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 of IA|BE 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.
Here are the Guidance documents created so far:
- Guidance on AF Data Quality (2/04/2021)
- the Annual Actuarial Function Report (updated on 13/10/2020)
- the Organisation of the Actuarial Function (updated on 13/10/2020)
- Assessment of Profitability and Underwriting (version 27/10/2017)
- Profit Sharing (updated 13/10/2020)
- Reinsurance (version 25/06/2020)
This Working Group will going forward produce similar Guidance documents on other topics.
Responses to Consultations
The recent answers from IA|BE to consultations initiated by regulators can be found here as well.
- On 13 November 2020, the working group SII gave feedback to the NBB/BNB Circulaire betreffende de richtsnoeren voor het gebruik van ondernemingsspecifieke parameters/ Circulaire relative aux orientations sur les paramètres propres à l'entreprise.
- On 8 October 2020 IA|BE gave some comments on the draft Communication of the NBB/BNB ‘Waardering van technische voorzieningen van individuele hospitalisatie verzekeringen’.
- On 28 September 2020, the working group SII gave feedback to AAE on the Public Consultation Document Review of Prudential Rules of Insurance and Reinsurance Companies (Solvency II) of the European Commission.
- On 7 September 2020, the working group SII gave feedback to AAE on the Second Discussion Paper on Methodological Principles of Insurance Stress Testing of EIOPA.
- 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 IA|BE approved in December 2015 the Belgian Standard of Actuarial Practice BSAP 1. IA|BE Members commit to applying this standard covering the General Actuarial Practice in their actuarial work, while also respecting the IA|BE 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
European and International Actuarial Notes
- An European Actuarial Note (EAN) is an educational document on European Standard of Actuarial Practice.
The first European Actuarial Note 1 (EAN 1) on ESAP 3 and ORSA was issued on 25/05/2020.
Remark:Any reference to ESAP 3 in this document refers to ESAP 3 (2017)
- An International Actuarial Note (IAN) is an educational document that provides information on current or emerging practices in relation to an international actuarial topic.
The current IANs are numbered IAN 2 to IAN 12.
The former IAN 1 was withdrawn when the IAA issued ISAP 2 (Financial Analysis of Social Security Programs), while IAN 2 has been superseded by ISAP 1. As a result, IAN 2 has been revoked as of 28 March 2014 because much of its content has been moved into ISAP 1. However, the content that was not moved to ISAP 1 may still be of use to actuaries performing financial reporting work related to IFRS and thus this revoked IAN 2 remains available (in the superseded IANs section of the website).
IANs 3-12 provide educational guidance to the application of the current IFRS 4 (IASB standard for insurance contracts) and will be repealed once new IANs are developed that will apply to the new IASB standard for Insurance Contracts.
All IANs are available on the website of IAA.
IA|BE Prospective Mortality Tables 2020
- The IA|BE 2020 mortality projection for the Belgian population - IA|BE Prospective Mortality Tables 2020 (report & presentation of 23/11/2020)
- Assessing the impact of Covid 9 impact analysis (presentation of 23/11/2020, Q&A document)
- The IA|BE Best Estimate Mortality Tables (2020) and Parameters
IA|BE Prospective Mortality Tables 2015