News

Since 2010, the UK Institute and Faculty of Actuaries has been permitted to award the Chartered Enterprise Risk Actuary (CERA) qualification to those of its Associates and Fellows who have passed  its ST9 Enterprise Risk Management (ERM) Specialist Technical examination (and, from September 2012, have also attended a one day seminar).

The Groupe Consultatif Actuariel Européen has published a paper titled “Comparison of the Regulatory Approach in Insurance and Banking in the Context of Solvency II”.  The principal author is Mairead O’Shea, a Fellow of the Society of Actuaries in Ireland. 

“Executive Summary

The International Actuarial Association (IAA) approved its first International Standard of Actuarial Practice, ISAP 1, on General Actuarial Practice, at its Council meeting in November 2012.  An ISAP is a model standard which the IAA encourages actuarial standard-setting bodies to consider.   

Description

The Groupe Consultatif Actuariel Européen has published a paper on Market Consistency.  The paper summarises the key principles underlying market consistent valuations of assets and liabilities.  Its underlying aim is to help actuaries and others best interpret the concept of market consistency in contexts where several possible valuation approaches are or might be proposed.

The Society of Actuaries in Ireland has decided to establish a "Wider Fields" Member Interest Group.
 
This will be similar to the UK Actuarial Profession's Resource and Environment Member Interest Group (see http://www.actuaries.org.uk/members/pages/resource-and-environment-memb…) except that it will have a wider remit.
 

Every 4 years, member associations of the IAA organise an International Congress of Actuaries and welcome actuaries from all disciplines and from around the world.  The next Congress will be held in Washington from 30th March – 4th April 2014. The theme of the 2014 Congress is Learn, Interact, Grow.

For further information on the event, see www.ica2014.org/about.

The Institute and Faculty of Actuaries Longevity Bulletin aims to provide a regular overview of research into longevity trends and a guide to prospects for long life.  It presents and explains actuarial perspectives on population longevity and looks beyond the actuarial world for statistics, research and the latest thinking on related subjects.   Longevity Bulletin is published every six months.  Issue 03 is now available.

Background
The Society seeks to make an impartial contribution to public debate on social policy and public interest matters where an actuarial perspective can add value.  In this context, the Society has decided to commission research as set out below.