ASSOCIATION ACTUARIELLE INTERNATIONALE INTERNATIONAL ACTUARIAL ASSOCIATION
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1 ASSOCIATION ACTUARIELLE INTERNATIONALE INTERNATIONAL ACTUARIAL ASSOCIATION December 29, 2004 Mr. Alex Lee Advisor International Association of Insurance Supervisors c/o Bank for International Settlements CH-4002 Basel, Switzerland ( Dear Mr. Lee, Re: Draft Policy Statement on the Scope of Observers Participation in IAIS Activities In response to the request for comments on the Draft Policy Statement on the Scope of Observers Participation in IAIS Activities, I am pleased to transmit on behalf of the International Actuarial Association (IAA) our comments and recommendations. These comments have been prepared by the Insurance Regulation Committee of the IAA. If, upon reading these comments, you identify any points that you would wish to pursue, please do not hesitate to contact the chairperson of the committee, Jukka Rantala, or any of the other members of the committee. The IAA will be pleased to develop these ideas further with you. Yours sincerely, Yves Guérard Secretary General cc: Jukka Rantala (Jukka.Rantala@etk.fi) Attachment: Comments Secrétariat: Metcalfe, Ottawa, ON Canada K2P 1P secretariat@actuaries.org / secretariat@actuaires.org /
2 A Commentary on the DRAFT POLICY STATEMENT ON THE SCOPE OF OBSERVERS PARTICIPATION IN IAIS ACTIVITIES Released by the International Association of Insurance Supervisors: October 2004 International Actuarial Association The International Actuarial Association (the IAA ) represents the international actuarial profession. Our fifty Full Member actuarial associations represent more than 95% of all actuaries practicing around the world. The Full Member associations of the IAA are listed in an Appendix to this statement. The IAA promotes high standards of actuarial professionalism across the globe and serves as the voice of the actuarial profession when dealing with other international bodies on matters falling within or likely to have an impact on the areas of expertise of actuaries. The IAA appreciates the opportunity to provide comments on this IAIS document. Due Process These comments have been prepared by the Insurance Regulation Committee, the members of which are listed below by name and association. It has also been subject to the due process required for it to constitute a formal view of the IAA, and will be posted to the IAA s official web site. Members of the IAA Insurance Regulation Committee Jukka Rantala Chairperson David Sandberg Vice-Chairperson Andrew Chamberlain Institute of Actuaries Morris Chambers Canadian Institute of Actuaries/Institut Canadien des Actuaires Isagani de Castro Actuarial Society of the Philippines Joubert Ferreira Actuarial Society of South Africa Kavassery S Gopalakrishnan Actuarial Society of India David Hartman Casualty Actuarial Society Gyula Horváth Magyar Aktuárius Társaság Christiane Hwey-Jen Tsai Instituto Brasileiro de Atuária (IBA) Thomas Karp Institute of Actuaries of Australia Toshihiro Kawano Institute of Actuaries of Japan Philipp Keller Association Suisse des Actuaires Jean-Michel Kupper Association Royale des Actuaires Belges Won How Lo Actuarial Institute of the Republic of China Helge-Ivar Magnussen Den Norske Aktuarforening Bruce Maxwell Society of Actuaries in Ireland Dina Mikelsone Latvijas Aktuaru Asociacija Ibrahim Muhanna Lebanese Association of Actuaries/Cyprus Association of Actuaries Gennaro Olivieri Istituto Italiano degli Attuari Ian Perera New Zealand Society of Actuaries Thierry Poincelin Institut des Actuaires Angus John Robertson Faculty of Actuaries Göran Ronge Svenska Aktuarieföreningen
3 Members of the IAA Insurance Regulation Committee (cont.) Norma Alicia Rosas Colegio Nacional de Actuarios A. C. Richard Roth Conference of Consulting Actuaries Antonia Maria Sánchez Moreno Col.legi d'actuaris de Catalunya Rolf Stölting Deutsche Aktuarvereinigung e.v. (DAV) Simon Van Vuure Het Actuarieel Genootschap Therese Vaughan American Academy of Actuaries Eret Võsa Eesti Aktuaaride Liit Stuart Wason Society of Actuaries IAA Comments The Insurance Regulation Committee of the International Actuarial Association has reviewed the October 2004 draft of the captioned paper and offers the following comments. General remarks The IAA is very supportive of the aims of this draft Policy Statement and looks forward to increasing levels of participation between our two organizations as we work towards common goals. The IAA values the exchange of Observer status between our two organizations and looks forward to increasing levels of participation and interaction. The IAA notes the recent exchange of Observers between the similarly named Solvency Sub-Committees of the IAA and the IAIS. Providing inputs to standard-setting activities The IAA is most pleased that the IAIS is committed to obtaining the views of Observers to improve the quality of its standards; however, this commitment expressed in the opening paragraph of this section of the Policy Statement appears to be weakened by suggestions that chairpersons of working parties may open their meetings to Observers... or... may invite to participate at their meetings particular Observers.... To ensure that a consistent message is provided within the IAIS regarding the importance of Observer views, the IAA suggests that committees and working parties be obliged to develop a plan for Observer participation (e.g. face-to-face participation, , written communication, etc.). The IAA recognizes that IAIS discussions can involve the sharing among supervisors of sensitive information and it is important to discuss these in camera. However, we believe there should be an obligation to seek external input from Observers, particularly from those that are professional organizations like the IAA, at some point in their work and to communicate to those particular Observers how they can expect to participate. Therefore, we applaud the identification of and commitment to a consultation process in section 1.1. We suggest, however, that in the case of professional organization Observers the consultation might best occur via participation during all committee and working party meetings (i.e., like Solvency Sub- Committees). It could also develop through special invitations to attend parts of meetings or special meetings arranged just to receive various representations. Alternatively, chairpersons of working parties could be encouraged to invite particular Observers who have specific expertise in the matter being discussed to participate at their meetings. Such Observers would include organisations which set and implement standards for professional work that insurance supervisors rely on to protect public interests. For example, cooperation and 2
4 coordination between the IAIS and the IAA standards-setting activities are crucial given that these activities are often interdependent in both content and timing. Invitations may also be extended to other Observers, or specific firms or organisations which have specialist expertise in insurance, risk management or governance issues. Facilitating standard implementation and training efforts The IAA would very much welcome opportunities to participate in panel sessions or workshops during IAIS meetings. We believe that meetings involving a mix of IAIS members and professional organization Observers can be very helpful and constructive to the IAIS in facilitating training and exchanging views. The IAA recognizes that the number of sessions at a typical IAIS annual meeting may limit the opportunities for such mixed sessions. There may be a need for additional (perhaps regional) seminars at which such Observers could participate as speakers. The IAA appreciates the opportunity to respond to this paper at its draft stage. 3
5 Full Member Associations of the IAA Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires (Argentina) Institute of Actuaries of Australia (Australia) Aktuarvereinigung Österreichs (AVÖ) (Austria) Association Royale des Actuaires Belges (Belgique) Instituto Brasileiro de Atuária (IBA) (Brazil) Canadian Institute of Actuaries/Institut Canadien des Actuaires (Canada) Cyprus Association of Actuaries (Cyprus) Ceská Spolecnost Aktuárù (Czech Republic) Den Danske Aktuarforening (Denmark) Egyptian Society of Actuaries (Egypt) Eesti Aktuaaride Liit (Estonia) Suomen Aktuaariyhdistys (Finland) Institut des Actuaires (France) Deutsche Aktuarvereinigung e. V. (DAV) (Germany) Hellenic Actuarial Society (Greece) Actuarial Society of Hong Kong (Hong Kong) Magyar Aktuárius Társaság (Hungary) Félag Islenskra Tryggingastærðfræðinga (Iceland) Actuarial Society of India (India) Society of Actuaries in Ireland (Ireland) Israel Association of Actuaries (Israel) Istituto Italiano degli Attuari (Italy) Institute of Actuaries of Japan (Japan) Japanese Society of Certified Pension Actuaries (Japan) Latvijas Aktuaru Asociacija (Latvia) Lebanese Association of Actuaries (Lebanon) Persatuan Aktuari Malaysia (Malaysia) Colegio Nacional de Actuarios A. C. (Mexico) Het Actuarieel Genootschap (Netherlands) New Zealand Society of Actuaries (New Zealand) Den Norske Aktuarforening (Norway) Actuarial Society of the Philippines (Philippines) Polskie Stowarzyszenie Aktuariuszy (Poland) Instituto dos Actuários Portugueses (Portugal) Academia de Actuarios de Puerto Rico (Puerto Rico) Singapore Actuarial Society (Singapore) Slovensko Aktuarsko Drustvo (Slovenia) Actuarial Society of South Africa (South Africa) Col.legi d'actuaris de Catalunya (Spain) Instituto de Actuarios Españoles (Spain) Svenska Aktuarieföreningen (Sweden) Association Suisse des Actuaires (Switzerland) Actuarial Institute of the Republic of China (Taiwan) Faculty of Actuaries (United Kingdom) Institute of Actuaries (United Kingdom) American Academy of Actuaries (United States) American Society of Pension Professionals & Actuaries (United States) Casualty Actuarial Society (United States) Conference of Consulting Actuaries (United States) Society of Actuaries (United States) Appendix 4
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