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Edition

Chairperson's Corner

By Carlos Arocha

International News, January 2022

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Let me start by thanking you for being a member of the International Section. On behalf of the section council, I would like to wish all International Section members a very Happy New Year. I hope 2022 brings you much joy, prosperity, and good health.

This edition of International News, while being the first for 2022, is also the first for our new council.

Bringing together actuaries living in different parts of the world and practicing in diverse areas of application of actuarial science, the International Section has sustained its relevance in a world that becomes more interconnected. The harmonization of solvency and consumer privacy laws and regulations, and the establishment of international financial reporting standards, has prompted our section to deliver content that helps complement the educational offerings available elsewhere. Actuaries around the world are enthusiastically tapping into predictive analytics, data science, and risk modeling. Accordingly, the SOA offers three certificate programs:

IFRS 17 is one of the most fundamental changes to the operating model of insurers that follow IFRS reporting requirements. Another piece of regulation that has had a global impact is the European Solvency II Directive, as jurisdictions around the world have overhauled their regulatory solvency capital requirements for insurers. Under the principles-based approach, insurers perform risk-based, economic valuations of assets and liabilities, and strengthen their corporate governance and public disclosure processes.

Over the last couple of years, in-person seminars have been gradually replaced by virtual content. It seems that COVID-19 accelerated an emerging trend, and we at the International Section are adapting to fulfil our mandate of supporting members in international markets and contributing to the enhancement of the global reputation of the SOA.

We are looking to recruit volunteers for our international activities, and we are also contemplating introducing micro-volunteering tasks, where a modest amount of time can be invested in specific tasks. Should you be interested in micro-volunteering, please contact me at ca@ArochaAndAssociates.ch.

At this point, I’d like to introduce you to the 2021–2022 International Section Council:

  • Carlos Arocha (Chair)
  • Jon Wu (Vice Chair)
  • Lin Zhao (Secretary)
  • Alberto Abalo (Treasurer)
  • Nikhil Asnani
  • Maïthé Luneau
  • Mark Macharia
  • Shirley Song
  • Yuan Yuan

Finally, I wish to express my gratitude to all past council members for their commitment to help support the international community of SOA members. I also salute our Friends of the Council, including SOA President-Elect John Robinson, and thank Jane Lesch, our SOA section specialist, Kathryn Baker, our SOA staff editor, and Ben Marshall, our SOA staff fellow.

Carlos Arocha, FSA, is managing partner of Arocha & Associates, an actuarial consulting firm based in Zurich, Switzerland. He can be reached at ca@ArochaAndAssociates.ch.