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

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IAA Elects First President from Central and Eastern Europe

At its December 2018 meeting in Mexico City, the Council of the International Actuarial Association (IAA) approved the following IAA officers, effective January 1, 2019:

  • President: Gábor Hanák (Hungary);
  • President-elect: Tonya B. Manning (USA); and
  • Immediate Past President: Masaaki Yoshimura (Japan).

Mr. Hanák’s involvement with the IAA began in 2011. He served as a member of the Actuarial Standards Committee (ASC) from 2011–2017, including serving on several ASC task forces and other IAA committees. He became President-elect in 2017 and served as chair of the Strategic Planning Subcommittee in 2018. He has also previously served as chair of the Hungarian Actuarial Society and the Actuarial Association of Europe.

“The IAA is in a period of transition in many aspects,” Mr. Hanák said upon assuming the role of President. “We are facing immense challenges that the founding members of the IAA probably did not envisage. Nevertheless, the past two decades of successful operation has proven that the foundation is solid and appropriate.”

Finalizing the review of the organization’s high level strategy is one of Mr. Hanák’s priorities. “At the same time, we will review a number of aspects of our operation in order to better adapt to the current and future challenges our global profession is exposed to,” he added. “We need to combine the features a modern and forward-looking global profession needs to possess and the unique nature of the actuarial thinking, approaches, and skills.”

Read the press release.

IAA Adopts ISAP 1 (Revised) and ISAP 6

In mid-January, the IAA announced the adoption of the following:

  1. The revisions to the International Standard of Actuarial Practice 1 (ISAP 1) on General Actuarial Practice; and
  2. ISAP 6 – Enterprise Risk Management Programs and IAIS Insurance Core Principles.

The ISAPs are model standards intended for adoption by actuarial standard-setting bodies as appropriate, and as such, are not binding on any actuary.

These new model standards directly support the IAA’s strategic objective to promote the development and issuance of actuarial standards in the jurisdictions of all IAA member associations. ISAP 1 is already covered in the CIA’s general standards of practice. The Actuarial Standards Board (ASB) will discuss ISAP 6 at an upcoming meeting.

Read the press release.


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