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Non Life and non-SLT Health data request to review the calibration

12 października 2010 roku

CEIOPS has published a press release announcing a joint working group, including the Groupe Consultatif, CEA, CRO Forum and AMICE, to discuss the most appropriate calibration methods and provide recommendations for the calibration of the premium and reserve risk factors in the non-life underwriting risk module of the SCR standard formula being tested in QIS5. The press release is available from the Groupe’s web site via this link.

On behalf of the Groupe, the Chairman of the Insurance Committee, Karel Goossens, and the Solvency II project manager, Seamus Creedon, welcome the collaborative approach adopted by CEIOPS and encourage both member associations and the individual members of those associations to do what they can to ensure that we have the broadest possible range of data.

Early-Bird: EAA seminar "Stochastic Methods of Claims Reserving" on 25/26 November 2010 in Zagreb

14 września 2010 roku

The actuarial techniques of claims reserving are not only needed for the annual statement and internal profitability analyses but also for tariff calculations and risk modelling (Solvency II). Especially for discussions with auditors and rating agencies as well as for the construction of an internal risk model, a good understanding of the variability of the ultimate claims estimates is of high importance.

The seminar reviews the main reserving methods on the basis of their underlying stochastic model. This makes it possible to better understand the methods, to analyse their implications, to check whether a method fits the data and to calculate the variability of the reserve estimates (prediction error, range). Formulae (including numerical examples) for the prediction error of all methods treated are derived. The material is not only a compilation of well-known methods and models in a consistent terminology but contains also quite some unpublished work (e.g. treatment of large claims, business year volatility, simulation of run-off data).

Please find additional information in the enclosed announcement or at www.actuarial-academy.com.

Załaczniki do listu znajdują się na stronie PSA po kliknięciu na tytuł wiadomości

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

31 sierpnia 2010 roku

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

26 lipca 2010 roku

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.

Treść załącznika dostępna po kliknięciu w tytuł wiadomości na stronie PSA

Population Issues Working Group Established

26 lipca 2010 roku

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.

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