Description: In this translation of an original article by Oscar E. Velandia, the role of the actuary in the Colombian insurance market place in light of regulatory change is examined. A comparison with the rules from the Solvency II Directive puts the actuarial function into context. In addition, the new financial reporting requirements set forth by IFRS 17 and the involvement of the actuary in finance is described.

Description: Part One of a three part discussion of A Social Security System for the 21st Century, this part focuses the broader international, social, political, cultural and economic trends that will govern the viability and sustainability of a social security system in the 21st century.

Description: Description of the stage of development of economic risk-based solvency regulation in Latin America, with focus on Brazil, Mexico, Chile, Colombia, and Peru.

Description: Overview of the regulatory requirements around sustainability reporting in Europe.

Description: In 2020, the Korean insurance regulator, Financial Services Commission (FSC), introduced a coinsurance structure allowing for full risk transfer—including investment risk, interest rate risk, insurance risk, and policyholder lapse risk—as a permitted practice. Expanding use of coinsurance in the Korean insurance market brings a suite of potential benefits to Korean insurance companies including increased financial flexibility, options to improve policyholder protection and shareholder value through optimization of business strategies. As such, FSC’s initiative and intention to introduce coinsurance opportunities to the market is commendable.

Description: The first objective is to highlight the key trends and projections that describe the magnitude and scope of the aging world in the 21st century. The second is to identify some of the key issues that countries in the developed and developing world will have to face as a consequence of population aging. The third objective is to emphasize the triumph and opportunities of an aging world, providing a counterpoint to the prevailing notion that the aging of societies is a catastrophe, leading only to undue burden on future generations.

Description: Overview of the 21st Annual Caribbean Actuarial Association (CAA) Conference and the CAA's involvement in regional policy, practice and academics.

Description: There are three parts to this article: 1. An overview of the demographics and method of supply of LTC 2. A review of the ongoing debate on the role of public funding, and 3. A summary of the insurance industry’s response

Description: Discussion of the introduction of the Euro and its impact on European cooperation and its impact on the ability of the United States and its currency to dominate the world's political and financial system.

Description: India is in the process of updating to a more risk-based capital framework. The article provides a high level introduction of the development and discusses some of the key design and implementation considerations.