membership
from 400 in 1999 to 4,000 in 2004. In terms of globalising the Indian actuarial profession,
Mr. Khan indicated that ASI and the Casualty Actuarial Society were in the process of signing
a mutual recognition agreement. He also shed some light on the progress being made in setting
up the Mortality and Morbidity Investigation Bureau. On the 60th Anniversary of the ASI, the
President felt that the actuarial profession in India had matured enough to face the various
challenges confronting it and also was making meaningful and significant contribution on issues
affecting the global actuarial community.
In his address, Mr. Reiche highlighted the
level of experience Munich Re is having being in operation for over 150 years. He expressed
his company’s continued willingness to provide extensive support to the development of
the Insurance Industry in India.
Messrs. Pomery, Brown, and Guldberg, also
made the programme memorable with their special addresses. Mr. Pomery raised the issue of professionalism
within the actuarial profession and emphasized the need for maintaining the highest professional
standards. Mr. Brown also expressed his view on professionalism and asked young actuaries to
maintain confidentiality and avoid conflict of interest. Mr. Guldberg praised the achievements
of the ASI.
Mr. Khan presented the certificates of Fellowship
and Associateship to Fellows and Associates respectively qualified during the year 2004. Six
out of 11 newly qualified Fellows personally received their Fellowship certificates: Bharat
Venkatatarmani, Gautam Kakar, Priscilla Pinto, Robert Charles, Sanchit Maini and Walter de
Oude and 6 out of 19 new Associates were personally awarded Associateship certificates.
Mr. M G Diwan presented the prizes in memory
of Prof. G S Diwan to the five best papers presented in the 6th Global Conference of Actuaries.
Mr. Richard Holloway, Managing Director,
Watson Wyatt Insurance Consulting Pvt Ltd, India handed over Watson Wyatt India Prize for the
best paper submitted in the 6th Global Conference of Actuaries under student category to Sanchit
Maini and Sumit Narayanan.
President’s Award for paper of Special
Significance was handed over by Mr. C S Rao, Chairman, IRDA to Mr. S P Subhedar for his paper
presented in the 6th Global Conference of Actuaries.
Mr. Guldberg, presented the Meena Sidhwani
Memorial Education Prize to Mr. Gautam Kakar for completing all his actuarial exams in the
Various Academic Excellence awards sponsored
by several leading insurance/reinsurance companies were presented to students who excelled
in their actuarial examinations during the year 2004.
The Actuary India Year 2004 Best Article
Award was presented to authors of the best articles published in the magazine during the year
2004. The prizes were announced by
K S Gopalakrishnan and awarded by K P Narasimhan, Chief Editor of “the Actuary India”.
The authors were Maithri Banda for her article on the mortality of insured children and Ritobrata
Sarkar for his article on Accounting Standards 15.
Mr. Guldberg released the 2nd Indian Actuarial
In concluding, Mr. G N Agarwal, Vice President,
ASI gave the vote of thanks, which was followed by a musical programme with Cocktails and Dinner.
All in all, this was an enjoyable and memorable
programme that gave the participants an opportunity to celebrate the achievements of the Indian
actuarial profession and for extensive global actuarial interaction.
Association of Actuaries
The members of the Israeli Actuarial Association
voted on December 20, 2004 to elect a new executive board and president for a two-year term.
Mr. Ofer Brandt, the newly elected president
and the chief life and health actuary at Clal Insurance, said that the "Actuarial profession
in Israel is going through a time of ‘troubled water’ of new regulation changes
affecting the duties, responsibilities and position of actuaries working in the Israeli insurance
and pension markets." Mr. Brandt added, “It is the profession's opportunity as well
as the duty and obligation to both strengthen the position of the actuaries and to ensure there
are more good quality actuaries available to face the challenges of the coming years."
Italiano degli Attuari (Italy)
Write a paper, win a prize! Find
of Actuaries (United Kingdom)
Morris Review : Final Report
Sir Derek Morris has published his final
report on his review of the UK actuarial profession. The report recaps the various options
identified in his interim assessment published last December and sets out Sir Derek's final
conclusions and recommendations.
As expected following the interim assessment,
Sir Derek has proposed an independent Actuarial Standards Board within the Financial Reporting
Council (FRC) and oversight of the profession's other activities by extending the role - and
the name - of one of the FRC's existing boards so that it becomes the Professional Oversight
Board for Accountancy & Actuaries (POBAA).
The report leaves the detail of implementation
to others. The Presidents and other senior members of the profession have already held talks
with the FRC, the Financial Services Authority (FSA) and several government departments.
The Review has also made recommendations
on a range of other topics, including education, compliance monitoring, conflicts, market testing
and communications. Brief details of those recommendations can be found by clicking
here and in full at the end of Sir Derek's report.
The profession is very pleased that the
final report has followed the course mapped out in Sir Derek's interim assessment, which it
supported in its published
response. It had accepted the need for change even before the Morris Review was announced.
Several reforms were already in place and others had been announced. The real benefits delivered
by the Morris Review were the extension of the profession's ideas in ways which it did not
have the power to deliver for itself.
The profession began this review process
with confidence in the changes it had initiated, but receptive to new proposals. This stance
has clearly been the right one. The profession thinks it is fair to say that there is nothing
in the report that suggests it was going in the wrong direction or failing to address any major
As Sir Derek acknowledges in his report, "the
review has built on changes already contemplated or initiated by the profession". Sir
Derek is particularly complimentary about the response of the profession to the Review:
"[The Profession] does not accept all
the analysis of the interim assessment; but has nonetheless adopted a forward-looking stance,
recognising that significant change is desirable, seeking to work with the grain of the options
for reform and providing constructive input into the review's finalising of its recommendations."
The tone of Sir Derek's report reflects
the very thorough way in which the Review has assimilated information about actuaries and the
work that they do. There are many aspects of the report which confirm the profession's original
impression that Sir Derek has acquired a real insight into the challenges facing actuaries
and into their strengths as well as their weaknesses.
Actuarial Society (United States)
Web Site: www.casact.org
Stephen P. D’Arcy President
Paul Braithwaite President-Elect
Mary Frances Miller Immediate Past President
Deborah Rosenberg VP-Administration
Thomas G. Myers VP-Admissions
Joanne S. Spalla VP-Marketing & Communications
Amy S. Bouska VP-International
Beth E. Fitzgerald VP-Professional Education
Donald F. Mango VP-Research and Development
Membership Statistics (as of August 25,
Charles A. Hachemeister Prize for ASTIN
and AFIR/ERM Papers
The CAS awards an annual prize to the author
of an ASTIN or AFIR/ERM paper, with emphasis in judging placed on the paper’s impact for
North American actuaries and practicality of application. Papers eligible for the prize include
articles, workshop articles, and invited papers published in the ASTIN Bulletin, in
addition to papers and Speakers’ Corner papers presented at the ASTIN or AFIR/ERM Colloquium
in the calendar year prior to the prize award. The amount of the prize is currently $1,000.
Education and Examination Structure
In 2005, the Casualty Actuarial Society
will implement a revised preliminary education structure in conjunction with the Canadian Institute
of Actuaries and the Society of Actuaries.
Future Meetings and Seminars
2005 Spring Meeting - May 15, 16, 17, 18,
2005 Annual Meeting - November 13, 14, 15,
Casualty Loss Reserve Seminar – September
Jointly sponsored with the American Academy of Actuaries and the Conference of Consulting Actuaries
of Actuaries (United States)
Finance: Enhanced Regime Switching Equity
Model Software Now Available
This project presents an enhanced version
of the Excel-based workbook that provides a two regime-switching model for equity performance
and other functions. This version features faster processing times, expanded help information
and runs in either Excel 2000 or Excel 2003. It can be downloaded on the SOA Web site at: www.soa.org/ccm/content/research-publications/research-projects/regime-switching-equity-model-workbook-beta-version/.
Health: The Individual Disability Income
Insurance Lapse Experience Study
The Individual Disability Income Insurance
Lapse Experience Study, which was jointly sponsored by the Society of Actuaries’ Individual
Disability Insurance Experience Committee and LIMRA, is now complete and on the Society’s
web site. This report can be found on the SoA web site at: www.soa.org/ccm/content/areas-of-practice/health/experience-studies/ind-dis-income-ins-lapse-exp/.
Life: Individual Life Experience Study
This study is the most recent in ongoing
reporting of mortality experience under standard, fully underwritten life insurance policies.
The report on the 1996-2000 policy years and the 1995-2000 period can be found on the SOA Web
site at www.soa.org/ccm/content/research-publications/experience-studies-tools/1995-2000-individual-life-experience-report/.
Retirement: Retirement Probability Analyzer
Software Now On SOA Web Site
Professor Moshe Milevsky and the IFID Centre
have completed their development of software which explores in great detail the fundamental
question of whether one will run out of money before dying, while maintaining a desired standard
of living. The Retirement Probability Analyzer software, sponsored by the SOA Pension Section,
is intended to serve as a pedagogical tool to help the user develop an intuition for the impact
of various asset allocation and annuity purchase decisions. The software has generated significant
interest in the popular press, including a feature article in the Wall Street Journal and interest
from CNN. The program can be downloaded from the SOA Web site at: www.soa.org/ccm/content/areas-of-practice/special-interest-sections/pension/retirement-probability-analyzer-software/
40th Actuarial Research Conference
Pack your bags for historic Mexico City!
Enjoy Mexico City and Instituto Tecnológico Autónomo de México (ITAM)
as you attend the 40th Actuarial Research Conference which ITAM is hosting August 11–13,
2005. The annual research conference not only offers an opportunity for academics and practitioners
to gather and discuss actuarial problems and their solutions, it also encourages a dialogue
regarding general actuarial issues.
ITAM, one of Mexico’s leading business
schools, is located on the southwest side of Mexico City. The university is home to the second
largest actuarial program in Mexico and has played an important role in educating some of Mexico’s
current leaders. It provides an electrically charged learning atmosphere.
Rising from the ruins of Tenochtitlan, the
ancient Aztec capital, Mexico City provides a unique opportunity to visit the reminders of
the past along with new museums and art galleries. It is a vibrant cosmopolitan city, but also
is home to many parks and ruins for you to explore.
For further information on the conference
Enrique de Alba
ITAM, Department of Actuarial Science and Insurance
Rio Hondo #1, Col. Tizapan, San Angel
Mexico, D.F. 01000
Tel: (52) 555-628-4080
Fax: (52) 555-628-4086
In a pioneering effort, SNDT University,
Mumbai, India, is conducting training programmes in Actuarial Science for men and women. SNDT
University has been the first Women’s University in South Asia, and has immensely contributed
to women’s education and growth in India.
The Post Graduate Diploma in Actuarial Science
at SNDT University covers the basics and goes beyond Core Technical papers: CT1 through CT9,
of IOA / FOA or equivalent. The programme has been well received by the student community and
industry professionals. The performance of students in this programme in professional examinations
of the IOA / ASI has been excellent with a high success rate. For more information, please
use the following link www.dsacted.com/aeducation.htm.
Summer School 2005 of the Swiss Association of Actuaries on Dependent risks in actuarial
science and finance
Dates: Monday, August 8 to Friday, August
Location: University of Lausanne, Lausanne, Switzerland
Scientific Directors: Michel Denuit, Jan Dhaene, and Olivier Scaillet
The course is based on lecture notes and the forthcoming book entitled
“ Actuarial Theory for Dependent Risks”, by M. Denuit, J. Dhaene, M. Goovaerts & R. Kaas
Please inform your colleagues who may be
For more information and online preregistration,
see the web site: www.saa-iss.ch .
Responsible for the SAA ISS
October 2005: ILO and
Univ. Lausanne launch Masters for Social Security Actuaries
We are proud to introduce the new Masters
in Actuarial Science with a Specialization in Social Security jointly sponsored by the University
of Lausanne's Institute of Actuarial Sciences and the ILO. You may wish to consult the webpage www.msas.ch
We call on your intervention to inform the
authorities of the countries you are working with about the new Masters in Actuarial Science
with Specialization in Social Security jointly sponsored by the ILO and the University of Lausanne's
Institute of Actuarial Sciences. We aim at reaching quantitative and finance personnel of social
insurance institutions and line ministries in charge of labour, finance and social policy and
economic planning. You may wish to consult the webpage www.msas.ch
In addition to actuarial mathematics and
advanced quantitative theory and techniques and economic theory relevant to private insurance,
the Masters will focus on social security financing and valuation techniques. Successful completion
of the Masters serves to meet the educational requirements of the Syllabus of the Swiss Association
of Actuaries. The Masters courses are delivered in English over a 2-year period of which 3
semesters must be spent in Lausanne and the last semester to draft a Masters' thesis on a selected
topic and under the possible supervision of ILO social security specialists.
We count on your support to disseminate this
Questions may be addressed to Ms Anne Drouin
(firstname.lastname@example.org), Mr Francois Dufresne (Francois.Dufresne@unil.ch)
and Mr Wolfgang Scholz (email@example.com). While practical
arrangements should be completed before the initial semester starts at the end of October 2005,
registrations must absolutely be submitted by mail or internet to the REGISTRAR OFFICE of the
University of Lausanne before 1 JUNE 2005 as mentioned on the website of the Masters www.msas.ch