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Life Committee

The Life Committee is one of the earliest committees to be formed within the Singapore Actuarial Society. The Life Insurance Committee contributes to the development of actuarial practice in Singapore by engaging with regulators and industry stakeholders, supporting society-led initiatives, and facilitating discussions on key technical and policy matters relevant to the life insurance sector.

What We Do

  • Lead and support initiatives to enhance life insurance benefits for the society.
  • Provide thought leadership on key life actuarial and insurance issues.
  • Facilitate collaboration and knowledge sharing across the life insurance industry.
  • Engage with regulators and stakeholders on consultations and industry discussions
  • Organize the Singapore Actuarial Conference (Life) and support major industry events.
  • Maintain and review Standards of Actuarial Practice (SAPs) for life insurance.

Who We Are

Committee Members

Gregory Lo

Chair, Mortality Study Workgroup Co-Chair

KITTY WANG

Vice Chair, Asian Actuarial Conference Life Program Lead

KYLE CHONG

Member

BENJAMIN LIM

Member

IVAN LEE

Mortality Study Workgroup Co-Chair

Who We Are

Committee Members

Gregory Lo

Chair, Mortality Study Workgroup Co-Chair

KITTY WANG

Vice Chair, Asian Actuarial Conference Life Program Lead

KYLE CHONG

Member

BENJAMIN LIM

Member

IVAN LEE

Mortality Study Workgroup Co-Chair

What We Are Working On

  • Support Asian Actuarial Conference in programme shaping and development, sourcing and coordinating speakers.
  • The Mortality Study Workgroup is an industry project to develop mortality tables involving SAS, MAS, NTU and participating insurers.

SAS Life IFRS17 Workgroup Resources

An IFRS17 project workgroup was set up last year in June 2018.  Meetings were held on average once a month with participation of over thirty actuaries in the industry. Discussions involved the interpretation of the new IFRS17 standard and ways to meet the new standard’s requirements in the Singapore life insurance industry context. The workgroup has been quite productive in delivering 11 working papers covering in 2019 (in addition to the 3 papers in 2018):

  1. Discount Rates
  2. Coverage Units
  3. Par Fund and VFA Measurement
  4. Expense
  5. Premium Allocation Approach
  6. Options and Guarantees
  7. Fair Value Approach
  8. Reinsurance
  9. Aggregation
  10. Specific Treatment for APD, Policy Loan
  11. Contract Combination and Separation
  12. Contract Boundary
  13. Measurement Model
  14. Modification and Derecognition


These papers have been shared with the LIA IFRS17 and ISCA FIRS17 working groups. The workgroup will continue to update the papers as the standard develop and seek public feedback.

Over 2020-22, the SAS IFRS17 working group collaborated with the ISCA’s IFRS 17 Working Group to produce an article on the comparison of the measurement of insurance liabilities under FRS117 Insurance Contracts vs MAS Risk-Based Capital 2. This article was published in the ISCA journals in December 2022 (part 3) and January 2023 (part 4).


To join us, send your enquiry to lic@actuaries.org.sg.