Function of Life Insurance Advisory Group - Actuarial Society of India

Functions of the Advisory Group:Accounting and Solvency- Insurance andPension Funds(Ver 2.00_28022012)1

The Group is responsible for;General Functions1. addressing issues in respect of insurance and pension fund accounting andfinancial reporting2. addressing issues in respect of insurance and pension fund solvency3. designing and carrying out CPD programs for enhancement of skills ofmembers of the profession in the areas of solvency and financial reportingin insurance and pension funds4. advising the Institute through the President on emerging professional,business and industry issues affecting members of the Institute in the areasof solvency and financial reporting in insurance and pension funds5. advising the President on any regulatory or market issues that potentiallymay affect the status of the profession in the areas of solvency andfinancial reporting in insurance and pension funds6. appropriate quality paper/s and presentation/s on its area of function forthe GCA.

Functions, ExpectedDeliverables and SuccessMeasures

1. To be responsible for addressing issues in respect of insurance and pensionfund accounting and financial reporting (e.g. IFRS and related developments)that are referred to it or the Group considers appropriate to address and advisethe President for appropriate action.Expected deliverablesSuccess indicators1. On matters referred to the Group- Advice to be provided withintimescales that are agreed on acase-to-case basis.2. Take up matters pro-actively (inconsultation with the President,where required) based oninternational/indiandevelopments.For 1. Advice is acted uponby the Institute.For 2. Presentation ofpapers/articles for widerdebate within the professionand with the regulator.For 2. Institute viewssubmitted to IAA/IFRS/similarorganizations5

2. To be responsible for addressing issues in respect of insurance and pensionfund Solvency (e.g. Solvency II and related developments) that are referred to itor the Group considers appropriate to address and advise the President forappropriate action.Expected deliverablesSuccess indicators1. On matters referred to theGroup - Advice to be providedwithin timescales that areagreed on a case-to-casebasis.2. Take up matters pro-actively (inconsultation with the President,where required) based oninternational/indiandevelopments.For 1. Advice is acted upon bythe Institute.For 2. Presentation ofpapers/articles for widerdebate within the professionand with the regulator.For 2. Institute viewssubmitted to IAA/IFRS/similarorganizations6

3. To design and carry out Continuing Professional Development Programsincluding seminars and workshops for enhancement of skills of members of theprofession in the area of its Function.Expected deliverablesSuccess indicatorsConduct exclusive events(seminars, workshops,conferences) as well as be partsuch events conducted by IoAI /ICAI1. Attendance at and feedback fromsuch events.2. Establish working relationship withother allied organizations (ICAI,IAA, IFRS) and regulator (IRDA).3. Develop actuaries for futureemerging opportunities.7

4. To be in know of and advise the institute through President on emergingprofessional, business and industry issues affecting members of the Institute inthe area of its function.Expected deliverables1. To be aware of developments andkeep the President informed.Success indicators1. Follow-upaction/advicefrom President.8

5. To advise the President on any regulatory or market issues that potentiallymay affect the status of the profession in the area of its Function.Expected deliverables1. To be aware of developments andkeep the President informed.Success indicators1. Follow-upaction/advicefrom President.9

6. To be responsible for appropriate quality paper/s and presentation/s on itsarea of Function for the Global Conference of Actuaries.Expected deliverables1. Ownership for obtaining qualitypapers for presentation at GCASuccess indicators1. Attendance andpositive feedback10

Long – term aim1. Provide a platform for members to develop/enhance expertise and skillsin the areas of measuring risk based capital and financial reporting2. Harness the expertise of the members and other experts to establish theIndian actuarial profession as thought leaders in the area of risk basedcapital at global level3. Contribute in public debates via participation at various forums atdomestic and international levels to put across the profession’s views aswell as build a strong and vibrant brand of the Indian actuarial profession.4. Expand scope for members to work in areas beyond conventional workstreams through role models, engagement with employers and regularpublication of research work.5. Ongoing engagement with regulators and professional organizations to bemaintained, and developed deeper, so that the actuarial professionachieves the ‘top of the mind’ position as experts for consultation.6. Provide inputs into the education course curriculum so as to review therelevance and importance of advanced tools for measuring risk basedcapital and financial reporting.