Chair: Joseph Birundu FIA
To be a source of expertise within the profession on matters relating to the life practice area, and to promote, support and champion the interests of practice area members in accordance with the TASK’s key strategic objectives.
The general objectives of the working party are:
- To lead on technical input to consultation responses where the profession has a key interest and perspective, or there is a public interest perspective.
- To promote external stakeholder awareness of, and confidence in, the work of the practice area and the profession, and to identify emerging issues of relevance to the practice area and address these with appropriate action.
- To provide input to help the profession ensure the development and maintenance of robust technical and ethical standards.
- Facilitate CPD opportunities that meet the needs of members through the regular industry talks and the annual actuarial convention.
- To report to the TASK Council, at least on quarterly basis, on the progress made on specific goals pledged by the Working Party.
- Review of TASK’s Valuation guidelines and the Proposed Life Insurance Risk Based Capital Framework.
- Review of the Kenya Mortality Table in consultation with the Association of Kenya Insurers.
- Review the Management of discretionary bonus business with a view of developing Principles and Practices of Financial Management (PPFM) with special reference on governance of the Bonus Stabilisation Reserve (BSR).
- Provide industry-wide guidelines on Group Life Pricing
- Provide guidelines on Reinsurance Strategy
The Working Party shall comprise between ten and sixteen members and will include the following:
- Deputy Chair
- Secretary – this will be rotational amongst the members
Formation of sub-committees
- The Working Party will, where necessary, form sub-committees to undertake specific projects in line with the specific goals of the working party.
- Membership of the sub-committees may include non-members of the Working Party provided they provide the special expertise or independent professional advice required to achieve the goals of the sub-committee.
- The working party will meet at least once a month. Members can attend by conference call.
- Meetings may be called by the Chair or any member of the Working Party.
- The notice of each meeting of the Committee, confirming the venue, time and date and enclosing an agenda of items to be discussed shall be sent to members prior to the meeting.
- The Working Party may invite non-members to any of its meeting where such an invitee’s input is of essence to the workings of the party.
These terms of reference may from time to time be amended as required, subject to the approval of the TASK Council.
To join Life Insurance Working Party, write to WP@actuarieskenya.or.ke