Forfatterarkiv: Kim Stenshorne

IAA Webinar on ISAP 1A and ISAP 5

IAA Webinar on ISAP 1A and ISAP 5

Thursday, 2 March 2017 at two different times: 11:00 GMT (click here to check your local time) and 21:00 GMT (click here to check your local time)

In November 2016, The Council of the International Actuarial Association (IAA) adopted two new Model International Standards of Actuarial Practice (ISAPs):

  1. International Standard of Actuarial Practice 1A (ISAP 1A-  Governance of Models); and
  2. International Standard of Actuarial Practice 5 (ISAP 5 – Insurer Enterprise Risk Models).

Like their predecessors, both ISAPs are model standards intended for adoption by actuarial standard-setting bodies, as appropriate.

The Actuarial Standards Committee (ASC) of the IAA will host a webinar on Thursday, 2 March 2017 at 11:00 GMT and 21:00 GMT to present the key aspects of these two ISAPs to IAA Member Associations and other interested parties.

Considering the wide geographic spread of the member associations, the webinar is offered at two different times during the day to maximise participation. The IAA invites its Member Associations and other interested parties to join this webinar to get a better understanding of these ISAPs and to raise any questions they may have.

Godfrey Perrott (ISAP 1A) and Al Beer (ISAP 5) will make presentations on what the ISAPs cover and why, and will then be available for questions.

To register for the webinar please click on your preferred option:
Option 1: Thursday, 2 March 2017 at 11:00 GMT
Option 2: Thursday, 2 March 2017 at 21:00 GMT

You may send any questions in advance by e-mail to technical.activities@actuaries.org.

This activity directly supports the IAA’s strategic objective 3 to promote the development and issuance actuarial standards in jurisdictions of all Full Member Associations and the global convergence of actuarial standards. To learn more about the work of the IAA in this area, please contact the Director of Technical Activities at the IAA Secretariat.

Høring om etterlatteytelser i folketrygden

Den Norske Aktuarforening har mottatt en ny høring i tilknytning NOU’en om etterlatteytelser i Folketrygden. Høringen kan finnes på Regjeringens hjemmesider, her.

Fagkomité Liv/Pensjon vil være ansvarlig for å utarbeide utkast til høringsuttalelse.

Fristen for å levere innspill til høringssvar fra medlemmene er 10. mai 2017. Innspill sendes til Viseformann.

100 år siden Erling Sverdrups fødsel

Den 23. februar er det 100 år siden professor Erling Sverdrup ble født.

Professor Sverdrup er først og fremst husket for sin innsats for utvikling av aktuarfagets og aktuarutdannelsen i Norge. På bakgrunn av dette ble han i 1992 utnevnt til æresmedlem av Den norske Aktuarforeningen. Erling Sverdrup  døde den 15. mars 1994, 77 år gammel.

For å markere begivenheten har Norsk statistisk forening publisert et videointervju utført av Ragnar Nordberg av Erling Sverdrup i februar 1990. Intervjuet kan finnes her.

Den norske Aktuarforeningen ville rette en takk til Norsk statistisk forening , samt Ørnulf Borgan som utført arbeidet med å videreformidle intervjuet.

 

Foiler fra Aktuarfokus 16.02.2017

Aktuarfokus ble avholdt den 16. februar 2017. Presentasjoner om følgende tema ble fremført:

  • Utredningen om egen pensjonskonto for innskuddspensjon av medlem av interdepartemental arbeidsgruppe og seksjonssjef i Finanstilsynet Runa K. Sæther kan finnes her.
  • Solvensregler for pensjonskasser av aktuar Pål Henriksen, Mercer kan finnes her.
  • Ideer og design bak Solvens II av professor Erik Bølviken kan finnes her.
  • Interne modeller i skadeforsikring av CRO Ole Hesselager, Tryg Danmark kan finnes her.
  • Packaged retail investment and insurance-based investment products (PRIIPs) og Key Investor Information Document (KIIDs) av Hege Bunkholt Elstrand, Spesialrådgiver Finanstilsynet kan finnes her.
  • Foredrag av de to prisvinnerne av aktuarprisen, henholdsvis Knut G. M. Aasen og
     Berent Å. S. Lunde kan finnes her og her.

PBSS, PEBC and IACA Webcast

Invitation to a webcast on » LIFE INSURANCE AND PENSION CONTRACTS II: THE LIFE CYCLE MODEL WITH RECURSIVE UTILITY» led by Knut Aase.

When: February 28, 2017, 7:00am EST

The PBSS, PEBC and IACA invite their members to a webcast by Prof Knut Aase, (from the Norwegian School of Economics), which will be held on 28 February 2017 at 7:00AM Eastern Time  (Link to worldwide time clock)  and will run for one hour plus questions.

The paper was published in volume 46, Issue 1 of The Journal of the IAA (the ASTIN Bulletin).  Because of the quality of the paper, the PBSS committee decided to award a special prize to prof Aase.

Abstract: We analyze optimal consumption and pension insurance during the life time of a consumer using the life cycle model, when the consumer has recursive utility. The relationship between substitution of consumption and risk aversion is highlighted, and clarified by the introduction of this type of preferences. We illustrate how recursive utility can be used to explain the empirical consumption puzzle for aggregates. This indicates a plausible choice for the parameters of the utility function, relevant for the consumer in the life cycle model. Optimal life insurance is considered, as well as the portfolio choice problem related to optimal exposures in risky securities. A major finding is that it is optimal for the typical insurance buyer to smooth adverse shocks to the financial market, unlike what is implied by the conventional model. This has implications for what type of contracts the life and pension insurance industry should offer.

We recommend that you read the paper in advance of the webinar.  It is available in said ASTIN Bulletin, and is also attached to this invitation.

The web-cast will primarily draw on the following three papers, where I am the sole author:

Whilst the presentation will primarily focus on the paper described above, it will draw on the following papers:

 

[1] “Life Insurance and Pension Contracts I: The Time Additive Life Cycle Model.” Astin Bulletin, Volume 45(1), 2015, pp 1-47.

[2] “Recursive utility using the stochastic maximum principle”. Quantitative Economics Journal of the Econometric Society 7(3), 2016, pp 859-887.

[3] “Life Insurance and Pension Contracts II: The life cycle model with recursive utility.” Astin Bulletin, Volume 46(1), 2016, pp 71-102. The DOI for the paper is: 10.1017/asb.2015.20. It was published on First View on November 11, 2015.

 

Here [2] is the basic publication, which the paper [3] builds on. The talk will focus around the results of the paper [3], which is enclosed as an attachment.
We hope many of you will be able to join us on the 28th of February.
To register, please visit this URL: https://iaaevents.webex.com/iaaevents/onstage/g.php?MTID=ec73c1b0669c29d416e9d96543219c85b

Recognizing different time zones, the webcast will be recorded and available for download for those members who cannot join on February 28.

Please note that this webinar is free for members of the PBSS and IACA Sections or the Pensions and Employee Benefits Committee.  If you are not a member of one of these sections or committee, you will need to pay a registration fee for the webinar. The webinar registration fee is equivalent to the section’s annual membership fee ($50 Canadian). Joining will allow you to participate in all sponsored webinars until the end of 2017. To join the PBSS or IACA section, please click here : https://www.actuaries.org/merchandise/section/

30th International Summer School of the Swiss Association of Actuaries 2017

Den sveitsiske aktuarforeningen har åpnet registrering til den 30. «International Summer School of the Swiss Association of Actuaries».

Temaet for arrangementet vil være «Insurance Management: Trends, Challenges and Solutions», og arrangementet vil finne sted i Lausanne fra den 6. til den 9. juni 2017.

Nærmere informasjon om arrangementet kan finnes her.