Category Archives: Institute of Actuaries of Australia

GAAPS Australia’s Executive Director in The Actuary Magazine!

Good Morning everyone and first of all Happy 2012 to each one of you!!

Here at GAAPS we kicked off the New Year with a lot of enthusiasm… one of the many reasons being because our Australian branch Executive Director, Mr Tony Snoyman, got an entire page in the Actuary magazine!

I guess you’ve always wondered who are the faces behind the GAAPS brand and who are the people working at GAAPS desks…
Well, here you have the chance to find out more about our fantastic team!

Read the article

How Do You Set Your Rates? International Societies Join Forces For Survey

The Casualty Actuarial Society, The Institute and Faculty of Actuaries and the Institute of Actuaries of Australia have joined forces to produce a global ratemaking survey.

The goal of the survey is to gain a better understanding of current property/casualty ratemaking practices, techniques and skills throughout the insurance community.

They are keenly interested in responses from actuaries with experience in property/casualty ratemaking, and also  encourage you to share the attached survey with your non-actuarial colleagues involved in the pricing decision-making at your firm.

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Cooper Review – Australia’s Superannuation System

The Australian Government has released the final report of the Cooper Review into the governance, efficiency, structure and operation of Australia’s Superannuation System.

The review was commissioned in May 2009 to provide recommendations on how to make superannuation simpler, safer and more efficient.

Key points that are likely to be of interest to actuaries include:

Commissions based on insurance in Super Commissions will be banned on all insurance products in super.

There will be a ban on self insurance other than for defined benefit funds.

There are new capital requirements for super funds.

APRA is being given increased powers.

There are minimal changes to SMSFs.

A Code of Trustee Governance is proposed as nearly all the issues looked at in the Review link back to trustee governance in some way or other.

Standard product and investment reporting and detailed financial and operational info on websites.

MySuper should be a whole of life product and include a retirement phase.

Risk Management on Liquidity is being increased.

There are several recommendations for Defined Benefit plans.

The full review can be downloaded here.

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Australian Actuarial Evening

Last week Dr Kaye attended the annual gathering of Australian actuaries.

The president of the Australian association gave a very usefull and infrmative talk and the dinner following the presidential address was equally enjoyable.

Everyone present participated in the discussions; informal comparisons with the other exams systems aroud the world were commented on on and ideas for ongoing networking events were suggested.

Dr Kaye said that “These gathering of the Australian actuaries are one of the highlights of my year.”

Much credit must go to Samantha Hu for arranging such a delightfull evening.

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An International Profession

The Actuarial Profession is an international profession and the Faculty and Institute of Actuaries has agreements for the mutual recognition of qualifications with the following organisations:

* Actuarial Society of India

* Actuarial Society of South Africa

* Canadian Institute of Actuaries

* Casualty Actuarial Society

* Groupe Consultatif (Europe)

* Institute of Actuaries of Australia

* Institute of Actuaries of Japan

* Society of Actuaries

Additionally, the CERA (Charted Enterprise Risk Actuary) qualification is a truly international qualification which can be awarded by the individual institutes.

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Australian Associates Become Actuaries

The Institute of Actuaries of Australia has announced changes to the designation of ‘actuary’.

As of the New Year, students will be able to describe themselves as ‘actuaries’ after completing Parts I and II, an Investments bridging course, a Professionalism course and the Practical Experience Requirement (PER)*.

Current associates will be able to describe themselves as ‘actuaries’ after they have achieved the PER and attended the Professionalism course.

Fellows will need to pass the relevant Part I, II and III exams and attend the Professionalism course.

*The PER is a achieved by completing three years’ relevant full time experience in the financial services sector.

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Treaty signing launches new, international qualification

In an agreement reached during last week’s International Actuarial Association meeting in Hyderabad a new qualification of CERA (Chartered Enterprise Risk Actuary) has been launched. The treaty was signed by the following bodies:

  • The Institute of Actuaries of Australia (Australia)
    Canadian Institute of Actuaries / Institut Canadien des Actuaires (Canada)
    Deutsche Aktuarvereinigung e.V. (Germany)
    Institut des Actuaires (France)
    Israel Association of Actuaries (Israel)
    Institute of Actuaries of Japan (Japan)
    Colegio Nacional de Actuarios A.C. (Mexico)
    Het Actuarieel Genootschap (Netherlands)
    Actuarial Society of South Africa (South Africa)
    Svenska Aktuarieföreningen (Sweden)
    Faculty of Actuaries (UK)
    Institute of Actuaries (UK)
    Casualty Actuarial Society (USA)
    Society of Actuaries (USA)

The individual institutes will be able to award the new qualification to members meeting the required educational standards.

The opportunities in the enterprise risk management field are exciting and ERM is seen by many as being a major field of specialty for newly qualified actuaries in the forthcoming years.

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