In a previous post, I wondered whether Appointed Actuaries were moving into a compliance role, partly driven by the new ICAAP requirements from APRA for insurance companies. Well I’m not the only one who has been thinking about the role of Appointed Actuaries. We had a session at the ActuariesContinue Reading
As insurance companies start to implement ICAAP ahead of the 1 January 2013 deadline next year, they are thinking through what best practice looks like; not necessarily to implement it now, but to try to move in the right direction. One aspect of the new standards which is new from a regulatoryContinue Reading
As if life and general insurance capitals changes weren’t enough, PHIAC has released an initial consultation paper on changes to health insurance standards. In this guest post, health actuaries David Torrance and Ben Ooi have more: PHIAC has released a Capital Standards Review Consultation Package with responses due by 1Continue Reading
Reading Bruce Schneier’s new book Liars and Outliers: Enabling the Trust that Society Needs to Thrive (reviewed here) made me think about the management of a life insurance company using a security lens. And underwriting is the part of a life insurance company’s management that lends itself most to a securityContinue Reading
In one of the major milestones of the review of Capital Standards for Australian insurers, this week APRA released many of the final Standards, with some further draft changes to other Standards that will also because of the review. Most of the changes had been foreshadowed as part of theContinue Reading
Today’s book review is Liars and Outliers: Enabling the Trust that Society Needs to Thrive, by Bruce Schneier. Bruce Schneier is an internationally renowned security guru (he even has his own internet meme). He started out as an expert on cryptography, but he now has much wider security interests. Liars and OutliersContinue Reading
At the Financial Services Forum last week one of the big questions was about the future of financial advice. This is also known as FOFA, which is what the government is calling it. The changes to the nature of financial advice were the backdrop to many of the presentations IContinue Reading
Warning: technical actuarial post ahead! This is a guest post from my colleague, Michael Dermody. On Friday, APRA issued a letter to all CEOs and Appointed Actuaries of life insurers detailed its proposal for calculating the illiquidity premium in the discount rate for certain liabilities as part of the Life InsuranceContinue Reading
Most financial services companies these days have a risk management framework with three lines of defence. The diagram below shows the three lines of defence, as illustrated by a bank. So where does the Appointed Actuary fit into this picture? The original Appointed Actuary in the UK was effectively solelyContinue Reading
Regulatory change is a constant in most financial services areas these days. Insurance in Australia is no different. APRA is in the middle of a major upgrade to the regulatory capital regime for life and general insurers, which is due to start from 1 January 2013. So far, most ofContinue Reading
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