In these section, members can find a number of documents related to the actuarial profession.
Guidance documents Actuarial Function
The Working Group Actuarial Function under Solvency II created a number of Guidance documents to assist the Actuarial Function at Belgian insurers in their reporting duties in accordance with the Belgian Solvency II regulation.
So far, 4 Guidance documents were created:
- the Annual Actuarial Function Report
- the Organisation of the Actuarial Function,
- Assessment of Profitability and Underwriting
- Profit Sharing.
This Working Group will going forward produce similar Guidance documents on other topics.
Responses to Consultations
The recent answers to consultations initiated by regulators can be found here as well.
- In December 2019, IABE responded to the NBB Consultation on the ORSA Report (Dutch / French)
- In December 2019, IABE responded to the NBB Consultation on the Loss Adjusting Capacity of Deferred Taxes
- In September 2019, IABE responded to the FSMA Consultation on the Governance of Pension Institutions (only available in Dutch)
- In July 2019, IABE responded to the NBB Consultation on the Lookthrough approach for the solvency capital requirements under the SII standard formula (Dutch / French)
- In June 2018, IABE responded to the NBB Consultation on Mortgage Reporting by Insurers (Dutch / French)
Standards of Actuarial Practice
The General Assembly of IABE approved in December 2015 the Belgian Standard of Actuarial Practice BSAP 1. IABE Members commit to applying this standard covering the General Actuarial Practice in their actuarial work, while also respecting the IABE Code of Professional Conduct.
The European Standards of Actuarial Practise (ESAPs) are model standards of practice developed by the AAE. ESAPs are model standards of actuarial practice and are as such not binding. So far, 3 ESAPs were issued:
The International Standards of Actuarial Practice (ISAPs) are also model standards of practice developed by the Actuarial Standards Committee of the IAA, and are as such not binding. So far, 6 ISAP's were issued:
- ISAP 1 covers the General Actuarial Practice
- ISAP 1Acovers Governance of Models
- ISAP 2 covers Financial Analysis of Social Security Programs
- ISAP 3 covers IAS 19 Employee Benefits
- ISAP 4 covers IFRS 17 Insurance Contracts
- ISAP 5 covers Insurer Enterprise Risk Models
- ISAP 6 covers Enterprise Risk Management Programs and IAIS Insurance Core Principles
- A Glossary complements the ISAPs