May 26, 2021

 
CONTENTS

• ● Recommendation for IAA President 2023
• ● In Memoriam
• ● IAA paper Climate-Related Scenarios Applied to Insurers and Other Financial Institutions
• ● Executive Committee Report to Council
• ● FMA Delegates to IAA Forums and Subgroups
• ● IAA Comments on IAIS consultation on the Draft Application Paper on Macroprudential Supervision

Recommendation for IAA President 2023

Audience: Council Delegates

Please click here to see the announcement from Gábor Hanák, Chair of the Nominations Committee, regarding the position of IAA President 2023.

In Memoriam

Audience: All

We are sad to report the loss of two colleagues:

Mahidhara Davangere, Vice-Chair of the IAA Banking Working Group/Task Force

Wim Els, Correspondent from the Actuarial Society of South Africa to the IAA

On behalf of the IAA, we wish to extend our deepest thoughts and sympathies to their families, friends and colleagues. May they rest in peace.

IAA paper Climate-Related Scenarios Applied to Insurers and Other Financial Institutions

Audience: All

The IAA Climate Risk Task Force issued the third of a series of papers being developed by the the IAA Climate Risk Task Force, and should not be confused with the second paper  Introduction to Climate-Related Scenarios which was published in February 2021. This third paper continues the discussion in the second paper, and aims to bring the process of using scenarios to the level of an individual firm operating in a national jurisdiction.

The 3rd paper was circulated to Council and other interested parties on May 10th. Please note that the deadline for comments is May 31st.

Executive Committee Report to Council

Audience: Council Delegates

The EC minutes of its April 20 meeting are available online. The next EC also met on May 18 and the minutes from that meeting will follow. The EC will meet next on June 22. Should you have any questions or comments, please contact the Executive Director.

FMA Delegates to IAA Forums and Subgroups

Audience: FMA Council Delegates and Presidents

Background

Following Council approval on 13 May 2021 for the creation of Forums, we are now in the process of setting up and populating these Forums.

As directed by Council, these Forums will be populated by volunteers designated by their FMA. Starting July 1, 2021, these IAA Forums will have two main categories of participants: 

1. Members: the formal representatives of IAA FMAs.

2. Observers: other volunteers who are designated by their FMA.

Note some Forums may also have representatives from Partner Supranational organization, Liaisons to other IAA entities such as Sections and/or Ex-officio members, as applicable.

Please click here for more information on Forums and Virtual Forums, and responses to some Frequently Asked Questions (FAQs) 

Request to FMAs

Using this link, you are kindly requested to designate Members and Observers to these new Forums before June 30, 2021. Please provide the full name and contact details for each delegate.

A note regarding Current Members and Interested Persons in the Task Forces

A separate communication will be sent to the current participants of the related current Task Forces informing them of this change. This communication will also inform them that the Members and Observers of the new Forums will be designated by FMAs. Hence, please be aware that you may see some correspondence from some of your members in this regard, especially from individuals currently participating in the Task Forces who were Members of former IAA Working Groups, or Interested Persons, who were self-nominated individuals.

It is up to FMAs to inform the IAA of your Forum Members and Observers. Thus, the IAA relies on your support in assisting to implement these changes that will impact many volunteers.

It is our sincere hope that with FMA support, we will be able to implement this change with minimal impact on these volunteers who have been making valuable contributions to the work of the IAA for many years.

IAA Comments on IAIS consultation on the Draft Application Paper on Macroprudential Supervision

Audience: Council Delegates and Correspondents

We are please to inform you that the IAA submitted comments to the IAIS on their consultation on the Draft Application Paper on Macroprudential Supervision.

The IAA response prepared by the Insurance Regulation Committee, was submitted on 6 May 2021, via the IAIS’s online submission tool and is available on the IAA website under PUBLICATIONS/ PUBLIC STATEMENTS.

Many thanks to Nick Dexter, Stuart Wason and the Insurance Regulation Committee for preparing this response on behalf of the IAA.

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