View
213
Download
0
Category
Preview:
Citation preview
Origins, mission and recognition
• Founded in 1895• Restructured in 1998 to serve as worldwide
association of professional actuarial associations.• To encourage development of global profession
• technically competent and professionally reliable • to ensure that the public interest is served
• Not-for-profit, non-political, Non-Governmental Organization• on the Roster of the Economic and Social Council of the UN • on the Special List of the ILO
Membership and representation
• Full Member Associations: 63• Associate Member Associations: 26• Assisting development of profession in 30
additional countries• Fully qualified actuaries: 60,000+ in more than
100 countries
Membership and representation
• Institutional Members: – International Association of Insurance Supervisors (IAIS)– International Accounting Standards Board (IASB)– International Social Security Association (ISSA)– International Organization of Pension Supervisors (IOPS)– Organization for Economic Cooperation and
Development (OECD)• Observer Member:– Asian Development Bank (ADB)
IAA Membership Requirements
• For Full Member Association– Code of Conduct – Formal discipline process– IAA Education Guidelines and Syllabus– Formal process to adopt standards of practice, if and
when national standards are created • For Associate Member Association – Actuarial association not meeting all conditions above
Relationship between IAA, Sections and Congresses
• IAA: association driven, focusing on professionalism, standards, representation
• Sections: scientific, research and practical arm• Congresses: a high point for both• Section Colloquia: yearly or biennially• Congresses: every 4 years• Next Congresses: March-April 2014 (Washington,
DC – USA) ; 2018 (Berlin, Germany)
Communication and Tools for Members
• Communication is electronic: List servers• Quarterly Newsletters; Special Newsletter after
each meeting• News releases to external audiences to inform of
important IAA initiatives• Committee delegates and interested persons can
join various list servers to participate / monitor work of committees
Communication and Tools for Members (cont’d)
• IAA Members’ Website contains:– specialized online translation tool in 8 pairs of
languages– specialized search tool– Actuarial E-Library, specialized topic libraries– International Events Calendar
• Guidelines to facilitate participation of non-native English speakers and new delegates in work of IAA
Potentially difficult issues for a small Association
• Governance• Education• Discipline cases• Standards of Practice• Promotion / marketing / engagement of relevant
entities• Member engagement• Resources
Governance: leadership, strategic direction, decision-making
• Issues
Leader burnout
Few members willing and able to take on leadership
roles
Decisions seen as having commercial implications
Decisions taken very personally
Education – Basic and Continuing
• IssuesBasic education materials
oCurrento Locally relevant
Exam creation, administration, gradingProfessionalism course administrationContinuing education materials
oAdequate scope
Education – Basic and Continuing
• Issues– Basic education materials• Current• Locally relevant
– Exam creation, administration, grading– Professionalism course administration– Continuing education materials• Adequate scope
Discipline cases
• Issues
Finding a discipline panelo ExperienceoRelevant expertiseoClearly impartial (personal, commercial)
Cases are rare – new learning curve each time
Privacy of accused actuary
Standards of Practice
• Issues
Local actuarial market may not have sufficient experience in key areas to define the standard of practice
Local practitioners may not have adequate experience and perspective to draft the standards
Need a formal process for drafting and adopting SOPs
Promotion, marketing, and engagement of other entities
• Issues
CredibilityoNo long track recordo Self-promotion
May require senior actuaries
Member engagement
• Issues
Early career actuaries not ready to volunteer their time
for the association
Lack of employer support
Association resources
• Issues
Not enough people to do all the work
Heavy burden on a few people
Dues income not sufficient to cover necessary
expenses
Inventing each program for the first time
Leverage the IAA
• Samples and models of documents such as standards
• Local seminars– IAA Fund Professionalism seminar– IAA Fund Role of the Actuary seminar
• IAA Section webinars• Advice & Assistance Committee – ask for help
Leverage mature associations
• Basic education– Educational materials– Examinations– Credential– Perhaps focus local effort on educating and testing
regarding local laws, regulations, products, business practices
• Standards (make local adjustments)• Seminars, including webinars
Leverage the universities
• Experts in education
– Develop an appropriate credential path– Also a good mechanism for attracting additional students to the
profession– May be able to bring in lecturers from around the world– Association may still need to cover some topics
• Perhaps combine with internships at local insurance companies and consulting firms
Regulatory support
• Very helpful to have the regulator supporting the role of the actuary
– Informally– Formally (laws and regulations)
• We have found it very useful to have local regulators attend Role of the Actuary seminars
Regulatory support
• Very helpful to have the regulator supporting the role of the actuary
– Informally– Formally (laws and regulations)
• We have found it very useful to have local regulators attend Role of the Actuary seminars
Seek an association mentor
• Find a mature association willing to partner Exam materials and administrationCredentialsProfessionalism educationContinuing education (seminars)Ongoing advice
Seek some individual actuary mentors from mature associations
• Mentor to your associationProvide ongoing advice and counselHelp connect to other resources worldwideServe as a discipline panel when needed
• Mentor to your membersPossibly connect your individual members with
mentors around the world
Final thoughts
• Even with a wide variety of resources, must have a core group of passionate leaders
• Pursue ambitious but realistic goals• Begin involving the next generation of leaders
Recommended