News

At the June, 2011 general meeting of the AFIR (Actuarial Approach for Financial Risks) section in Madrid, the membership affirmed a major expansion of the scope of the IAA section to now include Enterprise Risk Management (ERM) along with continuing the original focus on financial risks.  To emphasize this change, the section has taken on a new name, AFIR/ERM. 

Paper on Risk Appetite

IAA News Release:

The International Actuarial Association is pleased to announce the publication by its Pensions and Employee Benefits Committee of a Note on Enterprise Risk Management for Pensions.

The Society of Actuaries in Ireland has responded to a “Consultation on Impact Metrics for the Risk Based Supervision of Financial Firms by the Central Bank and on Impact Based Levies”.

The Society has responded to the EIOPA (formerly CEIOPS) consultation paper CP83, “Draft Report on Variable Annuities”.

We welcomed the Draft Report and expressed support for a substantial majority of the recommendations made in it.

IAA News Release:

The International Actuarial Association is pleased to announce the completion of the paper Note on the Use of Internal Models for Risk and Capital Management Purposes by the Solvency Subcommittee of the Insurance Regulation Committee.

The Management Board of the UK Actuarial Profession has identified enterprise risk management (ERM) as an area of growth, particularly within the financial sector.

The Financial Regulator has published a consultation paper on "Corporate Governance Requirements for Credit Institutions and Insurance Undertakings".

The paper attempts to align corporate governance requirements with recent international regulatory initiatives in the governance field and proposes minimum standards that credit institutions and insurance undertakings will be expected to meet in this area.

Newsletter February 2010