International Growth

A roundup of news from the global community

December 2016/January 2017

Whether you travel the world or never leave your home country, you are affected by global organizations, international requirements and the increasingly international nature of the actuarial profession itself. Here is some news from around the world.

When in Hong Kong

The Society of Actuaries (SOA) is now offering fellow of the Society of Actuaries (FSA) candidates of the Individual Life and Annuity Track the new module “Regulation and Taxation,” featuring Hong Kong-specific content.

This new module was developed in partnership with the Actuarial Society of Hong Kong (ASHK), and contains regulatory information specific to Hong Kong. It also provides an understanding and appreciation of the regulatory and tax environments that affect the life and annuity insurance industry overall, and the actuarial profession in particular. All content and audiocasts are presented in English and feature an equal split of Hong Kong and global content.

The SOA also offers a “Regulation and Taxation” e-course with a focus on Taiwan.

SOA President and Executive Director in China

In September, Gregory Heidrich, executive director of the Society of Actuaries (SOA), spent several days in Beijing, China, meeting with SOA stakeholders in the area. At a lunch with SOA China Committee members, Heidrich expressed his gratitude for their invaluable assistance in planning the inaugural SOA China Annual Symposium that took place Sept. 1–2, in Beijing.

At a meeting with leading professors from three local universities with significant actuarial science departments—Tsinghua, Nankai and Peking Universities—Heidrich had a chance to learn about the issues facing actuarial candidates in the area. Heidrich also had the opportunity to discuss the SOA’s General Insurance track at a meeting with the largest general insurance companies in Beijing.

While in Beijing, Heidrich met with Dr. Yulong Zhao, deputy director of the Financial and Accounting Department of the China Insurance Regulatory Commission (CIRC), on Sept. 21, for an informal discussion.

Zhao stressed that in recent years, actuaries in the insurance industry have played an increasingly important role in the industry’s development and are acquiring new responsibilities. He also noted that as actuarial associations grow and develop, it is fundamental to coordinate the relationships among the regulatory entities, the industry and the schools to create a better environment and provide better resources to all members.

“As the world’s largest actuarial professional association, the SOA is committed to improving our risk decision-making to serve the community through research and education to promote actuarial expertise,” Heidrich says. “Actuaries are at the forefront of financial and social risk to provide professional advice, risk assessment and management of the leading talent. The SOA has always valued the importance of its development and role in China, as one of Asia Pacific’s most active insurance markets.”

On Sept. 23, Heidrich was joined by 2016 SOA President Craig Reynolds, FSA, MAAA, and Ann Henstrand, senior director, International, at the 17th China Actuarial Annual Conference in Shanghai. In a private meeting with the China Association of Actuaries (CAA) President Dr. Chen Dongsheng and CAA Secretary-General Wang Zheng, Reynolds, Heidrich, Henstrand and the SOA’s Lead China Representative, Jessie Li, committed to begin planning together for the 2017 executive exchange program that will bring a group of senior actuaries from North America to China.