28-29 July - Beijing. Joint Regional Seminar Economic Capital

Transcription

1 19-20 July - Kuala Lumpur 21 July - Bangkok July - Taipei 27 July - Hong Kong July - Beijing Organized by: China Region Committee Co-sponsored with: Actuarial Institute of Chinese Taipei

2 OBJECTIVE Jointly organized by the Institute & Faculty of Actuaries, Institute of Actuaries of Australia and Society of Actuaries (China Region Committee) with the support of local actuarial bodies, this Joint Regional Seminar is designed to assist actuaries and other professionals in meeting CPD requirements. THE SEMINAR Interest in economic and risk based capital is growing very rapidly in Asia. Many countries have moved or are moving towards risk based and economic capital regimes in the Asian region, and companies are also recognizing the importance of these metrics in their risk management toolkits. With this shift, both in Asia and globally, it is important for us to better understand what economic capital intends to accomplish, what is the appropriate framework to meet the goals, what are the challenges in implementation and how to use the results sensibly. This seminar intends to give you an in depth introduction to the subject. The program will be a change from previous years. It will include both an economic capital training session and a capital open forum facilitated by practitioners from major industry players. It is intended to provide a handson practical introduction to economic capital, in terms of definitions, approaches, implementation and impacts involving attendee participation, interaction and learning. But, to make sure there is something for everyone, we will also have a number of presentations on other topics. AGENDA FOR THE ECONOMIC CAPITAL TRAINING SESSION: History and global trends in economic capital development The role of economic capital in strategic and day to day business management Implementation what to aim for and how to get there This training session will be presented by two speakers in each location and we have a panel in place. Speakers/ Panelists include Paul Carrett (UBS), Robert Chen (Taiping Life), Robert Fok (SwissRe), Sutee Mokkhavesa (Muang Thai Life), Jorge Manuel Noronha (ING), Greg Solomon (SwissRe) and Alan Tan (PCA). AGENDA FOR THE CAPITAL OPEN FORUM SESSION: This session will include several short introductory viewpoints on aspects of capital model implementation and use, designed to provide insights and pose questions that will be opened to the rest of the panel and the floor for discussion. Topics will cover areas that are relevant to various capital measures, including local regulatory, Solvency II, US RBC and internal capital requirements. Some areas that might be covered include: What practically can you do to help senior management accept and understand new metrics? How are capital requirements allowed for in managing your business? What level of investment in and training of staff is needed to successfully implement sophisticated capital modelling and management techniques? How practically do you calibrate where there is little / no data?

3 (Thurs Fri) July 2011, Ritz Carlton Beijing Hotel, Financial Street, BEIJING CPD The Joint Regional Seminar qualifies for (IAAust/ I&FoA/ SOA) Continuing Professional Development (CPD). Actuarial members may find it a useful contribution to their personal professional development. The amount of hours recorded is left to the discretion of the individual, but a maximum of 8.75 CPD hours (10.5 SOA CPD units) in total can be credited for the Seminar in Beijing: Day One : 6.25 CPD hours (7.5 SOA CPD units) Day Two : 2.5 CPD hours (3 SOA CPD units) VENUE - BEIJING Ritz-Carlton Beijing Hotel, Financial Street - Ballroom, Level 2, 1 Jin Cheng Fang Street, Beijing ATTIRE Business casual attire is recommended for this seminar. CONTACT INFORMATION Individuals who wish to travel to any of the 5 locations for the seminar may contact the following persons for detailed seminar information and registration form: Bangkok Ms. Rattiya Singlor Society of Actuaries of Thailand Tel: (66) Fax: (66) rattiyas@mittare.com Ms. Merissa Chong Actuarial Society of Malaysia Fax: (60) E mail: secretary@ actuaries.org.my Kuala Lumpur Taipei Ms. Emily Lye Actuaries Office in Hong Kong Tel: (852) Fax: (852) actuaries@ biznetvigator.com Ms. Tiffany Wong Actuarial Society of Hong Kong Tel: (852) Fax: (852) actsoff@ netvigator.com Hong Kong Beijing Ms. Yang Ting China Association of Actuaries Tel: (86) Fax: (86) yt@e caa.org.cn

4 (Thurs Fri) July 2011, Ritz Carlton Beijing Hotel, Financial Street, BEIJING Program Day 1 08:30 REGISTRATION 09:00 MC introduction and Welcome 09:05 Welcome Remarks Mr. Wei Yingning, President of China Association of Actuaries 09:10 Welcome Remarks Mr. Donald J. Segal, President of Society of Actuaries 09:20 Training (Part I) 10:50 BREAK 11:10 Training (Part II) 12:40 LUNCH 13:40 Training (Part III) 15:10 BREAK 15:30 Capital Presentation 1 - Learnings from Global Capital and Solvency Systems John Zhang (Sunlife China) 16:15 Capital Presentation 2 US RBC and EC introduction Jinzhao Tian (China Life) 17:00 END OF DAY 1 Day 2 08:30 REGISTRATION 09:00 Key learnings and observations from day 1 09:15 Capital Presentation 3 Dynamic Decisions, ESGs, Aggregation and allocation John Rowland (Towers Watson) 10:00 BREAK 10:15 Capital Open Forum Jinzhao Tian (China Life)/ John Zhang (Sunlife China) 11:45 Closing Remarks - Representative from China Association of Actuaries 12:00 LUNCH, END OF DAY 2

5 Speakers Paul Carrett, FIAA Paul Carrett is the head of insurance solutions sales for UBS Investment Bank in Asia. An actuary by profession, Paul has spent the past 12 years in banking, with prior experience across insurance, pensions and asset consulting, in both the private and public sectors. For the past 4 years he has been based in Asia, working with insurance companies on investment, asset liability management and capital related matters. Paul has also published several actuarial papers on company valuation, credit risk and derivatives valuation. Robert Chen, FIAA, FIA Robert Chen is the Deputy CFO of Taiping Life in China, with responsibilities in the areas of investment, finance and risk management. His career has spanned the life insurance industries of a number of countries across Australia, Europe and Asia. Robert has extensive experience in a wide range of actuarial practice. He has performed MCEV calculations and reviews for a number of insurers across Asia, helping insurers to understand the key drivers for the values and strategic implications of the results. Robert has also led a number of ALM investigations across Asia and Europe, advising clients in the areas of investment strategy, bonus strategy and capital management. As well as other traditional areas of actuarial practice such as product development (including variable annuity products), Robert has also applied his actuarial skills in areas such as executive option pricing, pricing for a telecommunication company, and building a financial model for an infrastructure project. Robert is a Fellow of the Institute of Actuaries of Australia, a Fellow of the Institute of Actuaries in London, a Fellow of the Society of Actuaries, and a Member of the Chinese Actuarial Association. He is also FRM certified. John Rowland John is global Director of Life Capital Modelling and is based within Towers Watson s London office. John rejoined Towers Watson in May 2011 have spent the previous 15 months at Aviva where he led the Internal Model work stream in its Solvency II project. Prior to working for Aviva John spent 10 years at Towers Watson in its London Office. Prior to joining TW John spent 7 years at NatWest Bank in a variety roles including the development of its EC methodology. At Aviva John led Aviva s Internal Model development work stream in its Solvency II Programme. This role included responsibility for the requirements, design, build, test, validation and sign off of Aviva s Internal Model as well as oversight of the elements of the Internal Model Approval Process with Aviva s regulators in the UK and Europe. John has global responsibility for Towers Watson s Life services, including economic capital calibration, economic capital software and economic capital model review and validation. John has a PhD in Engineering from Imperial College, University of London, an MSc, with Distinction also from Imperial and a Degree with 1st Class honours in Mathematics from Bath University.

6 Speakers Donald J. Segal, FSA, FCA, MAAA, EA, BS President, Society of Actuaries Donald Segal is vice president at Aon Hewitt in New York City. He specializes in the analysis, interpretation, and application of laws and guidance as they apply to qualified retirement plans. Donald is also involved in retirement plan design. Donald has served on the SOA Board of Governors, Pension Section Council, Knowledge Management Strategic Action Team and other committees. He has previously served on the Conference of Consulting Actuaries Board of Directors (a former vice president). He has also served as vice president for pensions of the American Academy of Actuaries, and as a member of the Academy Pension Practice Council and Pension Committee (formerly chair of both). He served as chair of the IRS Advisory Committee for Tax Exempt and Government Entities ( ) and as a member of the Advisory Committee on Examinations to the Joint Board for the Enrollment of Actuaries ( ). Donald is a frequent speaker at meetings of the Society of Actuaries and Conference of Consulting Actuaries, and at the Enrolled Actuaries Meeting. He has served on program committees for the Society of Actuaries, Conference of Consulting Actuaries Annual Meeting (chair 2002), and the Enrolled Actuaries Meeting (Chair 2000 and 2004). He also participates in committees that meet with the IRS. He is a graduate of Yale University. Jinzhao Tian, PhD, FSA Dr. Jinzhao Tian is currently the Vice General Manager of Actuarial Department in China Life Insurance Company Limited. He has over 13 years of experience in the industry and has mainly engaged in asset liability management, capital management, experience analysis and financial report. Dr. Jinzhao Tian holds the designation of the Fellow of the Society of Actuaries (FSA) and the degree of Doctor of Statistics. He is also a member of China Association of Actuaries John Zhang, FSA, MAAA, FCAA John Zhang is the CFO, Chief Actuary, and Deputy General Manager of Sun Life Everbright Life Insurance Company. John has extensive work experiences in the life insurance actuarial practice in both North America and China, including responsibilities covering product, valuation, business planning, merger and acquisition for multi country international business. He had served as the deputy general manager and chief actuary for both domestic and foreign joint venture companies in China before joining Sun Life Everbright. He holds a M.S. degree from The University of Iowa in actuarial science.

7 (Thurs Fri) July 2011, Ritz Carlton Beijing Hotel, Financial Street, BEIJING Registration Form Personal Particulars Name in ENGLISH Company in ENGLISH Address Phone Fax Preferred name on badge Register by 21 July! Ms. Yang Ting Tel: (86) Fax: (86) caa.org.cn [ ] Member of actuarial organizations Name of actuarial organization Please specify status: [ ] Fellow Member [ ] Associate Member [ ] Student Member (tick as appropriate) [ ] Non member Deadline for registration: 21 July 2011 Registration, Cancellation Policy and Payment Method [ ] RMB 2,500 (includes seminar materials, coffee breaks and lunch) * Meeting capacity is limited to 120 attendees on a first-come first-serve basis. Please register by completing this Registration Form and returning by to Ms. Yang Ting at yt@e-caa. org.cn or fax to (86) No refunds will be made for cancellations after 25 July Payment should be settled by bank transfer (please state registrant s full name) on or before 25 July 2011: Receiver: 中国精算师协会 Bank: 民生银行北京金融街支行 Account no: Hotel Accommodation & Room Guest Information Venue: Ritz-Carlton Beijing Hotel, Financial Street Ballroom, Level 2, 1 Jin Cheng Fang Street, Beijing * Free Parking available Room Type Cost per night Room Code Deluxe Room (Double Bed with 1 Buffet Breakfast) RMB 1,400 A Deluxe Room (Twin Bed with 2 Buffet Breakfasts) RMB 1,550 B Room Guest Name ID / Passport Number Contact Tel Check-in Date Check-in Time Check-out Date Check-out Time Room Code Organized by: Institute and Faculty of Actuaries Institute of Actuaries of Australia Society of Actuaries China Region Committee Co Sponsored with: China Association of Actuaries