Actuarial Notes

International Standard of Actuarial Practice 6: Enterprise Risk Management Programs and IAIS Insurance Core Principles

By International Actuarial Association · 2018 · ISAP 6

Study guide: Exam 6I

A model standard of actuarial practice from the International Actuarial Association, adopted by the IAA Council on 1 December 2018. It provides guidance to actuaries performing actuarial services involving enterprise risk management (ERM) programs, including the ORSA, that are within the scope of regulations consistent with two of the IAIS Insurance Core Principles: Risk Management and Internal Controls (ICP 8) and Enterprise Risk Management for Solvency Purposes (ICP 16).

On the syllabus

  • Exam 6I — objectives B2, C1–C3, E2–E4; the whole standard.

Preface

Introduction

Section 1. General

  • 1.1 Purpose
  • 1.2 Scope
  • 1.3 Relationship to ISAP 1
  • 1.4 Defined Terms
  • 1.5 Cross-References
  • 1.6 Effective Date

Section 2. Appropriate Practices

  • 2.1 Understanding of Insurer's Risk Management System and ERM Framework
  • 2.2 Proportionality
  • 2.3 Identification, Assessment and Management of Insurer Risks for an ERM Program
  • 2.4 Enterprise Level Risk Management
  • 2.5 Own Risk and Solvency Assessment

Section 3. Communication

  • 3.1 Disclosures

Related readings

  • International Standard of Actuarial Practice 1 (General Actuarial Practice - 2018) — ISAP 1, compliance with which §1.3 makes a prerequisite to compliance with this ISAP

Sources