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CIA Annual Meeting Assemblée annuelle de l’ICA

CIA Annual Meeting Assemblée annuelle de l’ICA. June 29 & 30, 2006 Ÿ Les 29 et 30 juin 2006 Ottawa, Ontario. International Actuarial Accounting and Regulatory Developments for Insurance - Helmut Engels. International Association of Insurance Supervisors. IAIS Background Founded in 1994

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CIA Annual Meeting Assemblée annuelle de l’ICA

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  1. CIA Annual MeetingAssemblée annuelle de l’ICA June 29 & 30, 2006 Ÿ Les 29 et 30 juin 2006 Ottawa, Ontario International Actuarial Accounting and Regulatory Developments for Insurance - Helmut Engels

  2. International Association of Insurance Supervisors IAIS Background Founded in 1994 Represents insurance regulators/supervisors from 180 jurisdictions Currently 100 + Observers Aim is to achieve consensus on general principles and standards across borders IAIS Developments

  3. General: Insurance Core Principles and methodology 2003 (28 ICPs) Financial - 11 papers Asset management (standard) Derivatives (standard) Solvency control levels (guidance) Stress testing (guidance) Investment risk management (guidance) Finite reinsurance (guidance) IAIS Developments

  4. Governance - 20 papers Supervision of reinsurers (standard) Licensing (standard) Model memorandum of understanding between supervisors (guidance) Market Conduct - 10 papers Anti-money laundering (guidance) Disclosures concerning technical performance for non-life insurers and reinsurers (standard) Disclosures concerning investment risks (standard) IAIS Developments

  5. IAIS Developments

  6. Recent and Current Developments Cornerstones Paper – Oct 2005 Framework Paper – Oct 2005 Road Map Paper – Feb 2006 Structure Paper – out for public discussion IAIS Developments

  7. Other Papers Under Development: ALM Paper Enhanced Disclosure for Life Insurance Companies IAIS Developments

  8. IASB currently drafting accounting rules for insurance enterprises – Phase II IAIS working to influence IASB Ideal is to have public financial reporting be the same as regulatory reporting If there are differences, they should be transparent May 2005 first liabilities paper to IASB June 2006 second paper IAIS Developments

  9. Policyholder behaviour recognition Use of a “Fair Value” forward looking model Valuation to Include all future cash flows Use of best estimate assumptions Include prudential risk margins Change assumptions as needed Asset/liability consistency Portfolio level consistent with individual contract level Initial recognition of liabilities Discounting – use risk-free rate Acquisition costs Own credit worthiness not allowed IAIS Developments

  10. Co-ordination of efforts IAIS Insurance Contracts Subcommittee IAIS Solvency Standards Subcommittee IAA - Is working on 2 papers on Best Estimate and on Risk Margins IAIS Developments

  11. CIA Annual Meeting ŸAssemblée annuelle de l’ICA Session?

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