Commercial Actuarial Practice’ was first offered to Part III students in Semester 2, 2005. The course is compulsory for all new Part III students. The overall objectives of this course are to provide students with the skills and knowledge to be able to: - apply actuarial skills across a range of traditional practice areas and in unfamiliar (i.e. non-traditional) areas by contextualising actuarial solutions or approaches in the wider commercial environment of the business as a whole
- apply ethical concepts, corporate governance requirements and actuarial professional standards when contextualising actuarial solutions or approaches.
- successfully communicate the actuarial solutions or approaches to a range of audiences.
It consists of: - pre-reading materials
- a four-day course (the nature of the program is such that residence is not mandatory but highly recommended)
- two assessments: a one day case study exam, and a post-course assignment to be completed within two weeks after the residential course.
The aim of Part A of the Life Insurance Course is to provide the actuary with the knowledge, skills and judgement necessary to tackle a range of management related problems relating to the pricing, general environment and risk management practices of life offices and associated funds management companies. Life insurance is one of the original applications of actuarial science. It combines the natural mathematical abilities of practitioners, and a business focus, with the specific areas related to life insurance. That is, the study of mortality and other health related risks, and a long-term focus via long-term liabilities, for the ultimate purpose of the healthy management of life insurance entities. Key considerations of Part A of the course are: - The legislative environment
- Risk management techniques
- Terms and conditions of contracts
- Pricing considerations
- Profitability and analysis.
In addition, life insurance is increasingly part of the wider financial services landscape and life insurance companies are often part of a much larger group also covering banking, funds management and sometimes general insurance. The ability to understand the key issues involved in the management of life insurance entities and explains these to shareholders in a meaningful way, is an important skill. The aim of Part 2B of the Life Insurance Course is to provide the actuary with the knowledge, skills and judgement necessary to tackle a range of management related problems in the life insurance field relating to placing a value on liabilities, reporting and interpreting profit. Part A of this Course introduces the general insurance market in terms that enable you to understand the role that the actuary plays in the management of risk within the industry. In particular it develops key skills developed in your previous actuarial studies into tools to be applied to: - estimation of insurance liabilities
- measurement of the uncertainty surrounding such liabilities; and
- accounting provisions for actuarial calculations.
At the end of Course 3 Part A, it is expected that the student will have acquired a detailed knowledge of the above areas and have developed the understanding necessary to make sound judgements in respect of those areas. Part A also lays the foundation actuarial knowledge needed for a broader and deeper understanding of the actuarial management potential in the industry, which is covered in Part B. Part A of this Course introduced the general insurance market in terms that enable you to understand the role that the actuary plays in the management of risk within the industry. It also developed the key actuarial skills gained from earlier stages of the education process into core techniques and methodologies. Application of thee tools was then put in the context of management of general insurance liabilities and accounting for these liabilities. Part B of the Course extends the skills of the actuary to include all areas of financial management of a general insurance entity, with particular focus on pricing of risks, premium rating and capital management. The goal of Course 3 Part B, it to put the student in a position of understanding and being able to apply techniques for the construction of a Financial Condition Report for a general insurer. Thus Part B completes the set of technical skills required by the actuary, which when complemented with appropriate experience, will enable fulfilment of statutory and senior actuarial management roles in the industry. It also lays the foundation actuarial knowledge needed for a broader and deeper understanding of the actuarial management. The aim of Part 2B of the Life Insurance Course is to provide the actuary with the knowledge, skills and judgement necessary to tackle a range of management related problems in the life insurance field relating to placing a value on liabilities, reporting and interpreting profit. Global Retirement Incomes 6A replaces Superannuation and Planned Savings 4A from Semester One 2008. GRIS 6A will be the equivalent of 4A and GRIS 6B will be the equivalent of 6B and students will retain an ongoing pass for these subjects. Therefore, students who have completed 4A will need to complete GRIS 6B to complete their specialist subject and students who have completed 4B will need to complete GRIS 6A to complete their specialist subject. Global Retirement Incomes 6B will replace Superannuation and Planned Savings 4B from Semester Two 2008. GRIS 6A will be the equivalent of 4A and GRIS 6B will be the equivalent of 6B and student will retain an ongoing pass for these subjects. Therefore, students who have completed 4A will need to complete GRIS 6B to complete their specialist subject and students who have completed 4B will need to complete GRIS 6A to complete their specialist subject. The Investments Bridging Course is designed to bring students up to the minimum investments knowledge requirements set by the International Actuarial Association's subject Subject 8: Investment and Asset Analysis. While some of this content is covered by the CT courses e.g. CT8 or Part II The Actuarial Control Cycle, most content is in Unit 1 and 2 of the existing Part III Course 1 Investments Course. This CPD course is provided for demonstration purposes only. The actual course content may not be identical with the content in this demonstration course. This course is an update of the original Private Health Insurance course that was launched in July 2007. With the support of the Private Health Insurance Administration Council (PHIAC), the Institute of Actuaries of Australia developed the online Private Health Insurance CPD Education Course in 2007. The Course will equip actuaries and their technical staff with the necessary knowledge and skills to understand the specific conduct and operations of private health insurance in Australia . The course has been written in a way that also makes it valuable for other health insurance practitioners including financial staff, general management and Board members. The 2010 Private Health Insurance course incorporates changes to legislation, professional standards, industry activity and health reform since the original course was launched in July 2007. This course is an update of the original Private Health Insurance course that was launched in July 2007. With the support of the Private Health Insurance Administration Council (PHIAC), the Institute of Actuaries of Australia developed the online Private Health Insurance CPD Education Course in 2007. The Course will equip actuaries and their technical staff with the necessary knowledge and skills to understand the specific conduct and operations of private health insurance in Australia . The course has been written in a way that also makes it valuable for other health insurance practitioners including financial staff, general management and Board members. To obtain a certificate of completion for this course, you will be required to complete a final assessment task. It is expected that your answers will show understanding and application of the material covered. Please do not simply “cut and paste” from the course materials or readings. Local health insurance actuaries are willing to hold question and answer sessions on the course if there is sufficient interest. Please contact the Institute of Actuaries of Australia if you would be interested in attending such a session. The 2010 Private Health Insurance course incorporates changes to legislation, professional standards, industry activity and health reform since the original course was launched in July 2007.
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