Description: A discussion of pension reform in China at the time of the July 1997 introduction of a new unified pension system.

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: 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: Review of changes made to life insurance taxation in Australia.

Description: This article discusses the regulatory changes in Bermuda. There is an international initiative to review all insurance regulation by the International Association of Insurance Supervisors IAIS and the International Monetary Fund IMF.

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: 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.

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: 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.