Description: The Ecuadorian Actuarial Association (AEACT) was admitted, as a Full Member (FMA) of the International Actuarial Association (IAA) in October 2021. This constitutes a great achievement for a small country like Ecuador with 17 million inhabitants, a GDP of 100 billion U.S. dollars, and no more than 20 professional and registered actuaries. This important goal was a challenge both personally and for the team that worked hard to achieve it. I remember that it all began 28 years ago, when I attended as a guest to present a summary about the actuarial profession in our country at the World Congress of Actuaries that was held in Montreal, Canada. This congress was the opportunity to learn about the functions and activities of the associations of more developed countries with a significant number of actuaries and whose profession already had an acceptance in professional societies such as the Society of Actuaries in the United States, the Faculty of Actuaries of the United Kingdom, or the Institut des Actuaries of France.

Description: Welcome to the third issue of International News of 2024.

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: Looking to the upcoming 2024 year and looking back at the 2023 year in the International Section.

Description: News for the SOA International Section members

Description: Read this Chairperson's Corner for the March 2024 issue of International News to learn more about planned meetings and upcoming events.

Description: In this third issue of International News in 2022, we feature a contribution by SCOR, a leading reinsurer, highlighting the Actuarial Awards that SCOR presents annually, since 1996, to the best academic work in actuarial science, with annual prizes in several countries throughout the world. We also feature an article by Jessica Leong, FCAS, on barriers that Asian women must overcome to become leaders. Jessica recounts her own experience and how in overcoming some challenges she became the first Asian president of the Casualty Actuarial Society.

Description: The chair of the International Section of the SOA reports to the section members.

Description: Carlos Arocha, the 2022 Chair of the International Section Council, introduces the articles featured in the current newsletter issue. In addition, he highlights recent and planned activities undertaken by the section.

Description: In this fifth issue of International News of 2022, we feature the following contributions: (1) Ruben John John Callo, FSA, FIAA, FLMI, and the SOA’s Ambassador to Australia under the Ambassador Program , presents an illustrative study aimed at helping consumers choose life insurance products using the “customer value per dollar” methodology, and although examples included relate to the Australian market, the methodological principles can be adopted in other markets; (2) Shirley Z. Song, FSA, MAAA, Member of the International Section Council, Josh Dobiac, MS,CAIA, and Yang Jing, deal with the Targeted Improvements to the Accounting of Long-Duration Contracts (LTDI), and the fact that both IFRS and US GAAP frameworks are evolving into a new financial reporting framework. The implications for US insurers are discussed.