David Hare, president, and Paul Reynolds, director of public affairs, attended a joint IFoA and China Re Group members event while on their visit to China in September.
David was invited to speak to members, actuaries and the management team of China Re Group about professionalism. The event took place in the China Re offices in Beijing and Shanghai respectively.
China Re is the largest Chinese reinsurer and has about a hundred actuaries within the group, covering both life reinsurance and P&C reinsurance. The vice president of China Re Group Ren Xiaobing chaired the event and deputy directors Jiang Xianxue and Guan Ling of China Insurance Regulatory Commission (CIRC) attended.
In his presentation, the president spoke about the overall supervision environment in the UK, the role of the IFoA and how it assists members with their professionalism development throughout their career. Mr Jiang and Mr Guan of CIRC spoke about developing the new China Risk Oriented Solvency System (C-ROSS) in China, covering its background, the progress so far, future development and how CIRC is seeking equivalence with EIOPA.
Vice president Ren stressed that actuaries play key roles for insurance companies and that professionalism is of vital importance to help them deliver impartial advice to help management to make sound decisions. He said China Re would endeavour to promote development of actuarial technology in China. He also pointed out that the joint event had practical significance that would benefit both sides through the exchange of ideas.