II REUNIÓN PROFESIONAL INTERNACIONAL DE LIDERES Y EDUCADORES DE LA PROFESIÓN ACTUARIAL EN AMÉRICA LATINA / 2 nd INTERNATIONAL PROFESSIONAL MEETING OF LEADERS OF THE ACTUARIAL PROFESSION IN LATIN AMERICA QUESTIONNAIRE CUESTIONARIO Información de la persona que completa este cuestionario / Details of person completing questionnaire Nombre / Name SOFIA ROMANO Direccion / Address AVILA CAMACHO # 164 Col.Lomas de Chapultepec, C.P. 11010 México, D.F. No. de Fax / Fax No. 01 52 55 52 02 63 43 Correo Electronico / E-mail address sromano@allianz.com.mx 1. País para el cual las respuestas son proporcionadas / Country for which answers are provided MEXICO 2. Cuantos Actuarios (o existen) tiene su país? / How many actuaries are there in your country? As of July 2004, the number of Actuaries who have graduated and received their professional degree is 4,300. Those having finished their studies but have not yet obtained their professional degree amount to 8,600. There are 3 Actuarial Associations in Mexico, CONAC, AMA and AMAC. All AMA or AMAC members automatically become members of CONAC. At present, CONAC has 550 members while AMA has 386 members and AMAC has 43 members De ser posible (o apropiado) será de ayuda que Ud. subdivida el total de numero en 1) Actuarios calificados o miembros activos de la Asociación Nacional (si tiene en existencia una), 2) Actuarios parcialmente calificados (quienes han recibido algún adiestramiento como actuario o han pasado algunos exámenes relacionados a la materia, pero no completamente), 3) personas interesadas (quienes no han recibido ningún adiestramiento formal como actuarios, pero están comprometido con trabajos II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2nd International Professional
2 de actuarios). / If possible (or appropriate) it would be helpful if you could subdivide the total number into 1) qualified actuaries or full members of the national association (if one exists), 2) partly qualified actuaries (who have received some training as an actuary or passed some examinations, but are not regarded as fully qualified) and 3) interested persons (who have not received any formal training as an actuary, but are engaged in actuarial work). 1) 2) 3. Como los actuarios de su país han realizados sus estudios? Por favor indicarnos numéricamente cada categoría? / How have actuaries in your country received their actuarial education? Please give an indication of numbers in each category Diploma, Seminarios y Cursos / Diploma Courses and Summer Schools Diploma curso organizados por la profesión actuarial / Diploma As continuous Course organised by the actuarial profession education Otros diplomas, seminarios o cursos / Other diploma courses or programs. summer schools Educacion universitaria / University education Programa Científico Actuarial / Actuarial science programme Opciones Actuariales en algunos otros programas certificados / Actuarial options on some other degree programme Programa de (o similar a alto grados de preparación) Maestría / Masters (or similar higher degree) programme Doctorado o otras fuentes(medios) de educación / Doctorate or other research based degree All actuaries have studied a formal program at Universities Master on Actuarial Sciences 30 aprox Master on Financial Mathematics 25 aprox Sistema de educación a distancia / Distance-learning education and examination systems Facultad e Instituto de Actuarios / Faculty and Institute of Actuaries Sociedad de Actuarios / Society of Actuaries II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2 nd International Professional
3 Sociedad Casual de Actuarios / Casualty Actuarial Society Otros / Other Otros tipos de educación formal actuarial / Other types of formal actuarial education Educación Actuarial recibida mientras trabaja como actuario / Actuarial education received whilst working as an actuary As part of Continuos Education Programs En el caso de aquellos con educación universitaria en materias actuariales, especificar la universidad donde recibió esta educación (incluir universidades de otros países con importancia para la educación) / In the case of those with a university education in actuarial topics, in which universities was this education received (include also universities in other countries which play an important role)? 4. Existen universidades o instituto de formación secundaria en su país que ofrezcan algún tipo de educación formal actuarial? / Are there any universities or other higher education institutions in your country which offer any formal actuarial education? Yes Si es así, favor suministrar las universidades y el tipo de educación que ofrecen (ejemplo: diploma, estudios de post-grado, opciones que pudiesen ser ofrecidas dentro de la licenciatura de matemáticas. Si no existen actualmente, pero hay planes para establecer un programa al respecto, por favor mencionarlo). / If so, please provide details of the universities and the type of education offered (e.g. first degree, postgraduate studies, options which can be taken as part of a mathematics degree, etc. If there are not yet, but there are plans to set up a programme, please mention that here also). 12 Universities : Universidad Nacional Autónoma de México Anahuac del Sur - Anahuac Instituto Tecnológico Autónomo de México (ITAM) Universidad de Las Américas Universidad Autónoma de Guadalajara Universidad Autónoma del Edo. De Mexico Universidad Autónoma de Yucatán Universidad Marista UTECA FES Acatlán Loyola - II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2nd International Professional
4 All of them offer first degree program. Universidad Anahuac offers the two abovementioned masters programs. Other Universities, like ITAM have Insurance Programs (masters degree) 5. Existen leyes o regulaciones en su país que establezcan los requisitos para ejercer la profesión de actuario? Cuales son estos requisitos? / Are there any laws or regulations in your country which require some role or task to be carried out by an actuary? What qualifications are required? Por favor, explique los detalles de la regulación en cuanto a la práctica de la profesión actuarial, la leyes, normas vigentes y demas temas relacionados que se situen en su país. / Please provide details, and, if possible, attach a copy of an English translation of the relevant clause, section or paragraph of the law which refers to actuaries. In order to practice as an actuary in an Insurance Company and to perform certain specific duties, special certification is required. This certification can be granted by CONAC or CNSF (Comision Nacional de Seguros y Fianzas National Insurance Commission, the government agency regulating Insurance Institutions). The process is by means of an exam which was applied for the first time in July 2004 and from now on it will be a continuous process. Insurance duties that require special certification are: To sell an insurance product, insurers should register it before CNSF. Actuaries are required to file the product registration with the CNSF, and to be specially certified to do so by CONAC or the CNSF. 281 special certifications have been granted for pricing purposes. (Since certification is per line of business, one actuary could have more than one certification) Technical reserve valuations should be carried out and signed by an actuary with special certification from CONAC or the CNSF. 278 special certifications have been granted for reserves purposes. (Since certification is per line of business, one actuary could have more than one certification) Since 2004, insurance companies are under obligation to carry out at least one study on reserve sufficiency every quarter. This analysis involves the future projection of liabilities based on statistical methods involving past experience. When such experience is insufficient or unreliable, international experience or figures published by well reputed agencies may be applicable. Furthermore, reserves should be certified by an independent auditor required to review reserve sufficiency at least once a year and to prepare a formal statement which should be filed with the Comisión Nacional de Seguros y Fianzas (CNSF), the government agency regulating Insurance Institutions. II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2 nd International Professional
5 Independent auditors certifying technical reserves should also have a professional degree as actuaries and be certified by CONAC or CNSF. There are 41 special certifications to act as independent auditors for an insurance company; 9 of these are engaged in life insurance, 5 in pensions, 13 in health, and 14 in all other non life lines of business. 6. Cuales son las áreas o actividades en que los actuarios se desarrollan en su país? (cualquiera que se aplique, de ser posible informar de las cantidades en cada categoría) / In what fields of activity are actuaries employed in your country? Please tick whichever apply or, if possible, give approximate numbers in each category. Gerencia de alguna compañía o institución / Senior management of company or institution Actuaries working in the insurance industry are estimated in 1,250. Of these, 34% have the corresponding professional degree. Their participation in different lines of business is as follows: Trabajos actuariales empleado como / Actuarial work as employee of - Compañía de seguros de vida / life insurance company 45% - organización de salud o compañía / health care organisation 17% or company - compañía de seguros en general / general insurance 34% company - escenario de seguridad social nacional / national social security scheme - escenario de pensión privada (incluyendo AJP o similares)/ private pension scheme (including AJP or similar) - compañía de inversión / investment company - en bancos y banqueros / banks and banking - otros / other Pensions 4% - Consultores actuariales, principalmente trabajando como / Consulting actuary, working mainly in Actuaries working in consultant firms and on employee benefit related issues are estimated at 250. - seguro de vida / life insurance - seguro de salud / health care - seguros en general / general insurance - seguridad social / social security - escenarios de pensión privada (incluyendo AJP o similares)/ private pension schemes (including AJP or similar) / II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina 2nd International Professional
6 - inversiones / investment - otros / other 7. Existe una asociación nacionales actuarios en su país? / Is there a national association of actuaries in your country? YES, CONAC, AMA and AMAC Si es así, / If so, - Cuando se estableció? / When was it established? 1967 - Esta afiliada como miembro titulares de AAI? / Is the Association YES - CONAC a full member of IAA? - Es la asociacion un miembro asociado de AAI? / Is the YES AMA Association an associate member of IAA? - Es la asociacion en discusion de miembro con la AAI? / Is the Association discussing membership with IAA? Si no, existen planes para establecer una asociación? / If not, are there any plans to establish one? Por favor proveer detalles de las actuales asociaciones oficiales / Please provide details of the current officers of the association Presidente / President Vice-Presidente / Vice- President Secretario / Secretary 8. Para aquellos paises que cuentan con una asociacion nacional de actuarios. / For those countries where there is a national association of actuaries: a) La asociación ha adoptado algún CODIGO PROFESIONAL DE CONDUCTA? / Has the association adopted a professional code of conduct? YES Es la asociacion un miembro activo en el desarrollo de la educacion actuarial? / Does the association play an active role in educating actuaries? - educacion inicial / initial education NO - educación continua / continuing education YES Por favor brindar detalles de las actividades de la educacion / Please provide details of educational activities Education is given through seminars, congresses, specialized courses in the different fields of actuarial sciences, mainly in insurance related topics. II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2 nd International Professional
7 b) Es la membresía de la asociación reconocida por las entidades gubernamentales en relaciona quienes pueden llamarse asi mismo como Actuarios? / Is membership of the association recognised by regulatory bodies in relation to who can call themselves an actuary? NO Por favor indicar como esto trabaja y si existe diferentes categoría de miembros para estos propósito o al respecto. / Please indicate how this works and whether the association has a particular category of membership for such purposes: c) Es la asociación un organismo con estatutos reconocido por el gobierno o entidades que la regulen? / Is the association a statutory body recognised by the government or by regulatory bodies? d) Es la asociación consultada por el gobierno o entidades regulatoria? / Is the association consulted by government or by regulatory bodies? Favor brindar algunos ejemplos / Please give some examples Mortality studies, e) La asociación juega un papel en el rol de mercadear la profesión? / Does the association play an active role in marketing the profession? Por favor detallar ejemplos de actividades recientes / Please provide examples of recent activities YES SOMETIMES NO f) Cuales son los mas importantes temas que enfrenta la profesión en su país en cualquier momento? / What are the major issues facing the profession in your country at the moment? Capital Requirements In 2003 and 2004, the CNSF conducted a study about the capital requirements for insurance companies. This requirement is established depending on the insurance field involved. In other words, there is a different requirement for individual life and for group life, for example. This requirement is established by studying the statistical deviations in claims. In some fields such as Life, Property and Liability, capital requirements were increased considerably. These new requirements will be effective on January 1, 2005. Dynamic Capital Adequacy Testing Also related to capital requirements, dynamic solvency testing will start beginning 2005 (with 2004 information) to assess the capital sufficiency of the insurance company and identify possible risks which may affect their financial II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2nd International Professional
8 position under several operating scenarios. At present, the general terms of this test are defined and the specifics of this issue will be defined hereinafter and until its implementation. Catastrophic Reserves for Hydrometeorologic Risks Because of the growing significance of natural catastrophes, in addition to catastrophic reserves currently held by insurance companies, it will be mandatory to set a catastrophic reserve for hurricanes and other hydrometeorologic risks depending on the construction type involved and their altitude above sea level. This reserve may be accounted for as up to 50% in the design of reinsurance programs for the corresponding catastrophic program, both in terms of priority and layers. IAA SYLLABUS In order to meet the IAA requirements regarding the syllabus, universities in Mexico are reviewing their curricula to make the necessary adaptations. CONAC has been in continuous touch with universities to see that syllabus changes are fully implemented for all those who will start their actuarial studies in 2005. STANDARDS OF PRACTICE Recently, the Asociación Mexicana de Actuarios (AMA) has formalized their actuary standards of practice in Mexico. Compliance with these standards is mandatory. To date, 7 Standards of Practice have been developed, approved and adopted by AMA and CONAC. They are as follows: 1. Actuarial Pricing Short Term Insurance 2. Actuarial Pricing Long Term Insurance 3. Reserves Valuation Short Term Insurance 4. Reserves Valuation Long Term Insurance 5. Actuarial Pricing Surety / Bonding 6. Reserves Valuation Surety / Bonding 7. Reserves Auditing However there is still a challenge to continue developing new standards of practice. g) Por favor suministrar detalle de cualquier otra actividad de la asociación que usted considere sea de interés? / Please provide details of any other activities of II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2 nd International Professional
9 the association which you think may be of interest. II Reunion profesional internacional de lideres y educadores de la profesión actuarial en América Latina / 2nd International Professional