21
Introducing International Association of Consulting Actuaries (IACA) October 10-13 2011 Hideyuki Yoshida APACA Chairman IACA Past Chairman
Introducing International
Association of Consulting
Actuaries (IACA)
October 10-13 2011
Hideyuki Yoshida
APACA Chairman
IACA Past Chairman
2
International Association of Consulting Actuaries
16th EAAC
IACA Session
Kuala Lumpur, Malaysia12th October 2011
3
1. Introducing IACA - History
2. The rules - OBJECTIVES
3. The current Committee
4. Organization Chart
5. Key activities on hand
6. Asia Pacific Consulting initiative
7. Coming IACA meetings
4
• The International Association of Consulting Actuaries (IACA) was
formed following an informal meeting of several senior consultants attending the International Congress of Actuaries in 1958 who, because the
business environment for consulting actuaries was changing so rapidly, felt that
an IAA Conference held once every four years was infrequent from consulting
perspective. Thus IACA was established and in 1960 began to hold meetings
every other year. These biennial meetings have continued in many locations
around the world through 2010 in Cape Town South Africa. Following re-
organization of IAA in 1998, IACA was approved as a Section of the IAA on April
18, 1999, and at IACA’s general meeting in 2000.
1. Introducing IACA - History
1. Introducing IACA - History
• IACA continues to organize its biennial meetings, some of which
concurrently with the IAA. IACA also presents international sessions at the
meetings of Regional consulting actuarial organizations such as the
Conference of Consulting Actuaries in the USA and the Association of
Consulting Actuaries in the UK. IACA organizes consulting sessions at
colloquia held in conjunction with other IAA Sections and at meetings
where consulting actuarial input can be useful, such as this conference
and similar others.
• IACA provides a regular newsletter on its activities including details of
IACA’s research activities and publications that are of interest to IACA
members.
6
Article 2a) The objectives:
i) To facilitate the exchange of views and information on an international
basis among consulting actuaries on matters affecting their professional
responsibilities and business interests.
ii) To encourage and assist in the development of consulting actuarial
associations in locations where there is an identifiable need for actuarial skills.
b) To this end, the Section organizes Seminars, Colloquia, online exchanges,
other meetings, and may publish works on these subjects.
c) The IACA Section may engage in other activities that promote the use and
activities of consulting actuaries within and outside the profession, support
formal IAA activities with a consulting content and interact with national or
regional organizations of consulting actuaries.
d) Section activities will take into consideration the principle of subsidiarity as
per Article 8 of the IAA Statutes.
e) Information regarding IACA Section are posted on the IAA web site:
www.actuaries.org
2. The rules - OBJECTIVES
7
3. The current Committee
NAME COUNTRY POSITION
Ken Buffin USA Chairperson
Andrew Vaughan UK Vice Chairperson
Hideyuki Yoshida Japan Past Chairperson
Nicholas Dumbreck UK IAA Delegate
Mike Toothman USA IAA Delegate
Morten Harbitz Norway Secretary/treasurer
Margaret Sherwood USA Executive Director
Barbara Addie Canada Member
Iacob Antler Israel Member
Ken Hohman USA Member
Liyaquat Khan India Member
Catherine Denise Lyn Jamaica Member
Ibrahim Muhanna Lebanon Member
Nick Salter UK Member
Haris Eko Santoso Indonesia Member
Jeremy Kian Ann Tay Singapore Member
Gerd Warnke Germany Member
Ka-Man Wong Hong Kong Member
8
4. Organization Chart
IACA General Meeting
Convention & Colloquia Joint Publication & Research Risk & Quality Control
Pro
fessio
na
lism
Co
mm
ittee
Pu
blic
atio
n C
om
mitte
e
Inte
rnatio
nal C
ongre
sses
Ea
st A
sia
n A
ctu
aria
l Co
nfe
ren
ce
PB
SS
Co
lloqu
ium
CC
A A
nn
ual M
ee
ting
AC
A A
nn
ua
l Co
nfe
rence
Discipline Committee
Advisory Board consisting retired officers
IAA Secretariat
Marketing Function
Me
mb
er S
erv
ice
s &
De
ve
lop
me
nt C
om
mitte
e
Researc
h C
om
mitte
e
Asia
Pa
cific
Ta
sk fo
rce
Glo
ba
l De
ve
lop
me
nt C
om
mitte
e
Me
mb
ers
hip
Dire
cto
ry &
Da
ta B
ase
Administrative Function
IAA Council
IAA Committees(observer only)
Chairman
IACA Committeeincluding Officers
9
5. Key activities on hand
The IACA Committee met in Sydney on April 9, 2011 at the time of the latest
Council Meeting of the International Actuarial Association.
A number of task groups have been established to accomplish certain short-
term objectives, including an evaluation of the present IACA Rules, and the
development of a “value proposition” to describe the advantages of IACA
membership.
Other task group and subcommittee projects are in progress to develop and
enhance the content of the IACA website, conduct a survey of members’
needs, recommend ways of deploying reserve funds for the benefit of IACA
members, provide communications to IACA members, and formalize the
procedure for selecting recipients of the Max Lander Award.
Future plans include the preparation of strategic objectives for global
development of the consulting actuarial profession, particularly in Asia, Latin
America and Africa.
10
5. Key activities on hand
In the months following the Sydney meeting, the work of the IACA Committee
has been focused mainly on planning for the next joint
IACA/APACA/PBSS/IAAHS colloquium.
The 2012 joint colloquium will be held in Hong Kong on May 6-9 and has been
designated as a Mini-Congress of the IAA.
The Actuarial Society of Hong Kong (ASHK) will host the Mini-Congress.
ASHK has appointed a Committee to organize the Mini-Congress.
A venue has been selected and a contract has been signed with the Sheraton
Hong Kong Hotel and Towers.
A local event management company has been selected and a contract signed
with International Conference Consultants (ICC).
11
5. Key activities on hand
The IAA Secretariat is providing administrative and management support
services including the development of a website for the Mini-Congress.
The ASHK Committee is working closely with each of the participating IAA
Sections, the local event management company and the IAA Secretariat
with respect to program planning, marketing and publicity activities.
Each of the participating IAA Sections in the Mini-Congress has nominated
representatives to coordinate with the ASHK Committee on program
planning, marketing and publicity.
12
5. Key activities on hand
The current phase of the planning process involves the development of theprogram, including themes, topics, speakers, and a call for papers.
It is anticipated that global economic development, particularly growth in theAsia Pacific region will be one of the themes for the colloquium.
It is also anticipated that the program will include topics and sessions relating toopportunities in Enterprise Risk Management and Life Insurance Companyconsulting.
It is also expected that the Asia Pacific Association of Consulting Actuaries(APACA) will play a significant role in the Mini-Congress in terms ofmarketing and publicity for the event as well as recruiting speakers andpresenters from the local region.
The Mini-Congress is being organized in a manner that complies with the IAAProtocol on Section Colloquia.
13
6. The ASIA PACIFIC Consulting initiative
A few years ago, representatives of ACA(UK) , CCA(USA) and IACA chairman
had a conference call and shared information concerning the well established
actuarial consulting associations.There was much to be learned from the
existing, well-established actuarial consulting organizations – ACA (UK) and
CCA (USA), who operated under slightly different models. Ken Hohman and
Nick Salter provided presentation materials concerning ACA and CCA. At the
Global Development Committee conference call held on February 24th, 2009
there was an interesting discussion. Hideyuki , then IACA chairman, planned to
utilize the EAAC Conference in October of 2009 in Korea for the forming of the
new organization - the Asia Pacific Regional Actuarial Consultants Organization.
There was a need for a task force (Asia Pacific Task Force, who later became
the founding committee of APACA) to establish this organization that was
discussed at the meeting in Tallinn.
6. The ASIA PACIFIC Consulting initiative
There appeared to be good opportunities to capitalize on the prospective
development of the consulting actuarial profession globally. China had recently
established a professional actuarial association; however, several developed
countries including Canada and Japan, where the actuarial profession is well
established and advanced, do not have an association for consulting actuaries.
15
Other Conventions and Colloquia
IACA representatives participated in the PBSS Colloquium held in Tokyo,
October 4th – 6th, 2009, and in the 15th East Asian Actuarial Conference
(EAAC) held in Seoul on October 12th – 15th, 2009. Separate sessions
were designated for IACA in each of these two conferences. EAAC
proceedings in Seoul, a special inaugural meeting was held to launch the
Association of Asia Pacific Consulting Actuaries (APACA).
In fulfillment of the IACA Committee decision, the Asia Pacific Association of
Consulting Actuaries (APACA) was formally inaugurated with a presentation
by Chair, Hideyuki Yoshida, during the 15th EAAC in Seoul on October 14th,
2009. The inaugural meeting was well attended and featured brief
supporting speeches by Ken Buffin, Stuart Leckie and Liyaquat Khan.
6. The ASIA PACIFIC Consulting initiative
6. The ASIA PACIFIC Consulting initiative
Name Role Country
Hideyuki E. Yoshida Chair Japan
Ken Buffin Vice Chair USA
Liyaquat Khan Executive Director/Treasurer India
Ken Hohman CCA delegate USA
Nick Salter ACA delegate UK
Grace Jiang APACA member China
Patrick Gin Guan Cheah APACA member Malaysia
Martin Stevenson APACA member Australia
Ka-Man Wong APACA member Hong Kong
Mark Saunders APACA member Hong Kong
Ken Sugita APACA member Japan
Risza Bambang APACA member Indonesia
Haris Eko Santoso APACA member Indonesia
Chan Young Han APACA member Korea
Yin Lawn APACA member Taiwan
Suchin Pongpuengpitack APACA member Thailand
Gavin Maistry APACA member Singapore
Adrian Waddingham Advisor UK
Brent Walker Advisor Australia
Chris Daykin Advisor UK
Jay Jaffe Advisor USA
Stuart Leckie Advisor Hong Kong
The current members of APACA are shown in table below.
17
6. The ASIA PACIFIC Consulting initiative
Since the establishment of The Asia Pacific Association of Consulting Actuaries
(APACA) on October 14th, 2009, periodic Executive Committee Meetings were
held as follows:
No. Date Major Topics
1 December 17th, 2009�Short-term action plan and Mid term action plan�Actuarial consulting scenario including current specific issues and future prospect
2 March 23rd, 2010�Report on ACA conference in Gatwick on 4th Feb. 2010 and ICA 2010 in Cape Town�Status on y2012 Joint Colloquium
3 September 15th, 2010�SOA AP Region ERM Webinar 3rd Dec �Seminar on Life & Family Takaful organized by Actuarial Society of Malaysia in December 13-14, 2010
4 March 17th, 2011�Joint IACA/PBSS/IAAHS colloquium to be held in Hong Kong, May 6-9, 2012: Roles and Responsibilities of APACA�16th EAST ASIAN ACTUARIAL CONFERENCE (EAAC)
5 June 29th, 2011�The 16th EAAC in October 2011�Marketing initiative for Mini-Congress in Hong Kong in May 2012
18
6. The ASIA PACIFIC Consulting initiative
One of the most outstanding achievements since the foundation of the APACA
is creation of the APACA rules. After a number of discussions, it was confirmed
by the IACA Committee on 5th August, 2010. Below is an extract from the
APACA rules.
APACA – Objectives
the APACA is expected to:• achieve the second objective of the IACA rules for the countries within the
APACA Region;
• enhance actuarial consulting capacity in the APACA region and facilitate
growth of the consulting market;
• create a networking framework among the consulting actuaries.
Within the framework of the above provisions, the key objectives of
APACA shall be to:1. organize IACA sessions in each biennial EAAC conference:
2. arrange more frequent meetings on an “as needed” basis, for example joint
seminars or web casts with local and/or other actuarial associations;
3. meet with politicians, government officials and other bodies (in conjunction
with local actuarial associations where appropriate) to influence legislative
developments which affect actuarial consulting;
APACA – Objectives (continued)
4. create and maintain a membership database so as to facilitate networking
activities and extending other services to APACA members;
5. promote and maintain high professional and ethical standards among its
members;
6. enable actuaries engaged in consulting practice and recipients of consulting
advice to discuss common issues;
7. promote the interchange of information among actuaries and the various
actuarial organizations;
8. keep the public informed of the profession and of the responsibilities of the
professional actuary in practice;
9. residual functions: to take all other actions that are considered necessary for
enhancement of status of consulting actuaries in the APACA region.
In order to achieve these objectives, APACA shall hold meetings, publish
proceedings and discussions, conduct studies, make or sponsor investigations,
and undertake such other activities as may appear desirable and necessary.
“Asia Pacific Association of Consulting Actuaries” THE RULEShttp://www.actuaries.org/IACA/APACA/APACA_rulesfinal_29072010.pdf
6. The ASIA PACIFIC Consulting initiative
20
7. Coming IACA meetings
Seminars/Conferences Function Subcommittee – Nick Salter, Chair� CCA – 23-26 October 2011 – Las Vegas, Nevada
� ACA – February 2012 – Gatwick, England
IACA Committee Meetings� Meeting – 23-26 May 2012 – Los Angeles, United States
� Meeting – 15-18 November 2012 – Nassau, Bahamas
� Meeting – 23-26 May 2013 – Netherlands
� Meeting – 10-13 October 2013 – Singapore
� Meeting – 26-29 March 2014 – Washington, DC (in conjunction with the
ICA 2014)
� Meeting – 11-13 September 2014 – London, UK
Biennial Meetings
� 2012 – 6-9 May - Hong Kong – With PBSS and IAAHS
� 2014 – 30 March - 4 April with ICA meeting – Washington, DC, USA
� 2016 – Europe? Probably with PBSS and IAAHS
� 2018 – Berlin – With ICA meeting
The content and opinions expressed in this presentation do not necessarily
reflect those of the Firms (ABJ, etc) associated with the Author.
Hideyuki Yoshida
Aon Benfield Japan Ltd.
Bancho Kaikan 5F
12-1 Gobancho
Chiyoda-ku Tokyo 102
Japan
tel: +81 (0) 3 3237 6355 fax: +81 (0) 3 3237 6575 www.aonbenfield.com
