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December 17, 2020 | ||
This Weekly News Brief, our last issue for 2020, is lengthier than normal but contains many important updates for consideration and action. Please take a few minutes to review its content. Seasons’ Greetings and Happy Holidays!
On behalf of the entire IAA, we would like to wish everyone a happy and safe holiday season and a joyful new year! Watch our EC holiday video!
IAA Seminar Mini-Series: Risk-Based Financial Management and Supervision
Audience: All The IAA, in collaboration with the Access to Insurance Initiative (A2ii), has unveiled a mini-series of seminars focused on Risk-based Financial Management and Supervision. This series is intended to partially fill the gap left by the curtailment of face-to-face training opportunities during the COVID-19 pandemic, but in future may also constitute an additional resource available to complement face-to-face training sessions. This mini-series target audience consists of supervisory staff at any level, including, but not limited to, developing countries. However, the material and seminars will also be available to the IAA’s broader audience, including actuaries and other interested parties. The three part mini-series will be held in January, focusing on Asia-Pacific time zones. In February, the focus will be time zones covering the Americas and Africa, and will also feature simultaneous translation to French and Spanish. This IAA mini-series will feature three modules:
Everyone is invited to participate. This can also represent an excellent opportunity for member associations to engage with their local regulator to raise awareness about the actuarial profession. (Note that the A2ii will also be contacting regulators inviting them to attend this series). For more information, please visit our Seminar microsite and watch our introductory video for the mini-series, delivered by Fred Rowley.
Webinar: The Data Science Survey Results - Expectations and Insights from Actuaries Audience: All
On behalf of the IAA Big Data Working Group, you are invited to participate in the upcoming webinar entitled The Data Science Survey results - Expectations and Insights from Actuaries. The webinar will be held on Wednesday, 13 January 2021 at 08:00 EST New York. The Big Data Working Group of the International Actuarial Association (IAA) conducted a fact-finding survey of actuaries world-wide to determine their familiarity and use of predictive analytics tools and techniques. This webinar will take participants through the results of the survey. We are pleased to have representatives from the IAA Health Committee share the insights gained from Health Survey as it relates to the use of predictive tools and techniques. This event may be of interest to those contemplating or working in Data Science and/or Data Science Analytics across insurance and other areas of interest to actuaries. You are welcome to forward this invitation to anyone who you know that may find this webinar to be of interest and would like to participate. Speakers:
For further information and to register, please click here.
Delegate Members & Observers to Forums
Audience: Full Member Association (FMA) Presidents and Council delegates, FMA Correspondents and Chief Staff Officers Background We are now in the process of setting up and populating these 3 initial Forums : Enterprise and Financial Risk Forum; General Insurance Forum; Pensions and Employee Benefits Forum.
As directed by Council, these entities will be populated by volunteers designated by their home Full Member Association (FMA). Starting on January 1, 2021, these IAA Forums will have 2 main categories of participants: 1. Members: the formal representatives of IAA FMAs. 2. Observers: other volunteers who are supported and delegated by an FMA.
Note some Forums may also have representative from Partner Supranational organization, Liaisons to other IAA entities such as Sections and/or Ex-officio members, as applicable.
Request to FMAs Using this SurveyMonkey link you are kindly requested to designate Members and Observers to these initial Forums before December 31, 2020. Please provide the full name and contact details for each delegate.
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.
Thank you for your cooperation. Notice of Three IAA Public Statements: IAA Responses to IAIS Consultations
Audience: FMA Council Delegates and Correspondents The IAA intends to submit formal responses to the following three consultations announced by the International Association of Insurance Supervisors (IAIS). The Insurance Regulation Committee (IRC) will be responsible for formulating the responses to the IAIS on these consultations on behalf of the IAA. The responses will be developed in accordance with the requirements of the IAA Due Process for Making a Public Statements. If your association does not have a representative in the IRC, you may nominate an observer to the drafting group to review the developing response. We request you to contact Amali Seneviratne (Director Technical Activities) at the IAA Secretariat as soon as possible, but no later than 31 December 2020 if your association wishes to nominate an observer. Please note that this will be your only opportunity to influence the development of these three responses, as they will not be circulated outside the IRC.
The three consultations are: In November 2019, the IAIS agreed on a process and timeline for developing criteria to assess whether the AM provides comparable outcomes to the ICS. As previously communicated in an Explanatory Note, the IAIS agreed on a draft definition of comparable outcomes and an overarching approach (i.e., areas of focus) to guide the development of high-level principles and criteria. Based on the draft definition and overarching approach, the IAIS has developed draft high-level principles to inform the criteria that will be used to assess whether the AM provides comparable outcomes to the ICS. The draft definition of comparable outcomes and the draft high-level principles are the subject of this consultation.
The document and consultation questions can be found on the IAIS website (link provided above). The IAIS has developed a draft Application Paper on Resolution Powers and Planning. The Paper aims to provide guidance on supervisory practices related to resolution, which is defined as “actions taken by a resolution authority towards an insurer that is no longer viable, or is likely to be no longer viable, and has no reasonable prospect of returning to viability.” In particular, it provides guidance for the application of ICP 12 (Exit from the Market and Resolution) and ICP 25 (Supervisory Cooperation and Coordination), including the ComFrame standards integrated therein.
The Application paper and the consultation questions can be found on the IAIS website (link provided above).
As announced in the 2019 Global Monitoring Exercise (GME) document, the IAIS is currently developing liquidity metrics. The development of the liquidity metrics will be done in two phases. · During Phase 1, the IAIS will develop an Insurance Liquidity Ratio (ILR), which will use an exposure approach (EA) and is further defined in this current public consultation document; · During Phase 2, the IAIS will develop other liquidity metrics, including a company projection (CP) approach. The CP approach utilises insurers’ projections of cash flows to assess liquidity risk. The IAIS has released for consultation a document on one metric the IAIS has developed as an ancillary indicator for the monitoring of liquidity risk: ILR using the exposure approach described in the consultation document. This IAIS’s liquidity metric will highlight potential vulnerabilities, risk drivers, and trends of insurers and the insurance sector.
The document and consultation questions can be found on the IAIS website (link provided above). The final responses to these consultations will be submitted to the IAIS on or before the due dates, subject to approval by IRC members.
Executive Committee Report to Council Audience: All The EC minutes of its November 20 meeting are available online. The EC met on December 15 and those minutes will follow. The next EC meeting is scheduled for January 19. Should you have any questions or comments, please contact the Executive Director.
Audience: All
As per the SPC protocol, the draw was streamed live and the recording is available here.
The result of the draw was:
As a reminder the Tier 1 seat will rotate to the Canadian Institute of Actuaries (this is the only FMA in Tier 1 who did not get a seat in the initial draw last year).
Thank you to all FMAs who self-nominated as well as the ones that inquired about the process.
We would also like to thank the 3 current SPC members rolling off at the end of 2020 for their dedication and work during the SPC’s initial year of operation:
Tier 1: Jane Curtis representing the Institute and Faculty of Actuaries (IFOA) Tier 2: Javier Olaechea representing the Instituto de Actuarios Españoles (Spain) Tier 3: Manfred Rapf representing the Aktuarvereinigung Österreichs (AVÖ) (Austria)
The SPC established a solid base to work on under the leadership of Gábor and we look forward to continuing to build on this in 2021 with Tonya Manning as Chair. Reminders
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