News from the International Actuarial Association (IAA)

To help keep members up to date with international activities, in particular the International Actuarial Association (IAA), here’s a summary of some current initiatives, including Personalised Medicine and Genomics, IFRS17, Long-Term Care and an update on the IAA education syllabus.

Personalised Medicine and Genomics

A paper on the Impact of Personalised Medicine and Genomics on the Insurance Industry which was developed by the Health Committee of the IAA, was published in May.  Personalised Medicine is attracting serious international attention at many levels. The paper discusses personalised medicine, the future of genomics, current challenges, the impact of genomics on the insurance industry and recommendations for actuaries.

IFRS17

To support IAA members and actuaries worldwide with the application and implementation of IFRS 17, the IAA’s Actuarial Standards Committee is working on a model International Standard of Actuarial Practice, ISAP 4, which will guide actuaries in the use of IFRS 17. The ISAP 4 exposure draft is currently scheduled to be released for comments by January 2018 and the final ISAP 4 approved in 2019.

Long-Term Care (LTC)

A paper on Long-Term Care – An Actuarial Perspective on Societal and Personal Challenges developed by the Population Issues Working Group of the IAA was released in April. The primary objective of this paper is to provide information concerning some of the key issues associated with LTC, recognising that there are significant differences throughout the world in how LTC is delivered and financed.

IAA Education Syllabus

A new Education Syllabus is moving towards being recommended for approval. During February and March, the Executive Committee (EC) of the IAA developed a roadmap for moving forward with the new syllabus. Also identified were several issues closely related to the syllabus: qualification of actuaries to practice locally, the term “fully qualified actuary,” the basis for allocating dues to IAA full member associations and the possible renaming of the Accreditation Committee.

This roadmap has generated considerable discussion and concerns by various member associations. After considering this feedback the EC has reshaped the education syllabus proposal in a manner that would attract the broadest support from the member associations. The various related issues were put on hold, with the idea that full attention be paid to approval of the new syllabus. Nevertheless, work on these related issues will continue.

A webinar was held in June providing the opportunity to hear President Tom Terry present details of the EC motion to approve the 2017 IAA Education Syllabus and Guidelines, as well as Education Committee Chairperson Bozenna Hinton outline the vision for the committee’s work going forward. PowerPoint slides and recordings are available on the IAA website

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