CIA (e)Bulletin/(e)Bulletin de l'ICA
Past Issues | www.cia-ica.ca  
   
December 2015
 
 

International Actuarial Association Vancouver Meeting Round-Up

Print Print this Article | Send to Colleague

 

By Chris Fievoli, FCIA

Canada played host to the most recent set of council and committee meetings of the International Actuarial Association (IAA) this past October in Vancouver. Delegates from 38 countries participated in five days of meetings, discussing a wide range of international topics of interest to the profession. Most CIA members are likely aware of the importance of international developments in the actuarial world, but they may not be familiar with the operations of the IAA and the significant role that Canadian actuaries play. This and future (e)Bulletin articles will provide readers with some insights into the activities of the IAA, primarily through a recap of activities at the most recent set of meetings. 

Despite ranking 37th in world population, Canada has played a leading role internationally in the actuarial profession. Our standards are respected worldwide, with some countries looking to them as they develop their own. Four Canadians have served as presidents of the IAA and its predecessor organization, the International Forum of Actuarial Associations (IFAA). When it was time to choose a home for the IAA secretariat in the mid-nineties, our nation’s capital was the winner. The CIA wants to ensure that it remains fully engaged in the activities of the IAA. Through the coordination of the CIA’s International Relations Council, CIA members sit as representatives on over two dozen IAA committees, subcommittees, working groups, and task forces.

This article will highlight the activities of a few specific committees at October’s meeting.

Actuarial Standards Committee

Work continues on a number of proposed International Standards of Actuarial Practice (ISAPs), including ISAPs 1A and 5 (governance of models and insurer enterprise risk models), which are currently open for comments until March. Progress continues on ISAP 4 (supporting the proposed insurance contracts International Financial Reporting Standards (IFRS)), but an exposure draft will not be available until the International Accounting Standards Board (IASB) has completed its work. ISAP 7, which addresses the work being done by the International Association of Insurance Supervisors (IAIS) on insurance capital standards (ICS), is also moving forward. All of these will have direct relevance to Canadians, as the Actuarial Standards Board will need to decide how to reflect them within Canadian standards.

Education Committee

Work is nearing completion on the development of an international syllabus. A vote to approve the syllabus was originally scheduled for the October meeting, but was postponed until the next meeting in May, to allow time to address issues raised by some member associations. The CIA has been kept apprised of developments on this project, and has taken account of them in the creation of the new Canadian syllabus of education.

Insurance Regulation Committee

As mentioned above, the IAIS continues to work on the development of ICS. The IAA has been enlisted to help on a number of aspects of this project, including determination of a discount rate for field-testing purposes, reflection of diversification in a capital adequacy assessment, and the definition of current estimates. This committee also oversees the creation of the IAA Risk Book, a collection of papers which will aid users and regulators in managing the uncertainty of insurance risks. A number of new chapters will be online shortly.

In Conclusion

This is just a small sample of the numerous initiatives underway at the IAA. CIA members are encouraged to stay apprised of international developments, and to consider volunteering for IRC committees and/or IAA delegate and leadership roles as opportunities arise. The next set of IAA council and committee meetings will take place in St. Petersburg, Russia next May. Watch this space for an update following that meeting.

Chris Fievoli, FCIA, is the CIA’s resident actuary.

If you are interested in volunteering on one of the IAA committees, contact Chris Fievoli at chris.fievoli@cia-ica.ca.

 

Back to CIA (e)Bulletin/(e)Bulletin de l'ICA

Share Share on Facebook Share on Twitter Share on LinkedIn