CIA (e)Bulletin/(e)Bulletin de l'ICA
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September 2013
 
 

News from the Committee on International Relations

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By Micheline Dionne, FCIA

It is clearer every day that we live in an interconnected world. The planet is getting smaller with an incident in one country having an influence on many others, either directly or indirectly. In the past we were used to thinking predominantly about Canada and developed our risk assessments and reporting measures within the Canadian community. We now need to consider more and more the harmonization of our approaches to what is being developed across the planet, to ensure we respond to the demands of our customers, i.e., the person on the street, the employers, the financial institutions, or the regulators. They too now turn to the world for products to meet their needs, for profitable ideas to generate sales within their risk appetite, or for best risk management practices.

As the influence of international initiatives grows, so does the need for the CIA to stay connected to those initiatives, to understand their implications and to provide useful comments during their development. It is the Committee on International Relations (CIR) that is charged by the CIA Board to monitor pertinent international developments and to be the Institute’s voice in them. In order for the committee to carry out its mandate, it changed its structure a year ago and now acts as a quasi-council. That means that it has four subcommittees staffed to watch developments and make contributions as required. Submissions developed by any of the subcommittees are reviewed and subsequently approved by the CIR for release. Those subcommittees are charged with monitoring the following specific domains:
  • The activities of the International Actuarial Association (IAA);
  • Developments in pension reporting;
  • Insurance reporting; and
  • Insurance regulatory supervision.
In June, the CIR reported on its activities to the CIA Annual Meeting’s General Business Session for the first time, and it also joined the CIA Board and councils session on strategic initiatives at that same meeting.

As a group we responded to requests for comments from the International Accounting Standards Board, International Valuation Standards Council, and IAA, exercising CIA voting rights on the IAA’s affairs. You can find further details on the CIR pages of the CIA website, as well as the names of the members of the committee and its subcommittees.

Projects being worked on as I write these lines are responses to:
  • The re-exposure draft for insurance known as IFRS 4 (Phase 2);
  • The Financial Stability Board on its Consultation on Principles for an Effective Risk Appetite Framework; and
  • The IAA on its internal governance, through a survey.
For the IASB insurance exposure draft, a related session took place at this month’s CIA Seminar for the Appointed Actuary. We are also planning a further article on that topic later in the year.

Also on its way is a posting for a CIA delegate on the newly-created IAA committee on health (both private and public health). As health is becoming a challenge due to the aging population, discussions on how it is being addressed in different parts of the world are increasingly relevant.

Stay tuned and do not hesitate to pass on international development news that you feel the CIA should know about and/or react to.

Micheline Dionne, FCIA, is Chair of the Committee on International Relations.

 

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