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The Global Village: Casualty Actuaries Meet the Challenges of International Markets

The Global Village: Casualty Actuaries Meet the Challenges of International Markets. May 9, 2001 Casualty Actuarial Society 2001 Spring Meeting Jay B. Morrow FCAS, MAAA. Appointed Actuary and Reserve Opinion External Auditors and Examinations. Appointed Actuary and Reserve Opinion

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The Global Village: Casualty Actuaries Meet the Challenges of International Markets

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  1. The Global Village:Casualty Actuaries Meet the Challenges of International Markets May 9, 2001 Casualty Actuarial Society 2001 Spring Meeting Jay B. Morrow FCAS, MAAA

  2. Appointed Actuary and Reserve Opinion • External Auditors and Examinations

  3. Appointed Actuary and Reserve Opinion • What’s New?

  4. Hungary and Czech Republic Appointed Actuary must be approved by Ministry Resident of country Member of organization accredited by IAA Must file Certification of Premium rates Technical reserves Minimum solvency margin calculation Actuarial methods

  5. India - 2000 Singapore - Proposed December 2001 Australia - Proposed July 2002 Ireland - Proposed December 2001

  6. India Appointed Actuary Shall Be: Ordinarily resident in India Fellow of the Actuarial Society of India Employee of insurer, or a consulting actuary Not an appointed actuary of another insurer Possess a Certificate of Practice issuedby the Actuarial Society of India

  7. India Appointed Actuary Powers & Duties Access to all information and documents of insurer Entitled to attend all meetings of management and directors Render advice to management on: Product design & pricing Contract wording Investments Reinsurance Certify assets and liability valuation Inform management of action required to avoid Contravention of Insurance Act Prejudice to the interests of policyholders Ensure Rates are fair Proper actuarial principals are used in determining liabilities

  8. Singapore Qualification Fellow of the Casualty Actuarial Society Fellow of the Society of Actuaries Fellow of the Institute of Actuaries of Australia Fellow of the Faculty/Institute of Actuaries Approved by Casualty Practice Council of AAA Required Submissions Statement of Actuarial Opinion of Loss Reserves Actuarial Report

  9. Australia Proposal to change entire Regulation Structure of General Insurance Companies Details available at www.apra.gov.au in the Policy section Proposal requires appointment of a valuation actuary Institute of Actuaries of Australia to provide definition, standards and guidance Preliminary definition Resident in Australia FIAA or FIA Proposed Reports Insurance Liabilities Report Risk Margin Diversification Report

  10. Ireland In response to an IMF/World Bank report, the Department of Enterprise, Trade and Employment has proposed a Technical reserve certification requirement Certification to be signed by actuaries holding a practicing certificate issued by The Society of Actuaries in Ireland Certification to include Loss, LAE, UEPR and any additional amount to cover unexpired risks

  11. Auditors and Examiners 1990 - Countries where auditors or examiners requested actuarial support for reserves: UK Ireland Australia

  12. Singapore • Malaysia • Philippines • Hong Kong • Kenya • Israel • South Africa • Brazil • Argentina • UK • Ireland • Australia • All of Western Continental Europe • Poland • Bulgaria • Hungary • Czech Republic 2000 - Countries where auditors or examiners are requesting or insisting on actuarial support for reserves:

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