Draft:Actuaries Institute
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 | This article contains text that is written in a promotional tone. (June 2024) |
| Founded | 19 October 1897 |
|---|---|
| Headquarters | Level 2, 50 Carrington Street Sydney NSW 2000 Australia |
Key people | David Whittle (President) Elayne Grace (CEO) |
| Website | actuaries |
Actuaries Institute is the professional body representing actuaries in Australia.
The Institute represents, supports and regulates actuaries through education; professional standards, contributions to public policy discussions, and a professional community.[1]
Members work in a wide range of fields including insurance, superannuation and retirement incomes, banking, enterprise risk management, data analytics, climate change impacts and government services.[2]
The Institute is a professional association and a full member organisation of the International Actuarial Association.[3]
History[edit]
Actuaries Institute was founded by a group of 17 “like-minded individuals” on 19 October 1897, with the guiding principle to help protect Australians from an uncertain future by, as was said at the time, “wresting the truth from data”.[4] The Institute was initially known as the Actuarial Society of New South Wales. The Society’s stated objective was: “the dissemination of professional knowledge among its members and the securing of greater recognition of the profession in New South Wales.”[5]
In 1918, actuaries from other Australian states and New Zealand joined the Society, prompting a name change to the Actuarial Society of Australasia.[6] The Society began publishing bulletins in 1945 and held its first convention in 1953.[7]
Subsequent name changes led to the incorporation of the Institute of Actuaries of Australia and New Zealand in 1963.[8] After New Zealand actuaries formed their own society in 1977, the name was simplified to the Institute of Actuaries of Australia.[9]
The Institute played a pivotal role in the introduction of actuarial education at Macquarie University in 1968.[10][11] Furthermore, the implementation of Australian Fellowship examinations in 1980 marked a significant milestone, eliminating the need for Australian actuaries to pass UK final examinations for qualification.[12]
The Institute undertook a rebrand in 2023, simplifying its name to the Actuaries Institute[13], although its legal name remains the Institute of Actuaries of Australia.
Governance[edit]
The Actuaries Institute is a public company limited by guarantee and governed by the provisions of the Corporations Act 2001 (Cth). Council constitutes the Board of Directors of the Institute. The Institute's Constitution sets out the powers and responsibilities of the Council.[14]
Membership[edit]
Half of the Actuaries institute’s 5,500 members are under 35 and more than a third are women.[15]
There are the following categories of membership:[16]
Fellow (FIAA)/Accredited Member - Qualified actuaries who have completed the Fellowship subjects and/or have the experience or other qualifications determined by the Council. Overseas actuaries can apply to become Fellows if they belong to an overseas association with mutual recognition.
Associate (AIAA) - Members who have completed the Foundation and Actuary Programs and/or have the experience or other qualifications determined by the Council. Overseas Associates can apply to become an Associate if they belong to an overseas association with mutual recognition.
General Member - Members who are studying the actuarial education program or do not fit into the other categories.
Affiliate – Members who work in allied roles, who manage actuaries or are interested in getting involved and joining the Actuaries Institute community. Affiliate membership carries no accreditation.
Public Policy[edit]
Consistent with its Constitutional objectives, the Actuaries Institute contributes to discussions on policy development and regulation where actuarial science can serve the public interest. It does this by commissioning research from actuaries and leveraging the experience of its volunteer members who possess knowledge in various fields.[17]
The contributions include published reports such as the Inequality green paper called Not a level playing field – exploring issues of inequality[18], Home Insurance Affordability[19], Not a level playing field – people with disability[20], Retirement Matters[21], and the All Actuaries Climate Index which tracks changes in the frequency of extreme temperatures, heavy precipitation, dry days, strong wind and changes in sea level across Australia.[22]
The Institute also makes submissions to consultations including the Pre-budget submission to Treasury[23], a submission to the NDIS Review: Building a Strong Effective NDIS[24], a submission to APRA Discussion Paper: Superannuation Data Transformation Project Phase 2[25], and a submission to Treasury consultation on genetic testing and life insurance.[26]
Education System[edit]
The actuarial education program in Australia is made up of three parts:[27]
Foundation Program – this is the first stage in the actuarial qualification pathway and is focused on Actuarial Statistics, Actuarial Mathematics and Business, Finance and Economics
Actuary Program – on completion of the four subjects in the Actuary Program, candidates are granted the title of Associate of the Institute of Actuaries of Australia (AIAA)
Fellowship Program – the Fellowship Program adds depth and specialisation to candidates’ professional education. On successful completion of the Fellowship Program candidates become fully qualified actuaries and earn the title of Fellow of the Institute of Actuaries of Australia (FIAA).
Understanding Actuarial Management: The Actuarial Control Cycle, edited by Clare Bellis, Richard Lyon, Stuart Klugman and John Shepherd, is essential reading for actuarial students and other professionals seeking insight into how actuaries manage future financial risk within dynamic economic and social systems. The Actuarial Control Cycle is a framework which actuaries use to assess, evaluate and manage risk, where there is uncertainty of future events.[28]
The Control Cycle is taught at all eight Australian universities accredited by the Institute.[29]
Professional Regulation[edit]
Members of the Institute are bound by its Code of Conduct and the suite of professional practice documents (which include Professional Standards) as published and updated by the Institute from time to time.[30]
The actuarial profession in Australia is self-regulated. Self-regulation is managed under the Institute's Disciplinary Scheme. The operation of the Disciplinary Scheme is carried out independently of the Council and the Executive of the Actuaries Institute in line with the Disciplinary Scheme Rules.[31]
References[edit]
- ^ Actuaries Institute, Monash Actuarial Students Society
- ^ What Does an Actuary Do?, UNSW Sydney
- ^ Full Members Directory, International Actuarial Association
- ^ Miranda Maxwell, The Age of the Actuary, Insurance News
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 57, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 70, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 114, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 124, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 134, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 141, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Actuarial Studies, Macquarie University
- ^ Clare Bellis, The Future Managers: Actuaries in Australia 1853-1997 page 160, Institute of Actuaries of Australia, 1997, ISBN: 0858130564
- ^ Unveiling the Institute’s New Brand, Actuaries Digital, 25 May 2023
- ^ Governance, Actuaries Institute
- ^ Miranda Maxwell, The Age of the Actuary, Insurance News
- ^ Becoming a Member, Actuaries Institute
- ^ Public Policy and Media, Actuaries Institute
- ^ ACT confirmed as home of high incomes in 2022 census figures, Canberra Times, 8 May 2023
- ^ Being underinsured can leave you in a no-payout loop, as this flood-affected caravan park is discovering, ABC News, 3 September 2023
- ^ Not a level playing field: people with disability, Australian Policy Online, 23 October 2024
- ^ Rethinking Retirement: A call for flexibility, equity, and longevity strategy, Inside Ageing, 4 December 2023
- ^ Natural disasters and climate risk, Parliament of Australia
- ^ 2023-24 Pre-Budget Submission, The Treasury
- ^ Submission SUB-X3L7-001388 (Actuaries Institute), NDIS Review
- ^ 19 May 2022 Submission to APRA Discussion Paper: Superannuation Data Transformation Project Phase 2
- ^ Actuaries Institute proposes genetic testing safeguards for sustainable life insurance, Insurance Business Magazine, 1 February 2024
- ^ How to become an actuary, Monash University
- ^ Understanding Actuarial Management: The Actuarial Control Cycle
- ^ Accredited Australian Universities, Actuaries Institute
- ^ Professional Standards and Guidance, Actuaries Institute
- ^ Disciplinary Scheme, Actuaries Institute
External links[edit]