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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Regime-Switching Models: An Application to Turkish Mortality Data and Pricing
REGIME-SWITCHING MODELS: AN APPLICATION to TURKISH MORTALITY DATA and PRICING
By ?. ?ahin and A. Ar?k
Affiliations:
?. ?ahin: Member of the Actuarial Society of Turkey
Employer: Hacettepe University, Ankara
A. Ar?k: Member of the Actuarial Society of Turkey
Employer: Hacettepe University, Ankara
Contact details:
A. Ar?k
Department of Actuarial Sciences
Hacettepe University
06800 Beytepe
Ankara, Turkey
Type:
paper
Abstract:
Mortality dynamics are characterized by changes in mortality regimes caused by various exogenous factors. Existence of these factors leads different mortality models such as regime-switching models. Regime-switching models can describe mortality changes through different means and volatilities in the various switching states as well as identifying the time at which a shock arrives for the underlying mortality variable. These are flexible models that can accommodate jumps and changes in volatility in the mortality index. This paper describes a regime-switching model for Turkish mortality data and compares the model with more traditional models (Lee-Carter model and Poisson Log-linear model) which are already applied. The paper also aims to price longevity bonds with the proposed model.
Keywords: Longevity bonds, Pricing, Regime-switching models, Turkish mortality data.
Language:
English
Prior exposure:
The paper has not yet been published or presented at any other event.
Presentation:
We shall elicit questions that take the subject forward.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Raising the Retirement Age
TBD
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Pricing of Guaranteed Minimum Benefits in Variable Annuities
The worldwide market of variable annuities (VAs) has been rapidly growing since their introduction in the mid-1980s in the United States. These fund-linked annuity products, which have become an essential part of the retirement plans in many countries, are often combined with additional living and death benefits. Since they are usually of a complex nature, consistent pricing of variable annuities becomes a difficult task. As there is often a trade-off between a realistic model and analytical tractability, several studies in the literature either focus on closed-form solutions, by simplifying the contract setups and the modeling assumptions, or propose numerical methods for the multi-factor models. This work aims to fill this gap by showing how the explicit representations for prices of some of the VA products can be derived in a hybrid model for insurance and market risks.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Predictive Modeling for Actuaries Book Project
The editors embarked on a two-volume book project that would incorporate a discussion of techniques in 20 volume 1 chapters and case studies with data sets in 10-15 volume 2 chapters. They are now expecting publication in early 2014 for V1 and late 2014 for V2. Three chapter summaries will be given by:
Chapter: General Sessionized Linear Models
Curtis Gary Dean, Ball State University
Chapter: Longitudinal and Panel Data Methods
Edward "Jed" Frees, University of Wisconsin.
Chapter: Unsupervised Learning
Louise Francis, Francis Analytics & Data Mining
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Population Issues Working Group: IAA
The aim of the Population Issues Working Group is to identify population issues of particular interest to actuaries and in respect of which the actuarial profession, particularly at the international level, could make a useful contribution in the public interest. The PIWG’s webpage provides links to sources of demographic data and papers of potential interest to actuaries. While actuaries’ interest in mortality is well established our interest in wider population issues, including fertility and migration, may need more justification which will be provided during this session.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Papers Presented by French Actuaries on Models in Life and Non-Life Insurance
The presented papers are winners of a contest organised by the French actuaries to help recent actuaries to participate at the ICA2014.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
SOA Post-Retirement Risk Research  What It Tells about the State and Direction of Retirement Security in the U.S.
This presentation will review the 15 years of SOA Post-Retirement Risk Research and discuss its implications and key findings. The research will be organized around major topics and the findings will be related to the challenges in older life. The implications will be connected to work and retirement, long term care, and health care. Likely topic grouping will include:
Post-retirement risks
How and when we retire, and work in retirement
Planning for retirement
Understanding longevity
Thinking about spouses
What changes during retirement
Housing
Special issues for women
The work will highlight gaps in knowledge and action. While the work is U.S. based, it is believed that there are parallel gaps in knowledge in many countries, and that where responsibility is shifted to individuals some of the same issues arise. It is believed that the work should be very helpful to people in different countries and should stimulate a good discussion.
The data used will include the work of the SOA Committee on Post-Retirement Needs and Risks. New studies that will be included is a study on Running out of Money to be published later in 2013 and a study done in partnership with the MetLife Mature Market Institute on how different types of families view retirement risk. The risk survey series and our reports will also be included.
Note: This is submitted as a presentation, but a paper could be prepared if that is desired.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Sensitivity of Life Insurance Reserves via Markov Semigroups
We consider a version of the Thiele differential equation that allows for the distribution of a surplus to policyholders. This model appears in the actuarial literature and reflects standard insurance products in many countries. The surplus is driven by the value of a risky asset whose behaviour is modelled by an Ito process. The insurance reserve is then modelled through a backward stochastic differential equation, and a corresponding system of PDEs is derived via a Feynman-Kac-type theorem. The solution of this system is typically given as a stochastic representation, i.e. as the expectation of a stochastic process under a suitable probability measure. The key drawback of the conventional stochastic treatment is that it does not lend itself easily to an analysis of growth, regularity and sensitivity of the insurance reserve.
We propose to overcome this difficulty by applying a purely analytic approach based on the study of linear operators between Banach spaces of H"older continuous functions.
Our key results are
(i) Existence, uniqueness and regularity of a solution of the PDE system which gives the reserve as a function of the surplus. The solution lives in a H"older space on the real line and is also a classical solution in the sense of belonging to the class C1,2.
(ii) Estimates in terms of Hoelder norms of the sensitivity of the market reserve with respect to the surplus, the expected payment stream and the transition assumptions (essentially mortality and disability).
(iii) Pointwise bounds on the first derivative of the reserve with respect to the surplus given in terms of a solution of another PDE system.
(iv) Finally, in the course of the proofs of the above results, a factorization of the reserve function into risk types (financial, mortality/disability, premium) conceptually elucidating the impact of these factors.
Our key contributions to the actuarial literature include the use of evolution systems generated by linear differential operators with unbounded coefficients on non-compact manifolds. The method we apply lends itself naturally to the following next steps
(i) Insurance reserves when the risky asset is driven by a L'evy process leading to pseudodifferential operator techniques.
(ii) Derivation of short-term asymptotics of the reserve through heat kernel methods thus making the dependence of the reserve on individual parameters very explicit.
(iii) Numerical solutions of the PDE system again through a study of the operators.
*Awarded Life Track Prize
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Safeguarding Retirement in a World without Guarantees
In the current financial climate and with ever-increasing longevity, saving for retirement is more crucial yet more difficult for the individual than ever before. As pension providers across the world are shying away from guarantees or coming up with ever more complicated products, people are given little help in answering these important questions:
1. Am I saving enough for retirement (and when can I retire)?
2. Am I investing safely?
3. Can I afford to live for a very long time?
This paper proposes some solutions that are simple to understand and implement, very valuable to the consumers, and yield no or very little risk to the pensions provider. The paper and even more so the presentation will focus on describing the core ideas and how these would play out for the consumer over time, rather than delve into the technical aspects of the solutions. The proposed solutions will be illustrated by comparing their effectiveness with other popular retirement forms.
To ensure that enough is saved for retirement, a model with carefully chosen financial goals is constructed. For the individual consumer the model translates into simple, actionable advice about pensions contributions. These ensure convergence to a recommended level of savings.
Investment risk can be handled by implementing dynamic hedging directly on individual consumer's portfolios - a concrete model for this is proposed. This can provide risk management for the consumer without capital requirements for the pension provider.
Lastly, the paper argues for the extreme importance of ensuring that consumer's have enough longevity cover, i.e. life annuities. Longevity is in fact the largest financial risk that people face when planning for retirement. Again the paper proposes how this can be solved with very little risk.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Role of Actuary in a DC World
As defined contributon plans become the dominant source of retirement income, plan participants could benefit from a systematic actuarial approach to measuring plan outcomes.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
With-Profits / Participating Business: An International Perspective
Various characteristics and aspects of with-profits / participating business are globally similar, whilst others are diverse. A brief overview of with-profits / participating business and the different methods used internationally to declare bonuses / dividends and value benefits will be presented. The presentation will then compare and contrast various aspects of with-profits / participating business across territories. An international perspective on key aspects such as governance, investment strategy, policyholders’ reasonable expectations, communication with policyholders and special issues relating to closed blocks of business will be provided. The aim of the presentation is to promote cross-border knowledge and to help provide a broader view on some of the key challenges facing actuaries working with with-profits / participating business.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Which Banana Piece Could be Your Retirement Nest Egg?
In a defined contribution (DC) pension system, the interest rate risk is borne by the affiliate. In Colombia, the DC system is in charge of private companies and the capital is managed through a multifund scheme, a similar system exists in Mexico since 1997. These systems have a responsibility on capital management; they focus on means, not on results, fact that could be not crystal clear for the affiliate. Retirement planning should take into account this financial risk, fact that is not always adequately communicated.
In this paper, a capital accrual process in a DC system is discussed, the model takes into account the age at which contributions begin, the contributions made as time passes by and the capital accrual. The model allows illustrating how the affiliate could perceive the interest rate risk and how this risk affects the final capital that he could have at the end of his accumulation phase. Some statistical conclusions about the process are presented.
An empirical model is first developed; next using stochastic methods in order to describe economic cycles and other plausible scenarios, a more robust model is used.
Some considerations are made in order to have a model suitable for Colombia, another model is obtained for Mexico and a comparison between these two capitalization systems is made.
Finally, taking into account the obtained results, some retirement planning considerations are discussed.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
What Drives Optimal Policyholder Behavior in Personal Savings Products? The Interaction of Value Maximization, Market Completeness, and Behavioral Aspects
Policyholder exercise behavior presents an important risk factor for life insurance companies. Yet, most approaches presented in the academic literature — building on value maximizing strategies akin to the valuation of American options — do not square well with observed prices and exercise patterns.
Following a recent strand of literature, in order to gain insights on what drives policyholder behavior, this paper develops a life-cycle model for variable annuities (VA) with withdrawal guarantees. However, in contrast to these earlier contributions, we explicitly allow for outside savings and investments, which considerably affects the results. Specifically, we find that withdrawal patterns for a standard Guaranteed Minimum Withdrawal Benefit (GMWB) rider are after all primarily motivated by value maximization — but with the important asterisk that the value maximization should be taken out from the policyholders' perspective accounting for individual tax benefits.
On the other hand, preliminary analyses indicate that the discrepancy between the life-cycle model and the subjective value maximization approach increases with the duration of the policy. In particular, for a VA with a Guaranteed Minimum Lifetime Benefit (GMLB) rider, value maximization does not adequately reflect optimal policyholder behavior. We demonstrate that this discrepancy arises from the incompleteness of the financial market due to biometric risks — which become increasingly material as the policyholder’s age increases.
Thus, at a more General Session level, our findings suggest that while the drivers of optimal policyholder behavior are product-specific, they are systematic in that they directly depend on the “degree of market incompleteness”. We discuss how to assess this “degree of market incompleteness” and derive General Session prescriptions how to model policyholder behavior in personal savings products.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Wellness, Behavior, and Medical Inflation
This session will include case studies from South Africa and Canada. In the overall medical inflation landscape, where effects of demographic changes and supply side inflation are often well understood by actuaries, does wellness behavior (or the lack thereof) make a significant contribution to containing (or exacerbating) medical inflation? Evidence from studies in South Africa and Canada will be presented.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Variable Annuities with Guaranteed Minimum Withdrawal Benefits and Dynamic Portfolio Choice over the Life Cycle
Around the world, benefits from traditional pay-as-you-go pension systems decline and workers are increasingly asked to provide for their retirement through funded private pension arrangements. Financially inexperienced individuals may fare poorly in such self-directed private retirement accounts if they cannot understand risks associated with investments and payout options. On approach to overcome such problems might be to include income or rate of return guaranteesin private retirement plans. In the US, Variable Annuities with Guaranteed Minimum Withdrawal Benefits (VA-GMWBs) have been the most popular innovation in the retirement finance industry over the last decade.
VA-GMWBs are special deferred annuity contracts, which provide an investment component in terms of mutual fund-style sub-accounts during the accumulation phase and an insurance component in terms of the possibility to convert accumulated assets into a livelong income stream in retirement. The GMWB-feature allows policyholders to withdraw the entire initial investment within a certain time period, regardless of the performance of the underlying assets. At retirement, the remaining capital can either be converted into a lifelong annuity or be paid to the policyholder through periodic withdrawals. VA-GMWB contracts combine the possibility of equity ownership, downside protection against market risk, and the possibility of hedging longevity risk through annuitization. Due to the withdrawal option, premiums are at least in part refundable, which may help to overcome the reluctance of many households to voluntary annuitize their wealth.
This paper studies the impact of having access to VA-GMWBs on household consumption, portfolio choice, and wellbeing within a dynamic lifecycle framework. We derive optimal state-dependent VA-GMWB purchase and withdrawal policies and show that access to VA-GMWBs boosts consumption opportunities over the whole lifecycle, particularly for the old.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Usage-Based Insurance Data Value
Telematics data is becoming the single most important tool for risk segmentation, but the real business and societal benefit of usage-based insurance (UBI) is likely to come from behavior modification and driver safety. The industry is beginning to understand the power of this data and looking for best practices to employ UBI as a game changer for reducing accidents and saving lives. This panel will explore how the industry is making a difference by not just segmenting insureds by safe and unsafe driving practices, but highlighting the methods that are being implemented to identify unsafe driving behaviors which can be improved, how these behaviors can be communicated to insureds, and methods for motivating short term and long term behavior modification.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Unsupervised Learning Methods Applied to Property-Casualty Databases
Predictive modeling can be divided into two major kinds of modeling, referred to as supervised and unsupervised learning, distinguished primarily by the presence or absence of dependent/target variable data in the data set used for modeling. Supervised learning approaches probably account for the majority of modeling analyses. This paper will focus on two infrequently used unsupervised approaches:
Thus, unsupervised learning is a kind of analysis where there is no explicit dependent variable. Examples of unsupervised learning in insurance include modeling of questionable claims (foe some action such as referral to a Special Investigation Unit) and the construction of territories by grouping together records that are geographically “close” to each other. Databases used for detecting questionable claims analysis often do not contain a fraud indicator as a dependent variable. Unsupervised learning methods are often used to address this limitation. The PRIDIT (Principal Components of RIDITS) and Random Forest (a tree based data-mining method) unsupervised learning methods will be introduced. We will apply the methods to an automobile insurance database to model questionable[1] claims.
A simulated database containing features observed in actual questionable claims data was developed for this research. The database is available from the author.
[1] The simulated data is based on a research database originally constructed to investigate claims that were suspected not to be legitimate, such as staged accidents and inflated damages. The term “fraudulent” is General Sessionly not used in referring to such claims as claims that meet the definition of criminal fraud are a very small percentage of claims.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Unmanageable UK Pension Debts
The paper considers defined benefit (DB) pension debt in the UK. Private company, not public sector, DB pension scheme debts are considered from the perspective –
• Of the post April 2005 regulatory regime and enforcement powers;
•Of the interaction of funding and security;
•Of investment return, investment risk and investment variation or volatility;
•Of an advising actuary and a decision making pension scheme trustee;
•Of the necessary corporate finance or employer covenant advice.
The major drivers behind the paper are the interaction of (1) heroic investment returns and risk, (2) commercial debt management issues and (3) the inevitable idiosyncrasies of each sponsor and pension scheme. When pension debts become unmanageable, the trustee options and powers, corporate reconstruction and regulatory powers and influences also need to be examined. The background to the situation can be easily summarised with reference to legislation, regulators and industry bodies. The various parties involved and their responsibilities, conflicts of interest and typical attitudes and actions will be highlighted. Stakeholders include society/tax payers, regulators, pension protection levy payers, company shareholders and debt holders, directors, senior management, former employees, pensioners and those still accruing scheme benefits. Employer covenant advice will be considered from the angles of ownership, industry, turnover, profit, CAPEX, cash flow etc. Scheme investment will be addressed from a risk, return and variation perspective, necessarily working from the scheme liability profile. Case studies will include publicly available data from as many high profile national and international reconstructions, regulatory interventions and insolvencies as possible. Likely cases include Sea Containers, Nortel, Jessops, UNIQ, Rover Cars, ITV, Kodak and Bonas. Anecdotes will be added from other smaller unpublished cases. The conclusions will simply be the lessons to be learned from the past with the opportunity being taken to highlight potential future developments.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Underwriting Around the World
This study was sponsored by the International Actuarial Association Mortality Working Group. The study captures and compares information about the underwriting tools and techniques used in 16 countries. The goals of the study were to: • Provide a central source of information on medical and non-medical individual life underwriting practices used around the globe to hopefully encourage countries to use underwriting methods they had previously considered,
• Provide a centralized source of underwriting terminology to enhance communication between practitioners in different regions and between actuaries and underwriters,
• Enable actuaries to better understand and assess the life insurance underwriting risk evaluation tools available as they relate to mortality
The paper describes the similarities and differences between countries and General Session issues related to: • Underwriting types
• Underwriting tools
• Market limits
• Regulatory issues
• Potential new approaches to life underwriting
• Measuring the impact of underwriting on mortality experience
• Underwriting as a profession
• Terminology
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Undertaking Specific Parameters or Partial Internal Model under Solvency 2?
Solvency 2 directive provides a range of methods to calculate the Solvency Capital Requirement (SCR), which allows undertakings to choose a method that is proportionate to the nature, scale and complexity of the risk that are measured: • full internal model (IRM)
• standard formula and partial internal model (PIRM)
• standard formula with undertaking-specific parameters (USPs)
• standard formula (SF)
• simplification.
Regarding the third point, the Technical Specifications (TS) of Quantitative Impact Study5 (QIS5) describes a subset of the SF market parameters that may be replaced by USPs. In particular the TS report three different standardised methods to calculate the standard deviations of premium risk. The aim of this paper is to compare the methodologies proposed in QIS5 with a PIRM for premium risk. Given an insurance portfolio, which are associated claims and any costs incurred by year of occurrence and that constitute the technical basis of a Non-life insurance cover, two pricing models are used to identify premium for different risk profiles: General Sessionized Linear Model (GLM) and General Sessionized Additive Model (GAM).These models allow to describe the Aggregate Claim Amount (ACA) as a function of the tariff variables detectable in the insurance contract and consequently a propensity of each insurers to produce a loss for the undertaking. If GLM represents a benchmark within this technical framework, GAM is an interesting alternative for its non-parametric or semi-parametric structure and furthermore when the distribution of the aggregate claim amount for the tariff variable is not linear.First an explorative data analysis will be developed to check the distribution assumption about the number of claims and claim amount, respectively Poisson and Gamma distribution. Than this paper will show a summary of the outputs, statistics and graphical analysis of residuals necessary to validate the “optimum” GLM and GAM, but also to exhibit which model predicts better the expected value of the ACA.Solvency 2 directive requests for the premium risk to define an “error” in term of standard deviation of the Estimated ACA to state a SCR. Using one of the two models outlined above, the “Best PIRM”, will be determined its standard deviation.
Moreover a comparison between the SF market parameters, USPs and the standard deviation of the model will shown, using Motor Third Party Liability insurance data of Italian Market. Finally some considerations regards a way to calculate a prediction error of the model will conclude the work.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Understanding the Commitment of South African Actuaries to Their Profession
This presentation is on a study about the commitment of South African actuaries to the actuarial profession. The key research question is:
Are South African actuaries committed to the actuarial profession?
This question is important to answer as the demographics of the South African actuarial profession have changed greatly over the past decade or so. These changes include the qualification of the first South African born black African fellow in 2001 and a growing number of female fellows in South Africa over this period. The former apartheid regime in South Africa did not allow black people to get a good education in mathematics and thus prevented any access to actuarial studies for South African blacks. The current South African government aims to increase the participation of black people in its economy. Women and black men in the actuarial profession are part of members of the South African society who have the ability to participate meaningfully in its economy and help to achieve a substantial change in the racial and gender composition of ownership and management structures in South Africa, where the current composition is dominated by white males. The South African actuarial profession is no different, with 85% of its Fellows being male and only 4% of Fellows being black African in 2010. This is a big concern given that 79% of the South African population were black Africans and women made up 51% of the population in 2011.Thus, it is important to understand the commitment of minority groups in the actuarial profession in order to ensure that they can be retained in the profession, successfully progress in their careers and help to move South Africa closer to the ideal of an inclusive and representative South African economy. Results from this study will be discussed in this presentation.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Understanding Mortality Developments
Modelling mortality trend in not just a mathematical exercise. Based on analysing the way trends are historically developed a new stochastic model is developed.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Uncertainty -- A Continuing Discussion
In Wednesday's Plenary Session, Dr. Paul Embrechts discussed the nature of risk and uncertainty, and concentrated specifically on some aspects of quantitative risk management related to the modeling of extremes, and on the model and parameter risk underlying current issues occupying the world of insurance. In Friday's parallel session, Dr. Embrechts will elaborate on several of his key points in a format that will allow for the audience to reflect on the Plenary address and to participate in a conversation with Dr. Embrechts.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
Uncertainty
From its historical roots to the present, insurance can be described as "the taming of uncertainty." From a more mathematical point of view, Jakob Bernoulli's 1713 Law of Large Numbers explains how averages of similar but independent risks are well approximated by the mean loss size (the fair premium) of one such risk. Without doubt, this result can be referred to as The Fundamental Theorem of Insurance. At its basis however lies the notion of randomness, a precondition without which insurance would not be possible; insurance aims at hedging away the uncertainty underlying an insurable risk.
And yet, almost a century after Kolmogorov's classic on The Foundations of Probability Theory (1933), we still struggle with the basics: "What is a random event?" In the wake of recent political and financial crises, Known Unknowns and Black Swans trouble our minds. Frank Knight's Risk, Uncertainty and Profit (1921) and John Maynard Keynes' General Session Theory (1936) have become essential reading again for all students in economics and finance. These authors discussed, or better, questioned, the differences between the notions of risk and uncertainty. And whereas we as actuaries could hide behind: "We always knew about the differences between epistemic, ontological and aleatoric risk," it is much less clear how to use this "We always knew..." in practice.
Where does all this leave the practicing actuary faced with the pricing of longevity risk, annuities, and catastrophic environmental risks; the actuary who is involved in discussions about sense and sensibility of new regulatory guidelines around Solvency 2?
In this talk, Dr. Embrechts will discuss some of these background issues, and concentrate specifically on some aspects of quantitative risk management related to the modeling of extremes, and on the model and parameter risk underlying current issues occupying the world of insurance.
Source:
2014 International Congress of Actuaries
Type:
General Session
U.S. Federal Insurance Office's Role in Global Insurance Supervision and Regulation (Limited Attendance Session)
This three-hour limited-attendance session with staff of the U.S. Federal Insurance Office will explore current activities of the International Association of Insurance Supervisors (IAIS) and other insurance supervisory issues of importance. Discussion topics include: • Designations of insurers and related policy measures
• Global Systemically Important Insurers (GSII's) designated by the Financial Stability Board
• Systemically Important Financial Institutions (SIFIs) designated by the Financial Stability Oversight Council
• Proposed Basic Capital Requirements and High Loss Absorbency Requirements for GSII’s
• Development of a comprehensive framework of supervision for Internationally Active Insurance Groups including a risk-based global insurance capital standard
The dialogue will be with staff of the U.S. Federal Insurance Office, including Tom Finnell, Deputy Director, Regulatory Policy, and John Nolan, Deputy Director, Financial Stability.
This session will take place offsite at the Main Office of the U.S. Treasury Department, which is next door to the White House. All attendees must register for this session in advance and provide security information by March 24.
Source:
2014 International Congress of Actuaries
Type:
Concurrent Session
