Committees
Actuarial Standards – To define the IAA’s overall objective with respect to International Standards of Actuarial Practice (“ISAP”s) and to develop and maintain all such ISAPs.
Advice and Assistance – To support the development, organization and promotion of the actuarial profession and actuarial education in areas of the world in which the actuarial profession is not present or is not fully developed by providing advice and assistance, when requested, to member associations, to associations seeking to become members of the IAA, and to those wishing to establish new associations or strengthen existing associations. The advice and assistance may be focused on meeting IAA membership requirements, or may be in general to develop the elements of actuarial education and an actuarial profession.
- Africa – To provide advice and assistance that will support the development, organization and promotion of the actuarial profession and actuarial education in Africa.
- Asia – To provide advice and assistance that will support the development, organization and promotion of the actuarial profession and actuarial education in Asia. For purposes of the Terms of Reference of this Subcommittee, Asia will be defined broadly; however, this Subcommittee will not address China, which is the focus of the China Subcommittee.
- Eurasia and Middle East – To provide advice and assistance that will support the development, organization and promotion of the actuarial profession and actuarial education in Eurasia and the Middle East. For the purpose of this subcommittee, the Advice & Assistance Committee has defined Eurasia to encompass the South-East European, Central Asian, and Transcaucasian countries. The Middle East will only include countries not in Africa.
- Latin America – To provide advice and assistance that will support the development, organization and promotion of the actuarial profession and actuarial education in the Latin American region. For purposes of this Subcommittee, the Latin American region is Mexico, Central America and South America.
Audit and Finance – The Committee is responsible for the audit, monitoring and review of all IAA financial reporting, and in conjunction with the Secretariat, recommendation of related policy and operational guidelines.
Education – To encourage and promote the development, maintenance and enhancement of appropriate standards of actuarial education and Continuing Professional Development (CPD) internationally.
- Actuarial Educators – To provide resources for and facilitate communication about actuarial education and research through the Actuarial Educators Network (AEN).
Enterprise and Financial Risk – To consider, from the point of view of the actuarial profession, matters relating to investment and financial risk, to report to the Council and to recommend initiatives.
- ORSA – To serve as a working group within the IAA devoted to the advancing the actuarial view of the ORSA and to the promoting the competencies of actuaries to perform the ORSA.
Executive – Coordinates activities and operations, and propose strategies, budgets, membership fees and Council meeting venues.
- Communications – The purpose of the Communications Subcommittee is to address all issues with respect to (i) publications, and (ii) public relations.
- Strategic Planning – To assist the Executive Committee in preparing strategy proposals and material for consideration at Council meetings and in monitoring the implementation of the Strategic Plan. To keep the Strategic Plan under review and propose revisions and updates as needed.
Health – To represent the IAA in discussions at the international level on matters relating to health systems, with a particular focus on actuarial aspects. To raise the profile of health actuaries in policy debates and research on health systems. To support, through IAA Member Associations, actuaries working in the health systems field, both private and public.
General Insurance – The Purpose of the General Insurance Committee is to promote the actuarial viewpoint in discussions at the international level on matters relating to general (P&C) insurance systems, and related self-insurance matters, with a particular focus on actuarial aspects. In various regions of the world, "general insurance" is known as "non-life" insurance, or "property/casualty (P&C)" insurance.
Insurance Accounting – To promote the actuarial viewpoint in the development and application of financial reporting of insurance companies as developed by international accounting standard setters, including but not limited to the estimation and review of reporting values for insurance contracts prepared in the context of International Financial Reporting Standards.
- Education and Practice – To develop and maintain information of an educational and practice nature that will be useful to actuaries globally in the area of insurance accounting and auditing. This includes International Actuarial Notes ("IAN"s) and other educational material such as monographs and books relating to actuarial practice in the context of financial reporting of insurers.
- Islamic Finance – To identify compatibility issues, if any, of actuarial principles with Shariah principles as applied to risk sharing for the mutual benefit of actuaries, regulatory or standard setting bodies and the wider community. Also, to assist in resolving potential issues to ensure better harmonisation and provide clarity and transparency for actuaries in this area of practice.
- The committee oversees the Ad Hoc Project Oversight Groups (APOG):
- APOG for Educational monograph on the Adjustment for Risk for Financial Reporting
Insurance Regulation – To promote the role of actuaries in the regulation and supervision of insurers so that the public interest is served. To support the creation of international principles and frameworks for regulation and supervision of insurers in order to have actuarial principles realized where appropriate. To maintain and to strengthen the relationships with key international organisations dealing with the regulation and supervision of the insurance and reinsurance industry (e.g. IAIS).
- ORSA – To serve as a working group within the IAA devoted to the advancing the actuarial view of the ORSA and to the promoting the competencies of actuaries to perform the ORSA.
- Reinsurance –To address and coordinate actuarial issues of particular relevance to reinsurance as well as the relevance of reinsurance to direct insurance or having another particular importance for reinsurance.
- Solvency –To promote, develop, maintain and be a point of contact for appropriate guidance in the area of solvency and risk assessment of insurers internationally.
Membership (formerly Accreditation) – To examine applications for membership, review membership requirements, and to bring recommendations forward to Council on a timely basis, including specific situations where members do not maintain compliance with the requirements of membership.
Nominations – To recommend to the Council the names of suitable candidates to assume the duties of the key positions in the IAA.
Pensions and Employee Benefits – To deal with matters arising out of the promulgation of the IASB (International Accounting Standards Board) Employee Benefits Standard; to address any professional issues of international relevance for actuaries working in the field of employer-provided pensions and employee benefits; to coordinate as needed with the Committee on Social Security; to provide support to the proposed IAA Pensions section if established; to establish links into other worldwide pension organizations as may be appropriate.
- Pensions and Benefits Accounting – To prepare for approval by the Pensions and Employee Benefits Committee appropriate input to the International Accounting Standards Board (IASB) on International Accounting Standard IAS19 and related issues.
Professionalism – To encourage and promote the development, maintenance and enhancement of appropriate standards of professional actuarial education and practice internationally.
Scientific – To coordinate activities amongst working groups, to ensure compliance with IAA governance, and to provide a communication vehicle to supranational organizations.
- Banking Working Group-Working group within the IAA devoted to identifying and discussing opportunities and practices for actuaries working in the banking industry.
- Big Data Working Group-Working group within the IAA devoted to identifying and discussing opportunities and practices for actuaries working with Big Data.
- Microinsurance Working Group –To serve as the IAA body that coordinates the micro-insurance efforts of the various IAA Committees and Sections and provides a focal point for IAA efforts to help facilitate the development of microinsurance and actuarial involvement in this rapidly growing, and socially meaningful area.
- Mortality Working Group –Insights about the level of mortality rates around the world, and the trends of future mortality rates, have never been more important. While mortality rates are declining in most countries, in other countries they are stable and in some instances are even increasing.
- Population Issues Working Group – To identify population issues of particular interest to actuaries and in respect of which the actuarial profession, at an international or national level, could make a useful contribution in the public interest.
- Resource and Environment Working Group – To serve as a working group within the IAA devoted to environment issues that can affect the work of actuaries in their various areas of practice.
Social Security – To support actuaries working in the social security field by, inter alia, developing actuarial guidance and promoting best practice.
IAA Leaders Forum