October 3, 2014 | version française

Highlights of the IAA Council and Committee Meetings in London

The International Actuarial Association (IAA) held its Council and Committee meetings in London from September 10–14 at the invitation of the Institute and Faculty of Actuaries, one of its 66 Full Member Associations.

Highlights of these events were the keynote speeches by five experts in the international community:

  • The Council meeting featured guest speaker Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), who outlined key IAIS activities, focusing on the IAIS’ ongoing strategic review and its commitment to developing a global insurance capital standard (ICS). In this respect, he commended the IAA for its work on developing model International Standards of Actuarial Practice (ISAPs), and more specifically on the draft statement of intent for ISAP [7]—Current Estimates and Other Matters in Relation to the ICS. He encouraged the IAA to comment on the ICS principles which will steer the development process. Peter also praised the IAA for its paper on Addressing the Gap in Actuarial Services in Inclusive Markets.
  • Ian Mackintosh, Vice-chairman of the International Accounting Standards Board, talked about the driving forces behind global accounting standards, the challenges to be overcome before their implementation, and the progress to date. He also explained the ongoing research and other projects that might lead to new accounting standards around the world.
  • Paolo Cadoni, Technical Head of Department in the Prudential Policy Division at the Bank of England, covered topics including the architecture of IAIS international supervisory requirements, ComFrame, and Basic Capital Requirements.
  • The presentation from Professor Richard Werner, an Economist at Southampton University, included his "trade secrets from banking".
  • Alex Zhavoronkov, Director of the Biogerontology Research Foundation, considered the issues of longevity, ageing, and the companies working in this sphere.

Peter Braumüller

Ian Mackintosh

Paolo Cadoni

Richard Werner
Alex Zhavoronkov

This collaboration supports several of the IAA’s strategic objectives including strengthening relationships with supranational audiences, expanding the scientific knowledge and skills of the actuarial profession beyond the traditional areas of actuarial practice, providing a forum for discussion of global issues among actuaries and actuarial associations throughout the world, and improving recognition of the actuarial profession among other professionals and academics.

To learn more about the work of the IAA in this area, please contact the Manager of Supranational Relations at the IAA Secretariat.