The Life Committee is one of the earliest committees to be formed within the Singapore Actuarial Society. The Committee actively engages fellow actuaries in Singapore in projects and conferences to help the members stay professional, stay relevant.
What We Do
The Committee's objectives and responsibilities
- Organize the SAS Life Conference annually
- Maintain and review SAPs for life actuarial practice in Singapore on a regular basis
- Provide thought leadership on life actuarial matters
- Facilitate and support workgroups relevant to life actuarial practice
- Lead initiatives to enhance life insurance benefits for the society
Who We Are
- Gregory Lo, Chair
- Ben RANDALL, Vice Chair
- TAN Shu Yuan, Council Liaison, CI Workgroup Chair
- Harry LEE Chun Hoong, IFRS17 Workgroup Co-Chair
- Charles CHIU Chun Hang, IFRS17 Workgroup Co-Chair
- ZHOU Yi (Joey), Mortality Study Workgroup Chair
- Frank MUNRO, SAP Workgroup Chair
What We Are Working On
Workgroups convened in 2021/22
- SAP Workgroup to review the SAP L01-L03 with the introduction of RBC2 in Singapore via MAS Notice 133 (effective 31 Mar 2020). The workgroup aims to complete the review of SAPs by 31 Dec 2021.
- IFRS17 Workgroup to consider the application and technical interpretation issues of the upcoming IFRS17 Standard in Singapore.
- The Mortality Study Workgroup to study the mortality experience of the insured population in Singapore.
- CI Cover Workgroup to explore possibility of closing the protection gap on Critical Illness in Singapore
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):
- Discount Rates
- Coverage Units
- Par Fund and VFA Measurement
- Premium Allocation Approach
- Options and Guarantees
- Fair Value Approach
- Specific Treatment for APD, Policy Loan
- Contract Combination and Separation
- Contract Boundary
- Measurement Model
- 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).
- FRS 117 Insurance Contracts Vs MAS’ Risk-Based Capital 2 (Part 3)
- FRS 117 Insurance Contracts Vs MAS’ Risk-Based Capital 2 (Part 4)
To join us, send your enquiry to firstname.lastname@example.org.