Merger between Faculty of Actuaries in Scotland and of the Institute of Actuaries resolved

The members of the Faculty of Actuaries in Scotland and of the Institute of Actuaries resolved on 25 May 2010 to proceed with the merger between the two bodies

The transaction to give effect to the merger was completed on 1 August 2010 when the Faculty’s Royal Charter was surrendered and the Institute (renamed as the Institute and Faculty of Actuaries) became the sole actuarial association in the UK. Given that the Faculty no longer exists, references to the Faculty in local legislation, in Members’ wills, in private contracts and in trusts may no longer be effective.

Local Legislation

The Institute and Faculty of Actuaries would be grateful if you would advise your local legislature of the merger and ask that any references to the Faculty of Actuaries or to the Institute of Actuaries be reviewed, where appropriate being replaced by the Institute and Faculty of Actuaries. Where there is a reference to the Institute of Actuaries alone, a change is not needed because the legal entity will continue. However, we recommend that this change is made to avoid any confusion in the future.

Wills and testamentary writings

If any of the members of your association have made a bequest to the Faculty in their Wills, following the merger the bequest may no longer be effective, depending on its construction. Members to whom this is relevant should review their Wills with their legal adviser.

Trusts

There are likely to be a number of Trusts that require adjustment upon completion of the merger. This is particularly the case where a Trust Deed appoints an office bearer or member of the Faculty as Trustee. We recommend that anyone responsible for such a Trust consult with a legal adviser to ensure that any provisions remain effective.

Court Orders

Pension valuations in litigated matters, such as divorce proceedings, may be one way in which the merger could have relevance to the orders of the court. Where there are outstanding court orders or judgements mentioning the Faculty, that are not capable of implementation until after the merger has completed, affected parties may require to obtain an amended judgement referring to the new merged body. Prior to approaching the court in this regard, however, we recommend that individuals consult with their legal adviser.

Professorial Chair in Actuarial Sciences - ESSEC Business School Paris

To: Education Committee

Please find enclosed the announcement for a position of permanent professor at ESSEC Business School Paris (in 2011), in order to create a Chair in Actuarial Sciences.

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Population Issues Working Group Established

The IAA is pleased to announce the creation of a new working group on population issues. The Population Issues Working Group (PIWG) will focus on two areas of investigation initially:

• Population aging
  A crucial study of aging, longevity and their impacts on private and public health as well as pension funds and schemes

• Migration
  An examination of migration and the labour market structure in developed countries and the impact of migration on the countries of origin of migrant workers, both economically and socially, and their influence on the local insurance markets

At its meeting in Cape Town last March, the IAA’s Social Security Committee determined that population issues required analysis by the actuarial profession, given that rapidly aging populations create issues around the funding of health care and social security.
Paul Thornton, President of the IAA, stated “I am really pleased with the increased focus on broad population issues. While the IAA has been working on social security concerns for many years, this working group focusing on broader population issues will address the impact of migration and an aging population – issues that are very important in many countries.”

The working group is chaired by Alvaro Castro-Gutierrez of Switzerland, the vice-chair is Andrew Young of the United Kingdom. PIWG membership is composed of a group of actuaries and other professionals working in areas related with population issues from eight countries.
To learn more about the Population Issues Working Group, or to become involved in its work, please contact Alvaro Castro-Gutierrez, Chairperson.

EAA Course on Solvency announcement

Solvency 2 is moving from the conceptual phase towards the implementation phase. As 2012 is approaching, it is time for actuaries and other financial staff to get prepared. The EAA recognizes that there is a widespread need for education and therefore set up a course that will combine general background information on Solvency II with state-of-the-art calculation methods.

The course consists of three modules:

Part I: The Basics

Part II: Capital, Reporting and Governance

Part III: Calculations and Modelling

Part I “Solvency II: The Basics” will take place on 5th – 8th October 2010 in Cologne, Germany. Topics will be the background of Solvency II, the requirements related to governance, internal models, reporting, risk measurement and capital structure. Also the latest developments on the CEIOPS’ advices will be covered.

Please note that the early-bird for part I will end on 20th August 2010. Register now and save with the early-bird fee!

Please find additional information in the enclosed announcement or at www.actuarial-academy.com. An overview on upcoming events is enclosed.

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Actuarial courses in Salzburg

The following courses from the actuarial course programme of the Salzburg Institute of Actuarial Studies are taking place at Salzburg University in the winter semester 2010/2011:

• Fundamental Statistical Methods in Insurance

• Life Insurance Mathematics

In the attachment you will find an invitation and registration form for the course on Fundamental Statistical Methods in Insurance taking place from Wednesday 29th September to Saturday 2nd October 2010.

You will also find information on the newly introduced Certificate of Actuarial Studies – Advanced Level. The aim of the programme is not only to provide practising actuaries with relevant and detailed knowledge of new developments (in particular Solvency II), but also to add advanced techniques to the standard skills of actuaries who completed their education some time ago. The programme as well as each of the courses is ideally suited to fulfilling CPD requirements.

Details of the course on Life Insurance Mathematics and a programme of all courses taking place over the next three years can be found on our website: http://www.sias.at/English.htm

If you have any questions please don’t hesitate to contact me

Best regards

Sarah Lederer

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