Cape Town大会でIACAの４０年の歴史の本の出版

英国から帰国してまだ２週間程度だが、Cape TownでのIAA会議が３月の１日から６日まで開催される。その次の週は、29thICAで４年に一回の国際アクチュアリー会議が開催されるので長期の出張をする。私は、IACA Chairmanとしての任期をこの大会で終えてImmediate Past Chairmanとなる予定である。年次大会に向けての諸準備、国際会議では"Peer Review"のパネルで発表する。また、モラル・ハザードのパネルの司会を務める予定である。IACA委員会では、選挙委員会(Nominating Committee)を立ち上げて、新委員の選任プロセスを進めている。また、私が２年前に議長になった時に、IACAは４０年の歴史を持っていたが、その記録が文書化されていなかったので、本の発行を提案した。そして、このCape Town大会で出版の見通しとなった。最終章は、私が出版時の議長として執筆する責任を負った。以下が、その原稿のドラフトになるが、本になるのが楽しみである。また、コンサルティングアクチュアリーの歴史を知りたい人は、是非、これを購入して参考にして欲しい。

May 2008 – March 2010 – By Hideyuki Yoshida

Biennial General Meeting – 2008

The IACA Biennial General Meeting held on May 5th, 2008 in Boston was conducted in conjunction with the Joint Colloquium sponsored by IACA, IAHHS, and PBSS. For the first time, three IAA sections joined together as full partners to conduct a Joint Colloquium. The Joint Colloquium was an outstanding success in nearly all respects. Of particular interest were several sessions focused on the expanding area of microinsurance, including presentations by many of the foremost experts in that field. Attendance was approximately 200 individuals from 34 countries. The only disappointing aspect of the Colloquium was the relatively low number of registrants from the U.S., which could have been improved by having better collaboration with some of the U.S. actuarial organizations.

During the Biennial General Meeting, IACA elected new Committee members. The new Committee membership, listed alphabetically, was as follows:

Zainal Abidin Mohd-Kassim Malaysia
Barbara Addie Canada
Kenneth Buffin United States
Michael Codron South Africa
Morten Harbitz Norway
Kenneth Hohman United States
Grace Jiang China
Liyaquat Khan India
Nicholas Salter United Kingdom
Margaret Sherwood United States
Janina Slawski South Africa
Segundo Tascon Mexico
Emmanuel Tassin France
Michael Toothman United States
Alexander Van Stee Netherlands
Andrew Vaughn United Kingdom
Gerd Warnke Germany
Hideyuki Yoshida Japan


This election included the implementation of a decision taken by the Committee during the past year to invite both the Association of Consulting Actuaries (ACA, UK) and the Conference of Consulting Actuaries (CCA, US) to suggest one of their members to be nominated as an IACA Committee member. The ACA and the CCA had accepted our invitation to name one of their members as a nominee to the IACA Committee and we appreciated their working with us to further achieve the objectives of the IACA Section. In addition, officers for the upcoming two-year period were nominated. The slate proposed by the Nominating Committee (and there were no nominations from the floor) was as follows:

Chair Hideyuki Yoshida Japan
Vice-Chair Kenneth Buffin United States
Past Chair Michael Toothman United States
Secretary Treasurer Morten Harbitz Norway
Executive Director Margaret Sherwood United States

At the same meeting, IACA also held a dinner to celebrate its 40th anniversary as an organization. Highlights of this dinner included remarks from Geoffrey Haywood, our Founding Chair; the awarding of the second Max Lander Award, named in honor of one of IACA’s founders and given to an actuary who has contributed to the public awareness of the actuarial profession and to the promotion of the business of actuarial consulting; and the passing of the gavel of leadership from Michael Toothman to Hideyuki Yoshida. Hideyuki became the first Asian to assume such a position of leadership of an IAA section.


The recipient of the second Max Lander award was Paul Thornton (UK), an outstanding contributor to actuarial consulting over his career and continuing into the present as the President of IAA (January 2010). The inaugural recipient of this award was Jim MacGinnittie (US), two years ago in Paris.

Functional Subcommittees

Hideyuki Yoshida, IACA Chair (2008 – 2010), established as a first priority for the Committee to achieve full-scale activation of three existing functional subcommittees, covering Professionalism, Publications and Research, Membership Services and Development, as well as create a new subcommittee for Global Development, led by Hideyuki himself. Each functional subcommittee sent an observer delegate to related IAA committees to achieve better collaboration between the Section and Committee. An organization chart of the IACA had been drafted by Hideyuki to better facilitate visibility of each functional subcommittee’s role and linkage to the IAA committees (see attached chart).


The following are the summaries of activities for each functional subcommittee (2008 – 2010).

IACA - Membership Services and Development Committee (MSDC)
Originally titled, “Membership Services”, the IACA Membership Services and Development Committee was renamed and re-constituted in April 2009 with Liyaquat Khan as Chair, and the following members:

Liyaquat Khan, Chair
Barbara Addie
Ken Buffin
Ken Hohman
Nick Salter
Margaret Sherwood
Martin Stevenson
Jay Jaffe
Nick Dumbreck (also an Observer on the IAA Member Services Committee representing IACA MSDC)

The Committee had finalized its Terms of Reference, Objectives and Action Plan for the years 2009 and 2010, which were later approved during the IACA Executive Committee meeting on May 30th 2009 in Tallinn. The Committee had proposed for itself a very forward looking and aggressive plan and aimed to shore-up the Actuarial Consulting globally within a two-year timeframe.

A significant number of members did not have e-mail on the IACA data records. Over November and December of 2009, with the help of Society of Actuaries in the US and the Institute of Actuaries in UK, efforts were made to obtain e-mail ids with considerable success.

Communication with members had been sent to all IACA members on matters pertaining to general interest such as offerings from ILO, SoA Seminar on Living to 100 years and re: IACA- international consulting actuaries directory and housing an international reference library for consulting actuaries on IACA website (in a "members only" page).

Christian Levac at the IAA Secretariat is personally involved in the redesigning of the IACA Section Website. The following were the proposed changes:

• Enabling survey of members so as to obtain feedback on members’ level of satisfaction with IACA offerings, need for seminars/workshops/webinars and similar events.
• Hosting Directory of members’/consulting firms.
• Hosting Library of past convention papers (already in progress by Christian), Papers and Presentations.
• Enabling high degree of networking.
• Enabling IACA leadership to achieve high degree of Public Relations with membership.

Publications & Research Committee
Andrew Vaughan continued to serve in the leadership role as Chair of this subcommittee where he had previously been responsible for producing a members’ newsletter and other information.
Other objectives for this subcommittee include:
• Prepare a newsletter on a regular basis, possibly linked to the IAA newsletter, and posted on the website
• Publicize the professional and technical papers and presentations from the Joint International Colloquia and meetings
• Co-ordinate content between the websites of IACA and other IAA Sections

A project is in progress to write a brief history of IACA and an outline of plans for the future development of IACA with a goal of publishing a booklet ready for distribution at the time of ICA2010 in Cape Town.

As part of researching IACA's history all of the main Committee's minutes are in the process of being archived and loaded onto IACA's website along with as many Transactional papers as possible from the biennial meetings that have taken place over the years.

Professionalism Committee
Hideyuki originally appointed Mike Codron as Chair of this subcommittee; however, due to the heavy burden of leading the 2010 ICA IACA Section Programs, Mike Codron resigned the role and as a result, Emmanuel Tassin stepped in as Chair. Emmanuel indicated that in Europe, CEIOPS had created lots of work for actuaries in Europe. Morten Harbitz was a delegate appointed by Den Norske Aktuarforening to the IAA’s Professionalism Committee who serves in the role of liaison to IACA concerning relevant activities arising from proceedings of the IAA Professionalism Committee.

Global Development Committee
The purpose of the new Global Development Committee was to meet one of the objectives stated in IACA rule Article 2 a) ii), namely, to encourage and assist in the development of consulting actuarial associations in locations where there is an identifiable need for actuarial skills.

Article 2 implies that IACA should fulfill a role of helping in countries or regions in the development of actuaries as consultants and by helping to establish and develop a forum for consulting actuaries either within IAA member associations or as a separate association, and to encourage the formation of an IAA member association where there is none. These objectives may be best accomplished in co-ordination with the IAA Advice and Assistance Committee. The Global Development Committee will also work in cooperation with the IAA Supranational Relations Committee, the International Social Security Association (ISSA), the World Bank, and other relevant organizations.

On January 8th, 2009, Ken Hohman, Nick Salter, and Hideyuki had a conference call. The objective of this meeting was that before discussions were activated on this topic in the Global development committee, Hideyuki felt that it would have been helpful to understand the operations, objectives, and history of two existing actuarial consulting associations in the USA and the UK. There was much to have been learned from the existing, well-established actuarial consulting organizations -- ACA (UK) and CCA (US), who operated under slightly different models. Ken and Nick provided presentation materials concerning ACA and CCA. At the Global Development Committee conference call held on February 24th, 2009 there was an interesting discussion. Hideyuki planned to utilize the EAAC Conference in October of 2009 in Korea for the forming of the new organization – the Asia Pacific Regional Actuarial Consultants Organization. There was a need for a task force (Asia Pacific Task Force, who later became the founding committee of APACA) to establish this organization that was discussed at the meeting in Tallinn. Upon the establishment of this organization, the next regions in line were Latin America and Africa. Ken Buffin had been appointed as the IACA delegate to IAA’s Advice & assistance committee.

There appeared to be good opportunities to capitalize on the prospective development of the consulting actuarial profession globally. China had recently established a professional actuarial association; however, several developed countries including Canada and Japan, where the actuarial profession is well established and advanced, do not have an association for consulting actuaries.

Other Conventions and Colloquia

IACA representatives participated in the PBSS Colloquium held in Tokyo, October 4th - 6th, 2009, and in the 15th East Asian Actuarial Conference (EAAC) held in Seoul on October 12th – 15th, 2009. Separate sessions were designated for IACA in each of these two conferences. The respective presentations are available at http://4thpbsstokyo.visitors.jp/index.html and http://www.eaac15th.org. During the EAAC proceedings in Seoul, a special inaugural meeting was held to launch the Association of Asia Pacific Consulting Actuaries (APACA).

In fulfillment of the IACA Committee decision, the Asia Pacific Association of Consulting Actuaries (APACA) was formally inaugurated with a presentation by Chair, Hideyuki Yoshida, during the 15th EAAC in Seoul on October 14th, 2009. The inaugural meeting was well attended and featured brief supporting speeches by Ken Buffin, Stuart Leckie and Liyaquat Khan.
The founding members of APACA are shown in table below.

Name Role in APACA Country
Hideyuki E. Yoshida Chair Japan
Ken Buffin Vice Chair USA
Liyaquat Khan Executive Director/Treasurer India
Ken Hohman CCA delegate USA
Nick Salter ACA delegate UK
Grace Jiang 　 China
Patrick Gin Guan Cheah 　 Malaysia
Martin Stevenson 　 Australia
Wong, Ka-Man 　 Hong Kong
Mark Saunders 　 Hong Kong
Ken Sugita 　 Japan
Risza Bambang 　 Indonesia
Haris Eko Santoso 　 Indonesia
Chan Young Han 　 Korea
Yin Lawn 　 Taiwan
Andrew Leung 　 Thailand
Maistry, Gavin 　 Singapore




The UK Association of Consulting Actuaries Chairman Keith Barton invited IACA delegates to attend their members’ conference scheduled on Thursday the 4th, and Friday the 5th of February 2010 at Gatwick UK to give presentations on international consulting matters. The general theme of the conference was “Facing the future”. Chairman Hideyuki Yoshida accepted the invitation and traveled to UK to attend the conference. On the first day, he gave a presentation with the title “The Day After Tomorrow for the Asian Life Insurance Industry, Pensions, and their Implications to Actuarial Consulting “. This presentation is available at
http://www.actuaries.org/IACA/Documents/ACA_APACA_Presentation.pdf
and
http://www.actuaries.org/IACA/Documents/ACA_APACA_Presentation_Summary.pdf

Also, IACA committee member Alexander van Stee gave a presentation on “The Dutch Pension Market” On Friday February 5th, Hideyuki also gave a speech on “ Newly founded Asia Pacific Association of Consulting Actuaries; APACA”.

Into the Future

Hideyuki had also taken initiatives to strengthen the IACA Committee’s convention functions to prepare for the upcoming IAA-related conferences. The most important of these were the IACA meetings and events during the 29th ICA in Cape Town, and the year 2012 Joint colloquium with PBSS and IAAHS. The IACA nominations committee was activated by having its first conference call on January 28th, 2010, and a subsequent one on February 9th, 2010 to prepare for the election of new committee members at the General Meeting scheduled on March 8, 2010.

A joint Colloquium of IACA, PBSS, and IAAHS was proposed in May 2008 to be held in India in 2012. Following a discussion that took place in Hyderabad in November of 2009, regarding certain criteria for hosting and selecting locations for joint colloquia, the three Sections decided to reconsider the matter and proceeded with deliberations in a series of conference calls. Ultimately, in late December, 2009 the three Section chairs concluded that India was not a viable option and directed the IACA Committee to seek other destinations. The APACA executive committee discussed this matter, and at a following meeting of the three Section Chairs, Singapore and Hong Kong were suggested as possible destinations. After contacting the two actuarial associations in Singapore and Hong Kong, the IACA Committee received favorable responses expressing interest in hosting the 2012 joint colloquium from both associations. We expect to make a selection of the preferred destination on March 8th at the IACA General meeting with the agreement of the leadership of PBSS and IAAHS.

The ad hoc task group led by Mike Codron has organized seven sessions for ICA 2010 to be held in Cape Town in early March of 2010. The presentations planned are as follows:
• The Consulting Actuary: Entrepreneur and Professional
• Micro-insurance
• Peer Review
• Pension Fund Investment Strategies and Models
• Retirement Provisions in Developing Economies
• Impact of World Economic situation on Actuarial Consulting
• Walking Through Moral Hazard Minefields.

In addition there will be a general meeting, a meeting for the new IACA committee, a dinner for committee members and a lunch for all IACA members.

At the Biennial meeting in Cape Town, Hideyuki Yoshida will pass the gavel of leadership to his successor, who will continue to lead IACA to meet the new demands of a rapidly developing world; as well, a new recipient of the Max Lander award will be announced. IACA will continue to expand; it will create more functional committees, organize events and conventions to meet the new demands of an ever changing world. IACA will provide consulting actuaries with the collaboration tools networking opportunities needed to continue to be innovative and acquire the necessary expertise. With this, we actuaries can help our clients make sound decisions and respond effectively to change. In order to do so, it will require the effort of not just a few regions, but of all of the knowledge in the world combined, in one collaborative effort to pave the way to a promising future.

GatwickのACA大会で無事に講演と演説を終える

前回のブログから、１ヶ月が経過してしまった。その間、やはり英国コンサルティング協会(ACA)での発表準備に相当の時間をとられてしまった。APACA諸国の委員に協力を要請して、金融危機後の保険業界のインパクトとその後の回復ぶりについて、各国の統計データで示してもらって、それを１５０ページのスライドにまとめた。タイトルは、「The Day After Tomorrow for the Asian Life Insurance Industry, Pensions, and their Implications to Actuarial Consulting 」とした。年金についても、各国に要請して、それぞれ３ページほど追加してもらった。ちなみに、日本は、アクチュアリー会の杉田副理事長がお引き受けいただけた。２月３日に成田を出発して、同じ日の夕刻にヒースロー空港に到着し、そこから高速バスで、Gatwick空港のヒルトンホテルに２時間くらいかけて移動した。その日は、疲れてはいたが、ACAの会長のKeith Barton氏に晩餐会の招待をうけていたので、８時から１１時くらいまで懇親をして、翌日以降の段取りの打ち合わせをした。
翌日の２月４日の午後から、IACA Sectionの発表が始まった。私は３番目で、１５０ページのスライドを１時間英語で話すのは相当大変だった。でも、結構の質問がでた。時間の関係で、最後はclosing Remarksでまとめておいた文書を読み上げて締めくくった。その日の晩餐会は、相当に盛大なものであった。３００名位の英国のコンサルタントが、出席した。写真は、Keith Barton会長と撮ったものである。ロイヤル・トーストという表現を、そこで初めて経験した。トースト　ツー　クイーン（女王陛下に乾杯）という言葉で全員が乾杯する。日本では、考えられないことだが、これが英国の伝統というものなのだろう。翌日の２月５日からが、ACAの英国の本会議で、朝の９時頃からの開始であった。最初は招待講演で、Nigel Waterson氏で、政治家のShadow Pension Ministerが英国の年金制度の改革の方向性について語った。その後で、私に順番がきてAPACAの創設についてIACAの会長としてスピーチをした。聴衆は、イギリスのコンサルティングアクチュアリーだけで、３００名ほどいた。夕刻は、Kay Carberry女史(assistant General Secretary, Trade Union Congress)が、Challenge for good employersと題して招待講演された。前日もそうであったが、英国のコンサルティング協会は、政治家との接点がある。日本では、まだまだ政治家とアクチュアリーとのロビーイングは、行われていない。
初日の私の講演のクロージング・リマークは、以下の文面のとおりである。
The financial crisis revealed weaknesses and flaws in the regulatory and risk management systems of companies. Many financial companies failed to mitigate the risks presented by the financial crisis despite having these systems.
This also holds true for the Asian financial market as indicated by statistical data throughout the period. As a result, Enterprise Risk Management is now the main focus for implementation and operating efforts of insurance companies. Regulators have also tightened measures in minimum capital requirements following developments such as Solvency II in Europe.
Fears of a global recession saw the need for International Cooperation in order to revive the world’s financial systems. This called for the involvement of the G20, rather than the original G8 countries. In addition to the original G8, the new G20 (19 countries and the EU) now includes additional countries, with the most number of countries coming from Asia. These additions are Australia, China, India, Indonesia and South Korea.
The effect of the financial crisis on the Asian insurance industry was relatively mild with indicators revealing signs of recovery as early as 2009. With proper risk management and by bringing relevant actuarial expertise, we can ensure a thriving market for actuary consulting in the continued development of the overall Asian insurance industry.

新年はGatwickのACA大会の準備

２０１０年に入って初めてのブロクとなる。まずは、新年明けましておめでとうございます。若手の皆さんも１２月末のアクチュアリー試験が終わって事務所に戻ってきた。私の方は、郷里の新潟に帰省するだけの短い正月休みだった。１２月１７日にAPACAの進発電話会議を行って、多いに盛り上がったことを年末に記載した。英国のコンサルティングアクチュアリー協会(ACA; Association of Consulting Actuaries)から、IACAのChairmanとして２月の上旬にGatwickで開催される年次大会で"Facing the Future"という全体のトピックに沿った内容で講演を依頼されていた。３月のCape Townの国際アクチュアリー大会もあるし、どうしたものか迷っていたが、APACAの諸国の委員の協力が得られる見通しになったので、出張してアジアのコンサルティング市場の現状と将来についてプレゼンをしてくることとした。また、日本と比べて格段にコンサルティングの需要が高い英国市場におけるACAの活動とはどのようなものなのか見聞してくることとした。以下は、招待状である。

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　26 October 2009
H Yoshida Esq
PriceWaterhouseCoopers
Shin-Marunouchi Building
32nd Floor
1-5-1 Marunouchi
Chiyoda-ku
TOKYO 100-6532
JAPAN
Our Ref: 1026nssw.1/

Dear Hideyuki
ACA Meeting – Gatwick 4 February 2010
I am writing to you in your capacity as Chairman of IACA and the Founder and Chairman of APACA.
As you are aware, I am organising the IACA Conference which forms part of the ACA Conference at Gatwick in February 2010. This is a Conference for consulting actuaries in the UK and the IACA part of it covers international issues which will be of interest to UK actuaries. The theme for the conference this year is “Facing the Future”.
I would be delighted if you would be able to attend the conference and present a paper of your choice on the theme of “Facing the Future” drawing on your experience of consulting issues for actuaries in the Asia Pacific region. This would also give you the opportunity of introducing to UK consulting actuaries the existence of APACA and its aims and objectives.
I do appreciate that the UK is a long way to travel from Japan but I do hope that you might be able to fit this into your schedule.
I look forward to hearing from you as to whether you would be able to attend this conference and, if so, what the content of your talk might cover.
I look forward to hearing from you.

Kind regards.
Yours sincerely

Nick Salter
Partner, Barnett Waddingham LLP
Chairman of the IACA/ACA Conference

APACA キックオフ・ミーティングを開催（2009年12月17日)

韓国で開催されたEAAC大会の、IACA Sectionの際に設立が合意されたAPACA(Asia Pacific Association of Consulting Actuaries)は、アジア・パシフィック地域のコンサルティング協会であるが、１２月１６日のIACA本体の電話会議で、設立をEndorseされたので、１２月１７日に電話会議で、第一回のキックオフミーティングを開催した。今後成長が期待される中国やインド経済にあって、コンサルティング・アクチュアリー市場の拡大も大きな目標の一つである。
創設時のメンバーは、次のとおりである。

Hideyuki E. Yoshida   　　　　Chair 　　　　Japan
Ken Buffin 　　　　　　　　Vice Chair USA
Liyaquat Khan   Executive Director/Treasurer India
Ken Hohman 　　　　　　　　CCA delegate USA
Nick Salter 　　　　　　　　ACA delegate UK
Grace Jiang 　　　　　　　　APACA member China
Patrick Gin Guan Cheah 　　　APACA member Malaysia
Martin Stevenson 　　　APACA member Australia
Wong, Ka-Man 　　　　　　　　APACA member Hong Kong
Mark Saunders 　　　　　　　　APACA member Hong Kong
Ken Sugita 　　　　　　　　APACA member Japan
Risza Bambang 　　　　　　　　APACA member Indonesia
Haris Eko Santoso 　　　　APACA member Indonesia
Chan Young Han 　　　　　　　　APACA member Korea
Yin Lawn 　　　　　　　　APACA member Taiwan
Andrew Leung 　　　　　　　　APACA member Thailand
Maistry, Gavin 　　　　　　　　APACA member Singapore
Adrian Waddingham 　　　　 Advisor 　　　　　UK
Brent Walker 　　　　　　　　　Advisor 　　　　　Australia
Chris Daykin 　　　　　　　　　Advisor UK
Jay Jaffe Advisor USA
Stuart Leckie Advisor Hong Kong

また、当日の議事録は、次のとおりである。

APACA 1st Executive Committee meeting

Minutes – draft

Date/time: Thursday, 17th Dec. 2009: from 12:00 hrs to 13:30 hrs Tokyo local time

Medium: All by Conference call

Members Participated;

1) Hideyuki, Chair
2) Ken Buffin, Vice Chair
3) Liyaquat, Executive Director
4) Ken Hohman, CCA Delegate from US
5) Patrick Chea, Member from Malaysia
6) Wong Ka-Man, Member from HK
7) Risza Bambang, Member from Indonesia
8) Chan Young-Han, Member from Korea
9) Yin Lawn, Member from Taiwan
10) Andrew Leung, Member from Thailand
11) Maistry, Gavin, Member from Singapore
12) Brent Walker, Advisor from Australia
13) Stuart Leckie, Advisor from HK

Members absent with regrets;
1) Nick Salter, ACA Delegate from UK
2) Grace Jiang, Member from China
3) Martin Stevenson, Member from Australia
4) Mark Saunders, Member from HK
5) Ken Sugita, Member from Japan
6) Haris Santoso, Member from Indonesia
7) Adrian Waddingham, Advisor from UK
8) Chris Daykin, Advisor from UK
9) Jay Jaffe, Advisor from US

Deliberations:

Agenda Discussion/Decision 　　　　　　　　　　　　　　　　　　　　　　　Action
1 – Welcome by Hideyuki and introduction of APACA and its Objectives Hideyuki welcomed all present and recalled his presentation during APACA launch on 14th Oct. 2009 on the sides of 15th eaac in Seoul. In particular he brought attention to item (ii) of Article 2 of IACA Rules, the source for APACA Objectives. He also brought to attention, the presentation by Nick Salter on ACA and Ken Hohman on CCA. These three docs were circulated by him in the morning for ease of reference during the meeting. None
2 – Brief introduction by each participant and Roll call by Liyaquat. The Participants introduced themselves. During the proceedings it came out that the APACA EC excel file containing CV of each members was not available with every body. Liyaquat offered to send the latest version. Liyaquat to circulate the latest ver. Of the APACA EC excel file.
3 - Actuarial consulting scenario including current specific issues and future prospect: Each participant to briefly comment on his/her Country's scenario. Each participant from APACA Region described the scenario. Please refer attached Note. None
4 Short-term Action plan say over y2010;
- Recruitment of APACA members
- Activities by APACA that would help growth in consulting capacity and capabilities

Hideyuki dealt with this item including Agenda item (5) and referred back to the APACA launch presentation item numbers 3: Proposed Key activities of APACA, item 4: The Road map and item 5: the Membership. In particular suggested;
1 - Regional Seminars on Hot Topics,
2 -Working with Governments and Regulators for enhancing the role of actuarial consultants – it was taken on record that though each country was different, APACA can take up common issues. All members
5 Medium Term Action Plan say upto y 2012;
- Workshops/seminars aimed to increase capacity/capability: how many and where
- Linking up with ACA in UK and CCA in US and East Asian Actuarial Congress: how and in what form?
- y2012 Joint Consulting Colloquium
3 - Creation of consulting actuaries’/firms data base
4 – Actions to enhance status of consulting roles.
5 – Bylaws/Rules to be drawn
6 – Legal framework for PACA – no need as APACA is a creation and part of IACA
7 – Terms of reference, Mission & Strategy including Action Plan over first three years to be drawn.
8 – APACA Logo – to be created
9 – Participation in 16th eaac in Kuala Lampur – APACA to participate
10 – APACA Secretariat – along with existing Actuaries’ Office in HK: matter under discussion
11 – Venue for next Joint (IACA + IAAHS + PBSS) Colloquium in y2012 in APACA Region: members to communicate within this month, whether their respective associations are willing to host the Colloquium. If not possible in APACA Region, then probably the venue will be in EU region. Ultimate decision will rest with the three Sections.
12 - Membership: All members to recruit members from their country for IACA with option for APACA.
Liyaquat explained steps in place through Member Services & Development Committee (MSDC) of IACA for enhancing the IACA Section of IAA Website and number of steps to enhance value creation of IACA members. All members
6 Any other matter
Next meeting: opinions differed from monthly, bi-monthly to the next meeting in three months time. It was taken note of the holidays hereafter including engaging activities in early part of Jan 2010. Liyaquat to send mail seeking convenient date in the 3rd or 4th week of Jan 2010. Liyaquat

初回なので、自己紹介と各国の市場の説明、コンサルタントの活用状況につき情報交換をおこなった。また、インドで開催される予定であった２０１２年のIACA/PBSS/IAAHS Joint Colloquiaについて、インド以外のアジアの国で開催することが決定されていたので、各国のアクチュアリー会にホスト国となる可能性はあるか、サウンドしてもらうこととした。一方、その後の１２月２３日の３つのSection Chairs & IAA leadershipの電話会議で、候補は香港かシンガポールに絞られた。クリス・ダイキン氏の送ったシンガポールア会のシニアメンバーへの書簡に対しては、かなり前向きの回答が着ている。香港については、年明けまで待たないと回答は得られない。

ERM Webinar 今年も無事に終了

今年で３年目になるERM Webinarは、１２月１日に日本時間の昼過ぎから開始され無事にすべてのリージョン（アジア、欧州、北米）でプログラムを予定どおりに終えることができた。
今年のプログラムは、各リージョン共通で、次の４つのトピックスで統一されている。私は、アジア地域全体のCoordinatorの役割を果たし、半年以上にわたっての欧米の委員との電話会議で内容をつめるとともに、スピーカーの募集を行った。香港のアクチュアリー会の事務局を経由してアジア各国と連絡をとり、日本アクチュアリー会の事務局とも密接に連携した。アジアの４つのセッションの司会は、Gavin Maistry（シンガポール）,Hideyuki Yoshida（日本）,Mary Liao（オーストラリア）,Wong Ka Man（香港）がModeratorとして、各セッションのとりまとめを行った。今年のスピーカーで特筆すべきは、年金ERMについて、杉田健さん（日本アクチュアリー会副理事長）が、世界で始めて発表されたことである。興味のある方は、第４セッションにおいての発表をRecorded Versionが米国アクチュアリー会事務局から送付されてきたら、登録している方は、視聴できる。
Value Creation vs. Systemic Risk

US – Basic Level
UK – Basic Level
AP- Basic Level

Systemic Risk is a key concern for regulators worldwide in the wake of the 2008 financial crisis and initiatives are underway to reduce systemic risk. For example the U.S. Treasury and Her Majesty’s Treasury in the UK have separately proposed financial regulatory reform including the establishment of a systemic risk regulator. Concerns have arisen over credit for diversification, group structures and market consistent valuation. However the insurance sector still needs to create value for their shareholders to remain viable and provide insurance services.

This session will consider some of the concerns around systemic risk and the drivers of value creation that have come under close attention by virtue of their links to systemic risk. The European session will also evaluate pension scheme concerns.

Approaches to ERM and Capital Models

US – Basic Level
UK – Advanced level
AP- Advanced Level

ERM approaches to setting capital requirements for the financial services industry are being revised and updated by various stakeholders around the globe. These changes will have a significant impact on the economic capital models (ECM) that insurers use. In the European Union, there is much focus on the implementation of Solvency II regulation and several countries in Asia and the Americas are contemplating adopting Solvency II into their own regimes. IAIS (International Association of Insurance Supervisors) have also started some initiatives with regards to the regulatory approach to ERM. Rating agencies are developing their criteria for ERM and ECM. Meanwhile ERM as practiced in the banking sector is often suggested as a model for ERM in the insurance sector. What does this all mean to the insurance industry?

Questions for discussion include:
• How are stakeholders including insurers, banks, regulators and rating agencies approaching the development of an ERM / ECM framework? What are the similarities/differences?
• How will the various approaches to ERM/ECM affect current capital modelling approaches?
• What is the capacity of the stakeholders to understand and assess a potentially more sophisticated ECM framework?
• Is a regulatory system requiring capital models sufficient and viable?

Economic Capital Models: Design, Calibration, Validation and Updating

US – Advanced Level
UK – Advanced level
AP- Basic Level

This session will focus on the processes associated with designing, calibrating, validating and updating of internal models based on bringing new information and intelligence as they arise.

Questions for discussion include:
• What does best practice look like when designing, calibrating, validating or updating an ECM? How do we assess the limitations of an ECM (e.g. model risk or parameter uncertainty)?
• What are prudent processes that can be used to test models such that they simulate a reasonable approximation of reality?
• What is the tradeoff between model efficiency and model accuracy? What are the available resources to address this?
• What is best practice for integrating an ECM with the strategic planning of an insurance business? Would regulatory requirements for internal models weaken their effectiveness in risk management?

Governance, Strategic Risk and Operational Risk

US – Basic Level
UK – Basic level
AP- Advanced Level

Firms that have poor governance or poor management of strategic and operation risks often experience brand damages, loss of distribution networks, fiscal changes, or inability to fund new business plans, ultimately leading to failures. The main benefit touted in an ERM framework is the notion that ERM takes a holistic view of the risks permeating an entity in the interest of balancing risk and return tradeoffs in making strategic decisions such as capital allocation to add value to an enterprise. Yet ERM frameworks often do not adequately capture the governance, strategic or operational risks that businesses face.

This session will consider issues such as ERM governance, tools and techniques to assess strategic and operational risks and their integration into an overall ERM framework. In addition, the Asia Region session will provide in-depth discussions of ERM in the pension industry.

これらの内容は、国際関係委員会のERM Webinar部会で報告するとともに、本日１２月１５日のERM委員会でも報告させていただいた。金融危機を経て、各国の監督制度はリスク管理について、より厳格になってきており、全般的に、欧米の各社はより先進的な内部モデルの構築に取り組んでいるという印象をうけた。

IAA会議でインドのハイデラバッドに出張する

IAA会議というのは、春と秋の年二回世界中で国を変えて開催されるが、今回はインドの南部の都市Hyderabadという人口８百万人位の都市で開催された。私も、IACAの議長として、日本アクチュアリー会から派遣されて、１１月１１日に出発して、１７日に無事に帰国した。治安が悪く、衛生環境もまだまだという話を聞いていたので、相当用心して行ったが、何人かの方は空港で白タクにやられたようで、私も水にあたったようで、帰国後一週間ほどお腹の調子が悪かった。大勢の参加者は、会議そのものに塩漬けで、安全で一流の設備を持つ、会議開催ホテルのマリオットホテルから一歩も出なかった人も多いようであった。現地の風景は、添付の写真のようであるが、まさにdeveloping countryという名に相応しく、車と人の多さと排気ガスの大量のスモッグ、そして横断歩道の無いなかで警笛を鳴らしながら暴走する黄色い三輪の車やオートバイ、それに乗っかっている定員オーバーの男女を問わない人の数・・・は、衝撃的である。ただ、やはり日本と違って確実に経済の成長の勢いを感じさせられた。このままいけば、日本は、中国に抜かれそしてインドにも抜かれていくだろうという危機感を誰もが感じたであろう。
さて、会議そのもでであるが、私はIACAの議長ということもあって、Section Chairs Meeting, Member Serviuce Committeee, Executive Committeeなど、IAAのガバナンスに関する議論をする委員会にも参加を要請されていた。特に、Section Chairs Meetingでは、LIFE Sectionの議長で今回の議長を予定していたKurt Wolfsdorfが欠席したので、次の輪番で私が議長を務めるはめになった。議案は、以下の内容であった。
1. ASTIN Bulletin
a) Management Board (update from Harry Panjer)
b) Costs * (update from Christian Levac)
2. Colloquia
a) Report any significant items of interest from colloquia held this year (all)
b) Report on future locations (all)
3. Section Dues/Membership (all)
4. Secretariat (IT) Costs (Secretariat)
まあ、つたない私の英語で恥ずかしい限りであるが、ASTINのハリー・パンジャーなどの著名なアクチュアリーばかりのなかで、司会をさせてもらった。
私のIACA委員会自体は、１５日の１０：４５分から１２：１５分までの９０分で、次の議案を審議した。
IACA Committee Agenda

I. Secretary’s Report Morten Harbitz

A. Approve minutes of 30 September 2009 conference call
B. Approve minutes of 9 October 2009 conference call

II. Treasurer’s Report Morten Harbitz

A. Proposal from IAA Regarding Costs and Computer –
　　　Discussion ｂy Mike Toothman and Nick Dumbreck
B. 2009 to Date
C. Officer Expense Reimbursement Policy
D. ICA- IACA Funded Bursary allocation

III. Executive Director’s Report Margaret Sherwood

A. Brief Update on US Profession
B. Geoffrey Heywood Young Consultants Award Task Force
C. Max Lander Award in 2010
D. Nominating Committee – Discussion by Hideyuki Yoshida
E. Committee Attendance Record
F. Bylaws
G. Policies and Procedures Manual
H. Colloquium Attendance and Cost History

IV. IAA Governance and Strategic Plan – Update Nick Dumbreck

V. Function Committees’ Reports – Membership, Terms of Reference, and Action Plans

A. Professionalism Committee Emmanuel Tassin
B. Publications and Research Joint Committee Andrew Vaughan
C. Membership Services Development Committee Liyaquat Khan
D. Global Development Committee Hideyuki Yoshida

VI. Convention Function Committee Nick Salter, Chair

A. 5-7 October 2009 - PBSS – Tokyo Ken Buffin
B. 12-15 October 2009 - EAAC – Korea Grace Jiang &
Bozenna Hinton
C. 1-4 November 2009 - CCA - Tucson, Arizona Ken Hohman
D. 4 February 2010 – IACA/ACA – Gatwick, England Nick Salter
E. 14-17, Oct. 2012 – IACA/IAAHS/PBSS JointColloq – New Delhi, India Liyaquat Khan

VII. 2010 Biennial Meeting - 7-12 March with ICA Meeting - South Africa Mike Codron

VIII. Next Biennial Meetings Hideyuki Yoshida

A. y2012 – 14-17 October - With PBSS and IAAHS New Delhi, India ? Liyaquat Khan
B. 2014 - 30 March - 4 April with ICA meeting - Washington, DC, USA
　　　not yet assigned
C. 2016 – Europe-Spain? Probably with PBSS and IAAHS not yet assigned
D. 2018 – Sydney? Berlin? With ICA meeting not yet assigned

IX. Other Business Hideyuki Yoshida

あっというまに時間がたってしまい、ケープタウンの件は、次回の電話会議で審議することとした。問題なのは、２０１２年に予定しているインドでのIACA/PBSS.IAAHSのJoint Colloquiaについてである。まず、伏線として、Section Chairs meetingの場で、IAAの前会長の、デイヴィッド・ハートマンから、治安、物価その他もろもろの理由で、予定していたニューデリーでの開催に反対という強いメッセージが出されていた。その一方で、１年以上も前から、相当に周到な準備がIACAの現地の委員会で進んでいたのも事実である。しかしながらこの委員会と、インドのアクチュアリー会との協力体制についての公式見解が得られておらず、直前にインドのアクチュアリー会の会長のアガルワル氏と話もしたが、引き続き１２：３０から開催する昼食会で関係者全員の意見を聞くこととした。ただ、肝心の昼食会は、招待したにもかかわらずインドの代表がだれも出席せずに、PBSSの議長、IAAHSの議長、それにIAAの新会長、ポールソーントン、これにIAAの事務局長のYves Guerardも出席して、インドでの開催の妥当性も含めて、組織運営計画自体を見直すこととなった。というわけで、このような、政治的調整の宿題を持ち帰ることになった。できれば、クリスマスまでに電話会議を開催して、方向性を定めて行きたいと思う。会計委員会や、保険監督委員会にも出席させていただいたが、これらの委員会はテクニカル・マッターを審議する大変専門的な委員会である。いうまでもなく、保険IFRSや、欧州のSolvencyIIの動向などが中心のテーマである。各国から派遣されている委員は、ほとんどこのテーマを専属で研究したいる方々であろうと思う。監査法人やコンサルティング会社でもクライエント・ワークをやらずに研究に専念している人が多いとのことである。

日本アクチュアリー会年次大会でパネル発表

既にこのブログでも案内済みであったが、平成21年１１月５日（木）・６日（金）と日本アクチュアリー会の年次大会が、経団連会館と東京ステーションコンフェレンスで成功裏に開催された。私が国際関係委員会委員長としてオーガナイザーを務めたセッションは、二日目の１１月６日の９：３０から１１：４５まで第２会場の５０３会議室で開催された。プログラムには、次の通り記載されている。

パネルディスカッション（9：30～11：45）
国際関係委員会「The Day after Tomorrow for Insurers」
オーガナイザー あらた監査法人 吉田 英幸 君
パネリスト PWC Bryan Joseph 氏
ミューニック・リー Gavin Maistry 氏
ミリマンインク 猪野 力弥 君
ハノーバー・リー 野上 憲一 君
【要旨】
米国のモーゲージ・ファイナンス市場の片隅から発した世界金融危機は、グローバル金融システム全体の基盤を脅かすに至った。その影響は、保険・年金業界を含むすべての業界に及び、アクチュアリーの将来の業務にも大きな変化をもたらすであろう。「The Day After Tomorrow for Insurers」のパネルでは、（１）規制、リスク・マネジメントと財務報告、（２）資本の配分と活用（モデルの開発と限界）、（３）この金融危機の勝利者は、どのような組織か、また、西洋から東洋への経済的・政治的パワーシフトが世界経済にどのような影響を与えるかにつき、海外のアクチュアリー２名から基調講演いただき、その後に国際関係委員会のMCEV部会、ERM部会、及び商品開発部会からアクチュアリーの技術的視点での影響分析と将来予測を議論する。

実際の発表の順番は、外人については通訳をつけて、まずBryan Joseph 氏が、The Day after Tomorrow for Insurersの発表をした。内容は、今回の金融危機の発生の原点に立ち返り、銀行・保険業界の受けたインパクトの大きさ、規制の強化の方向性、そして保険に関するアクチュアリーのモデルの限界を理解する必要性、そして、最期に、G8からG20へのパワーシフト、あるいは西欧からイーストへの経済的・政治的パワーシフトが起こったことの今後の世界マクロ経済への影響の重要性的の話をいただいた。政権交代が起こった日本の今後の世界のパワーバランスの変化の中での舵取りにも大変重要な意味をもつことかと思われる。また、気候変動の影響、危険と機会の分析にも言及し、世界は複雑興味深い時代に入りアクチュアリーは引き続き革新的にフィナンシャルな側面を中心に重要な役割を果たしていけるであろうと締めくくった。２番目のスピーカーの、Gavin Maistry 氏は、「金融危機後のリスク管理」について、Munich Re社の例を使って説明いただいた。世界でトップクラスにあるミュンヘン再保険会社のケーススタディを大変興味深く伺うことができた。これから言えることは、過去の危機（2002年-2003年）を契機としたリスクマネジメントに対する取り組みが今般の金融危機に生かされたということではないかと思える。外人の後は、三つの委員会の部会からの発表で、まずはフィナンシャル・レポーティング部会から猪野 力弥さんが、MCEVの最新の状況を発表いただいた。ＭＣＥＶ原則はＥＶの比較可能性を高めることを一つの重要な目的として導入されたが、金融危機の影響によりＥＶ開示会社はそれぞれ異なる前提を使用するようになり、ＥＶ原則はその修正を余儀なくされた。２００９年１０月にＭＣＥＶ原則の改訂版が公表されたが、これで十分なものとは言い難く、今後も継続して検討すべき課題が多いようである。また、検討中のソルベンシーⅡやIFRSとの整合性も今後の大きな課題である。その次に、ERM Webinar部会を代表して、私のほうから昨年の12月に実施された、世界同時中継のERMのインターネット・ウェブセミナーの内容を、アジア・パシフィック、アメリカ、ヨーロッパの三つのリージョンにつき、それぞれ、1.Market-Consistent Risk Management、2.Does ERM Need an Economic Capital Model、3. The Pros and Cons of Economic Capital Models vs. Stress Testingとして、９つのコマで要旨を説明した。金融危機との関係に言及したものは、以外に少なかったようであるが、例えばShuen Liuのペーパーが参考になると思う。すべての発表の全訳は、年度末には会報別冊に出版の予定であるので、是非、そちらを参考にしていただければと思う。今年も同様な企画を12月1日に予定している。最後に商品部会のリーダーの野上 憲一 さんから「金融危機による生命保険商品への影響」についてお話をいただいた。中国、米国の最新状況をはじめ、独自の視点での報告をいただき興味深かった。今回の金融危機は100年に一度の特殊なケースと捉えるか、あるいは今後も起こりうると捉えるかで、商品面の対応が180度異なってくるように思えると示唆されたが、その意味で、考えさせる報告ではなかったかと思う。
いずれの発表のスライドもアクチュアリー会の大会専用のホームページにアップロードされているので、興味のある方は、是非、ダウンロードして読まれることをお勧めする。それにしても、大会期間は営業回りもあり、非常に忙しかった。今週は１１月11日からIAAのHyderabad会議で出張なので、頭をそちらに切り替えて準備を進めている・