Description: This article discusses new developments on the regulatory front. Under the new agreement, insurance company management and boards will be required to issue a statement that reflects their judgment about the firm’s viability, including its capital adequacy. The required opinion will have five elements - identifying risks, measuring risks, a risk feedback loop, a risk tolerance statement, and a risk policy.

Description: The author discusses and provides an example of how some companies’ enterprise risk management (ERM) programs are designed and implemented in ways that can unwittingly weaken the organization.

Description: Read the August 2018 issue of Risk Management published by the Joint Risk Management Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Feature article discussing quantitative impact studies, QIS5, on Solvency II.

Description: An analysis of the 1999-2011 experience of all Blues plans of betweeen $1.8 and $3.8 billion in annual revenue in 2010 to determine if there is any empirical evidence of an industry underwriting cycle. The analysis shows there is no such evidence.

Description: Mortality risk is the risk that a portfolio will suffer from mortality being heavier than expected. Longevity risk is the risk that a portfolio will suffer from mortality being lighter than expected. From Reinsurance Section News, November 2007, Issue No. 61.

Description: Much of enterprise risk management has its roots in portfolio management and corporate finance. The concepts of trading off risk and return and benefits of diversification are well understood and articulated in both the actuarial and economics fields, so I don’t believe there are significant knowledge gaps preventing actuaries from contributing to the field. In fact, actuaries may have an advantage in many situations where a large part of a firm’s overall risk arises from pension activities or other more typical actuarial risks.

Description: A review of a webcast on Sarbanes-Oxley including a brief update on Sarbanes requirements, including some practical aspects of the Sarbanes “life cycle,” including living with Sarbanes beyond implementation.

Description: Note from the Council Corner providing an update to our JRMS members on recent / upcoming activities.

Description: Actuarial activity in Azerbaijan commenced in 2008 with the enactment of the insurance law. The Actuarial Association of Azerbaijan was created in that year. The insurance law prescribes an official roster of actuaries who qualify after passing an exam. There is also the position of “appointed actuary” who reports directly to the board of directors of the insurance company. However, due to the relatively fast development of the insurance market, there is an urgent need of qualified actuaries. Actuaries Without Borders and the International Actuarial Association have thus helped in the capacity building process. This article describes the workshop that was held in Baku, in December 2019.