Joint Regional Seminar 2011 Economic Capital
19 - 20 July - Kuala Lumpur 21 July - Bangkok 25 - 26 July - Taipei
27 July - Hong Kong 28 - 29 July - Beijing Organized by:
China Region Committee
Co-sponsored with:
Actuarial Institute of Chinese Taipei
Joint Regional Seminar 2011 OBJECTIVE Jointly organized by the Institute & Faculty of Actuaries, Institute of Actuaries of Australia and Society of Actuaries (China Region Committee) with the support of local actuarial bodies, this Joint Regional Seminar is designed to assist actuaries and other professionals in meeting CPD requirements. THE SEMINAR Interest in economic and risk-based capital is growing very rapidly in Asia. Many countries have moved or are moving towards risk-based and economic capital regimes in the Asian region, and companies are also recognizing the importance of these metrics in their risk management toolkits. With this shift, both in Asia and globally, it is important for us to better understand what economic capital intends to accomplish, what is the appropriate framework to meet the goals, what are the challenges in implementation and how to use the results sensibly. This seminar intends to give you an in-depth introduction to the subject. The program will be a change from previous years. It will include both an economic capital training session and a capital open forum facilitated by practitioners from major industry players. It is intended to provide a handson practical introduction to economic capital, in terms of definitions, approaches, implementation and impacts involving attendee participation, interaction and learning. But, to make sure there is something for everyone, we will also have a number of presentations on other topics. AGENDA FOR THE ECONOMIC CAPITAL TRAINING SESSION:
• • •
History and global trends in economic capital development The role of economic capital in strategic and day-to-day business management Implementation – what to aim for and how to get there
This training session will be presented by two speakers in each location and we have a panel in place. Speakers/ Panelists include Paul Carrett (UBS), Robert Chen (Taiping Life), Robert Fok (SwissRe), Sutee Mokkhavesa (Muang Thai Life), Jorge Manuel Noronha (ING), Greg Solomon (SwissRe) and Alan Tan (PCA). AGENDA FOR THE CAPITAL OPEN FORUM SESSION: This session will include several short introductory viewpoints on aspects of capital model implementation and use, designed to provide insights and pose questions that will be opened to the rest of the panel and the floor for discussion. Topics will cover areas that are relevant to various capital measures, including local regulatory, Solvency II, US RBC and internal capital requirements. Some areas that might be covered include:
• • • •
What practically can you do to help senior management accept and understand new metrics ? How are capital requirements allowed for in managing your business ? What level of investment in and training of staff is needed to successfully implement sophisticated capital modelling and management techniques ? How practically do you calibrate where there is little / no data?
Joint Regional Seminar 2011 Economic Capital (Wed) 27 July 2011 - Regency Ballroom, Hyatt Regency Hong Kong
CPD The Joint Regional Seminar qualifies for (IAAust/ I&FoA/ SOA) Continuing Professional Development (CPD). Actuarial members may find it a useful contribution to their personal professional development. The amount of hours recorded is left to the discretion of the individual, but a maximum of 6.5 CPD hours (7.8 SOA CPD units) in total can be credited for the Seminar in Hong Kong.
VENUE - HONG KONG Regency Ballroom, Hyatt Regency Hong Kong - 18 Hanoi Road, Tsim Sha Tsui, Kowloon, Hong Kong ATTIRE Business casual attire is recommended for this seminar. CONTACT INFORMATION Individuals who wish to travel to any of the 5 locations for the seminar may contact the following persons for detailed seminar information and registration form:
Bangkok
Beijing
Taipei
Ms. Merissa Chong Ms. Rattiya Singlor Actuarial Society of Society of Actuaries of Malaysia Thailand Fax: (60) 3 2780 6622 E-mail: Tel: (66) 2640 7765 secretary@ Fax: (66) 2640 7856 actuaries.org.my Email:
[email protected] Kuala Lumpur
Ms. Emily Lye Actuaries Office in Hong Kong
Ms. Tiffany Wong Actuarial Society of Hong Kong
Tel: (852) 2147 9419 Tel: (852) 2147 9420 Fax: (852) 2147 2497 Fax: (852) 2147 2497 Email: actsoff@ Email: netvigator.com actuaries@ biznetvigator.com Hong Kong
Ms. Yang Ting China Association of Actuaries Tel: (86) 10 6655 5898 Fax: (86) 10 6655 5884 Email:
[email protected]
Joint Regional Seminar 2011 Economic Capital (Wed) 27 July 2011 - Regency Ballroom, Hyatt Regency Hong Kong
Tentative Program 08:30
REGISTRATION
09:00
MC introduction and Welcome
09:05
Welcome Remarks - Donald J. Segal, President of Society of Actuaries
09:15
Economic Capital Training (Part I) Presenters : Paul Carrett (UBS)/ Greg Solomon (SwissRe) Facilitators : John Rowland (Towers Watson)/ Penny Fosker (Towers Watson)
10:45
BREAK
11:00
Economic Capital Training (Part II) Presenters : Paul Carrett (UBS)/ Greg Solomon (SwissRe) Facilitators : John Rowland (Towers Watson)/ Penny Fosker (Towers Watson)
12:30
LUNCH
13:30
Economic Capital Training (Part III) Presenters : Paul Carrett (UBS)/ Greg Solomon (SwissRe) Facilitators : John Rowland (Towers Watson)/ Penny Fosker (Towers Watson)
14:00
Capital Open Forum Presenters : Paul Carrett (UBS)/ Greg Solomon (SwissRe)/ Sandor Weyers (PCA)/ Song Zhang (Manulife) Facilitators : John Rowland (Towers Watson)/ Penny Fosker (Towers Watson)
15:00
BREAK
15:15
Presentation 1 - Economic Scenario Generation:Some practicalities David Grundy (Prudential)
16:10
Presentation 2 - - Actuaries and communication skills -- an oxymoron? Some thoughts and tips. Mark Saunders (Towers Watson)
16:55
Closing Remarks - Jeremy Porter, President of Actuarial Society of Hong Kong
17:00
END OF SEMINAR
Speakers
Paul Carrett, FIAA Paul Carrett is the head of insurance solutions sales for UBS Investment Bank in Asia. An actuary by profession, Paul has spent the past 12 years in banking, with prior experience across insurance, pensions and asset consulting, in both the private and public sectors. For the past 4 years he has been based in Asia, working with insurance companies on investment, asset-liability management and capital related matters. Paul has also published several actuarial papers on company valuation, credit risk and derivatives valuation.
David Grundy, FIAA David Grundy has been the Investment Actuary at Prudential Corporation Asia for seven years, supporting asset strategy decisions for the Asian businesses of Prudential plc. While the role covers strategic asset allocation, he is also involved in the ongoing development of PCA's in-house stochastic modelling capability and he is responsible for the stochastic economic simulations used by PCA's businesses throughout Asia for decision-making and for external reporting such as EEV and Solvency II. In his 15 years in Hong Kong, David has also worked with Trowbridge Deloitte and AXA China Region. Prior to moving to Hong Kong he worked in Melbourne with Trowbridge Consulting and in London with Bacon and Woodrow. Through most of his career he has had some involvement in projection model development. He's fascinated by the challenge of understanding and modelling our uncertainty about the future.
Donald J. Segal, FSA, FCA, MAAA, EA, BS President, Society of Actuaries Donald Segal is vice president at Aon Hewitt in New York City. He specializes in the analysis, interpretation, and application of laws and guidance as they apply to qualified retirement plans. Donald is also involved in retirement plan design. Donald has served on the SOA Board of Governors, Pension Section Council, Knowledge Management Strategic Action Team and other committees. He has previously served on the Conference of Consulting Actuaries Board of Directors (a former vice president). He has also served as vice president for pensions of the American Academy of Actuaries, and as a member of the Academy Pension Practice Council and Pension Committee (formerly chair of both). He served as chair of the IRS Advisory Committee for Tax Exempt and Government Entities (2001-04) and as a member of the Advisory Committee on Examinations to the Joint Board for the Enrollment of Actuaries (1988-2002). Donald is a frequent speaker at meetings of the Society of Actuaries and Conference of Consulting Actuaries, and at the Enrolled Actuaries Meeting. He has served on program committees for the Society of Actuaries, Conference of Consulting Actuaries Annual Meeting (chair 2002), and the Enrolled Actuaries Meeting (Chair 2000 and 2004). He also participates in committees that meet with the IRS. He is a graduate of Yale University.
Speakers
Mark Saunders, FIA, FIAI, FSA, FSAS, FSAT Mark Saunders is Managing Director of Towers Watson and is the Asia Pacific Insurance Sector & Risk Consulting Practice Leader. Before joining Towers Watson in 1997 (then Tillinghast), he was Asian Regional CEO and Executive Director Board Member of international life insurance operations of a UK-parented insurer including their joint venture in Korea. He has been working in the insurance industry since the 1980s and in Asia since 1989. Mark has led more than 250 actuarial appraisal value assessments of Asian insurers spanning every major insurance market in Asia Pacific and is widely regarded as a leading practitioner in economic value determination and Mergers & Acquisitions and IPOs of insurers in Asia. Mark has been the Appointed Actuary for ten insurers in Hong Kong, Singapore and Vietnam. He also performs mentor roles for Appointed Actuaries new to the role in Asia and carries out Peer Review of Appointed Actuaries' duties for seven insurers in India. He has also provided Independent Actuary opinions for High Court sanctioned insurance business transfers and successful Expert Witness testimonials in the Court of First Instance. Mark is a regular facilitator of training sessions and speaker and chair at conferences and seminars as well as author of numerous articles and papers relating to the Asian insurance industry and has also made the occasional TV appearance!
Greg Solomon, FIA Greg is Market Head for Taiwan L&H, and additionally heads the Client Development role for South East Asia, Hong Kong, India & South Korea. Prior to moving to Hong Kong, Greg was Head of the global Structured Life Reinsurance team, based in London for 12 years. Prior to that he worked in various actuarial roles in South Africa and Israel. Over the years, he has been published on a range of topics ranging from the impact of HIV/Aids on insurance and flexible risk benefits, to capital management for insurance companies. Greg has also been on a number of committees for the Actuarial Society of South Africa, the Institute of Actuaries, and the International Actuarial Association. In his spare time, Greg loves photography (mainly candid street style), and he is an extremely slow student of Mandarin Chinese.
Speakers
Sandor Weyers, FSA, MBA Sandor Weyers is the head of capital management for Prudential Corporation Asia covering the life insurance and funds management operations in Asia and has been in this role for over 2 years. Prior to this he headed up the capital management function for AIG's global life insurance operations having established this function in 2004. He was also regional vice president, corporate strategy, for AIG's China, Taiwan and India operations and also held a senior position in New York Life's ALM department in the U.S. Sandor started his career in the Valuations Department of Liberty Life, South Africa and then moved to New York working as a consulting actuary for Ernst & Young. He has almost 20 years in the life insurance industry having worked in South Africa, U.S.A, Mexico, Taiwan and Hong Kong. He holds the FSA designation, has a MBA from New York University and a bachelor of science degree from the University of Witwatersrand, South Africa.
Song Zhang, FSA, FCIA, CFA Song Zhang is currently the AVP Corporate Development and Risk Management in Manulife's Asia Regional Office, responsible for M&A valuation, ALM and Capital Management in the region. Prior to his current role, Song was responsible for the Operations and Reporting of the company's Variable Annuity hedging program in Canada. Song has over 10 years of experience in the life insurance industry including various functions in financial reporting and risk management, such as valuation, hedging, asset allocation, economic capital and stochastic modeling. His paper “Risk Aggregation for Capital Requirement Using Copula Technique” was selected to the Society of Actuaries education syllabus. A graduate of the University of Western Ontario in Canada with a Master of Science degree in Statistics and a Master of Arts degree in Economics, Song is also a Fellow of the Society of Actuaries, Fellow of Canadian Institute of Actuaries and CFA charterholder.
Joint Regional Seminar 2011 Economic Capital (Wed) 27 July 2011 - Regency Ballroom, Hyatt Regency Hong Kong
Registration Form Personal Particulars Name in ENGLISH ______________________________________________________ Company in ENGLISH ___________________________________________________ Address ______________________________________________________________
Register by 13 July! E-mail:
Phone _____________________________ Fax ______________________________
[email protected] Tel: (852) 2147 9419
Email ________________________________________________________________ Fax: (852) 2147 2497 Preferred name on badge _____________________________________________ [
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Member of actuarial organizations Name of actuarial organization ___________________________________________________ Please specify status: [ ] Fellow Member [ ] Associate Member [ ] Student Member (tick “√” as appropriate)
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Non-member
Deadline for registration: 13 July 2011 Registration and Payment Method Registration fee: HK$950 x __________ Person(s) = HK$ _____________
Venue: Regency Ballroom, Hyatt Regency Hong Kong 18 Hanoi Road, Tsim Sha Tsui, Kowloon Hong Kong
Registration fee includes refreshment breaks and lunch. Please return your completed form with your cheque payment to: Actuaries Office in Hong Kong, 2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong or FAX to (852) 2147 2497 or E-mail to
[email protected]. Your cheque should be in favor of “The Actuarial Society of Hong Kong”. Seminar receipts will be provided at reception desk on 27 July 2011 upon request. Cancellation Policy Cancellations should be made by contacting
[email protected], and also confirmed in writing. No refunds will be made for cancellations after 13 July 2011. The Society reserves the right to cancel the seminar if conditions warrant.
Organized by: Institute and Faculty of Actuaries Institute of Actuaries of Australia Society of Actuaries - China Region Committee
Co-Sponsored with: Actuarial Society of Hong Kong
