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Joint Regional Seminar 2011

Economic Capital

19 - 20 July - Kuala Lumpur

21 July - Bangkok 25 - 26 July - Taipei 27 July - Hong Kong 28 - 29 July - Beijing

Organized by:

China Region Committee

Co-sponsored with:

Actuarial Institute of Chinese Taipei

Joint Regional Seminar 2011

OBJECTIVE Jointly organized by the Institute & Faculty of Actuaries, Institute of Actuaries of Australia and Society of Actuaries (China Region Committee) with the support of local actuarial bodies, this Joint Regional Seminar is designed to assist actuaries and other professionals in meeting CPD requirements. THE SEMINAR Interest in economic and risk-based capital is growing very rapidly in Asia. Many countries have moved or are moving towards risk-based and economic capital regimes in the Asian region, and companies are also recognizing the importance of these metrics in their risk management toolkits. With this shift, both in Asia and globally, it is important for us to better understand what economic capital intends to accomplish, what is the appropriate framework to meet the goals, what are the challenges in implementation and how to use the results sensibly. This seminar intends to give you an in-depth introduction to the subject. The program will be a change from previous years. It will include both an economic capital training session and a capital open forum facilitated by practitioners from major industry players. It is intended to provide a handson practical introduction to economic capital, in terms of definitions, approaches, implementation and impacts involving attendee participation, interaction and learning. But, to make sure there is something for everyone, we will also have a number of presentations on other topics. AGENDA FOR THE ECONOMIC CAPITAL TRAINING SESSION:

· · ·

History and global trends in economic capital development The role of economic capital in strategic and day-to-day business management Implementation ­ what to aim for and how to get there

This training session will be presented by two speakers in each location and we have a panel in place. Speakers/ Panelists include Paul Carrett (UBS), Robert Chen (Taiping Life), Robert Fok (SwissRe), Sutee Mokkhavesa (Muang Thai Life), Jorge Manuel Noronha (ING) , Greg Solomon (Swiss Re) and Alan Tan (PCA). AGENDA FOR THE CAPITAL OPEN FORUM SESSION: This session will include several short introductory viewpoints on aspects of capital model implementation and use, designed to provide insights and pose questions that will be opened to the rest of the panel and the floor for discussion. Topics will cover areas that are relevant to various capital measures, including local regulatory, Solvency II, US RBC and internal capital requirements. Some areas that might be covered include:

· · · ·

What practically can you do to help senior management accept and understand new metrics ? How are capital requirements allowed for in managing your business ? What level of investment in and training of staff is needed to successfully implement sophisticated capital modelling and management techniques ? How practically do you calibrate where there is little / no data?

Joint Regional Seminar 2011

Economic Capital

(Tue - Wed) 19-20 July 2011, Hotel Istana - Kuala Lumpur, Malaysia

CPD The Joint Regional Seminar qualifies for (IAAust/ I&FoA/ SOA) Continuing Professional Development (CPD). Actuarial members may find it a useful contribution to their personal professional development. The amount of hours recorded is left to the discretion of the individual, but a maximum of 9 CPD hours (10.8 SOA CPD units) in total can be credited for the Seminar in Kuala Lumpur: Day One : 6.25 CPD hours (7.5 SOA CPD units) VENUE - KUALA LUMPUR

Hotel Istana - 73, Jalan Raja Chulan, 50200 Kuala Lumpur, Malaysia

Day Two : 2.75 CPD hours (3.3 SOA CPD units)

ATTIRE Business casual attire is recommended for this seminar. CONTACT INFORMATION Individuals who wish to travel to any of the 5 locations for the seminar may contact the following persons for detailed seminar information and registration form:

Bangkok Taipei Beijing

Ms. Merissa Chong Ms. Rattiya Singlor Actuarial Society of Society of Actuaries of Malaysia Thailand Fax: (60) 3 2780 6622 E-mail: Tel: (66) 2640 7765 [email protected] Fax: (66) 2640 7856 Email: [email protected]

Kuala Lumpur

Ms. Emily Lye Actuaries Office in Hong Kong Tel: (852) 2147 9420 Fax: (852) 2147 2497 Email: [email protected]

Ms. Tiffany Wong Actuarial Society of Hong Kong Tel: (852) 2147 9419 Fax: (852) 2147 2497 Email: [email protected]

Hong Kong

Ms. Yang Ting China Association of Actuaries Tel: (86) 10 6655 5898 Fax: (86) 10 6655 5884 Email: [email protected]

Joint Regional Seminar 2011

Economic Capital

(Tue - Wed) 19-20 July 2011, Hotel Istana - Kuala Lumpur, Malaysia


Day 1 08:30 09:00 09:05 09:20 REGISTRATION MC introduction and Welcome Welcome Remarks - Mr. Donald J. Segal, President of Society of Actuaries Economic Capital Training (Part I)

Presenters : Alan Tan (PCA)/ Jorge Manuel Noronha (ING) Facilitators : Anton Kapel (Towers Watson)/ Penny Fosker (Towers Watson)

10:50 11:10

BREAK Economic Capital Training (Part II)

Presenters : Alan Tan (PCA)/ Jorge Manuel Noronha (ING) Facilitators : Anton Kapel (Towers Watson)/ Penny Fosker (Towers Watson)

12:40 13:40

LUNCH Economic Capital Training (Part III)

Presenters : Alan Tan (PCA)/ Jorge Manuel Noronha (ING) Facilitators : Anton Kapel (Towers Watson)/ Penny Fosker (Towers Watson)

15:10 15:30

BREAK Capital Open Forum

Presenters : Alan Tan (PCA)/ Jorge Manuel Noronha (ING) Anusha Thavarajah (ING)/ Patrick Cheah (AmLife) Facilitators : Anton Kapel (Towers Watson)/ Penny Fosker (Towers Watson)

17:00 Day 2 08:30 09:00 09:40

END OF DAY 1 REGISTRATION Presentation 1 - Economic Capital for Long Term Health

Darshan Singh (Pacific Life Re)

Presentation 2 - Leveraging Loyalty (programs) to increase acquisition, persistency

and profitability Peter Miller (Tune Money Berhad)

10:20 10:40 11:20 12:00 12:15 13:30

BREAK Presentation 3 - M and A Projects and Working With Actuaries - An Accountant's Perspective

Phil Smith (Zurich)

Presentation 4 - Actuaries and communication skills -- an oxymoron? Some thoughts and tips.

Mark Saunders (Towers Watson)

Closing Remarks - Mr. Liew Pek Hin, President of Actuarial Society of Malaysia LUNCH END OF DAY 2


Patrick Cheah, FIA, FASM

Patrick Cheah is currently the Chief and Appointed Actuary for AmLife Insurance Berhad ­ and has been in this role for over 2 years. Previous to this, Patrick worked as Senior Actuarial Manager for Allianz Group in Germany for over 5 years - focusing mostly on providing actuarial services to the Life businesses in emerging markets in Eastern Europe and Asia. Patrick has almost 14 years of experience in life insurance. He started his insurance career at direct company Colonial Mutual in UK - and worked in various actuarial product development, pricing and valuation roles. Patrick holds the Fellow of the Institute of Actuaries (FIA) and Fellow of Actuarial Society of Malaysia (FASM) and is currently the Immediate Past President of ASM. He graduated in 1997 from Heriot-Watt University in Scotland.

Peter Miller

Peter was appointed CEO of Tune Money Sdn Bhd effective 1 October 2010 joining from Tune Money shareholder CIMB Group where he had headed CIMBG's Insurance Business since 2006. Peter oversaw CIMB's insurance interests in Malaysia, Indonesia, Singapore and Thailand and was a director of CIMB Sun Life (President Commissioner), CIMB Aviva Assurance & Takaful, Labuan Re and CIG Bhd ­ positions he relinquished at the end of 2010 to allow exclusive focus on Tune Money. Peter spent five years with insurance giant AIA between 2001 and 2006. He was AIA's Head of Bancassurance, China (2004 ­ 2006) after being Regional Bancassurance Director, Asia (2001 ­ 2004). Peter first came to Malaysia in 1995 with UK based Management Consultants TBOi to work on a major bancassurance project and then spent the next five years consulting across five continents in financial services distribution, in particular alternative distribution including initiatives such as Branchless Banking (USA), Internet Insurance (USA), Supermarket Financial Services (South Africa), Direct Distribution (Australia), Pre-eminent Advice Network (New Zealand). Peter graduated with a Bachelor of Science, Mathematics from Leicester University, England in 1986.

Jorge Noronha, CERA, CFA, FSA, MAAA

Jorge joined ING in the Asia Pacific region in December of 2010 as the CRO for Malaysia and Thailand. Previously he was in the Latin America region where he held positions of increasing responsibility including deputy CIRO for Latin America and CIRO for ING's JV in Brazil. At ING Jorge has helped implement Economic Capital and ERM across several of its business units. Jorge joined ING in 2003 having previously worked in several Canadian insurance companies and consulting firms. Jorge is a Fellow of the Society of Actuaries (FSA), Chartered Financial Analyst (CFA) and a Chartered Enterprise Risk Analyst (CERA). Jorge holds a degree in Mathematics from the University of Waterloo.


Mark Saunders FIA, FIAI, FSA, FSAS, FSAT

Mark Saunders is Managing Director of Towers Watson and is the Asia Pacific Insurance Sector & Risk Consulting Practice Leader. Before joining Towers Watson in 1997 (then Tillinghast), he was Asian Regional CEO and Executive Director Board Member of international life insurance operations of a UK-parented insurer including their joint venture in Korea. He has been working in the insurance industry since the 1980s and in Asia since 1989. Mark has led more than 250 actuarial appraisal value assessments of Asian insurers spanning every major insurance market in Asia Pacific and is widely regarded as a leading practitioner in economic value determination and Mergers & Acquisitions and IPOs of insurers in Asia. Mark has been the Appointed Actuary for ten insurers in Hong Kong, Singapore and Vietnam. He also performs mentor roles for Appointed Actuaries new to the role in Asia and carries out Peer Review of Appointed Actuaries' duties for seven insurers in India. He has also provided Independent Actuary opinions for High Court sanctioned insurance business transfers and successful Expert Witness testimonials in the Court of First Instance. Mark is a regular facilitator of training sessions and speaker and chair at conferences and seminars as well as author of numerous articles and papers relating to the Asian insurance industry and has also made the occasional TV appearance!

Donald J. Segal, FSA, FCA, MAAA, EA, BS President, Society of Actuaries

Donald Segal is vice president at Aon Hewitt in New York City. He specializes in the analysis, interpretation, and application of laws and guidance as they apply to qualified retirement plans. Donald is also involved in retirement plan design. Donald has served on the SOA Board of Governors, Pension Section Council, Knowledge Management Strategic Action Team and other committees. He has previously served on the Conference of Consulting Actuaries Board of Directors (a former vice president). He has also served as vice president for pensions of the American Academy of Actuaries, and as a member of the Academy Pension Practice Council and Pension Committee (formerly chair of both). He served as chair of the IRS Advisory Committee for Tax Exempt and Government Entities (2001-04) and as a member of the Advisory Committee on Examinations to the Joint Board for the Enrollment of Actuaries (1988-2002). Donald is a frequent speaker at meetings of the Society of Actuaries and Conference of Consulting Actuaries, and at the Enrolled Actuaries Meeting. He has served on program committees for the Society of Actuaries, Conference of Consulting Actuaries Annual Meeting (chair 2002), and the Enrolled Actuaries Meeting (Chair 2000 and 2004). He also participates in committees that meet with the IRS. He is a graduate of Yale University.


Darshan Singh, FIA

Darshan is Head of Actuarial Services at Pacific Life Re (Singapore Branch). He has primary responsibility for pricing and financial reporting for Pacific Life Re (Singapore Branch). Darshan began his time with Pacific Life Re in the UK as Head of Pricing there and moved over to Singapore in early 2009. He has worked extensively with clients to assist in pricing and experience analyses, as well as wider pro-duct development including tiered CI products, simplified issue products, longe-vity swaps and CI/disability income hybrid products. Prior to joining Pacific Life Re, he worked with another reinsurer as well as with the Financial Services Authority. He has been an active in the industry through presenting at UK and Asian actuarial conferences. Darshan is a Fellow of the Institute of Actuaries.

Phil Smith

Phil Smith is Managing Director of Business Development for Global Life, Zurich Financial Services in Asia Pacific and Middle East. Phil qualified as an accountant with Deloittes in UK and started out in Life Insurance after spending 2 years post qualification in their Corporate Finance department. He has now been with Zurich and its predecessor companies Eagle Star and Allied Dunbar for 17 years and has held financial, commercial and business development roles in UK, Australia, China and Hong Kong and has worked extensively across Asia. These roles have taken him from being Director of Management Accounting and Product Development for Zurich Life based in Swindon UK to being CFO for Zurich, Greater China/SE Asia based in Beijing, China. More latterly, he has been leading Zurich's acquisition and business development efforts across South East Asia, focusing mainly on Indonesia and Malaysia. Phil has worked alongside, managed and reported to actuaries throughout his career and has extensive experience of working with actuarial consultants. He is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and is a politics graduate from the University of Leeds in UK


Alan Tan, FIA

Alan Tan is the Regional Director, Financial Risk Management for Prudential Corporation Asia. With the introduction of Solvency II, Alan is also the overall technical lead for the Asian business of Prudential. Alan brings with him over 20 years of experience. He has taken various actuarial roles in Prudential, AIA, Swiss Re as well as North American Life in Canada. Alan is a Fellow of the Institute of Actuaries.

Anusha Thavarajah, FIA, FASM

Anusha Thavarajah is the Deputy CEO & CFO of ING Insurance Berhad, Malaysia with effect from 1 January 2011. She joined ING in May 2005 as the Chief Insurance Risk Officer and was the Chief Financial Officer from Nov 2008 till Dec 2010. Anusha graduated with a "First Class Honours degree in Mathematics & Statistics" from the University of Birmingham in the United Kingdom in 1990. She has over 20 years work experience in the Insurance and Pensions industries in the UK and Asia, with experience encompassing Life & Health Insurance, General Insurance, Pensions and Mergers and Acquisition work. She is a Fellow of the Institute of Actuaries, United Kingdom and is also past Vice President of the Actuarial Society of Malaysia. She has a little boy who is now 8 years of age. Her hobbies include reading and playing badminton, though once upon a time, she played the violin and is hoping to re-start this time permitting.

Joint Regional Seminar 2011

Economic Capital

(Tue - Wed) 19-20 July 2011, Hotel Istana - Kuala Lumpur, Malaysia

Registration Form

Personal Particulars Name in ENGLISH ______________________________________________________ Company in ENGLISH ___________________________________________________ Address ______________________________________________________________ Phone _____________________________ Fax ______________________________ Email ________________________________________________________________ Preferred name on badge [ ] _____________________________________________

Register by 8 July!

Ms Merissa Chong E-mail:

[email protected] Fax: (60) 3 2780 6622

Member of actuarial organizations Name of actuarial organization ___________________________________________________ Please specify status: [ ] Fellow Member [ ] Associate Member [ ] Ordinary Member

(tick "" as appropriate)





Deadline for registration: 8 July 2011

Registration and Payment Method Registration fee: For members For non-members - RM 400 per person - RM 480 per person

Hotel Istana 73, Jalan Raja Chulan, 50200 Kuala Lumpur, Malaysia

Registration fee includes refreshment breaks and lunch. Please return your completed form with your cheque payment to: Ms Merissa Chong - Actuarial Society of Malaysia, Malaysian Life Reinsurance Group Berhad, 3B/21-3 Block 3B Level 21, Plaza Sentral, Jalan Stesen Sentral 5, 50470 Kuala Lumpur, Malaysia or FAX to (60) 3 2780 6622 or EMAIL to [email protected] Your cheque should be in favor of "Actuarial Society of Malaysia". Seminar receipts will be provided at reception desk on 19 July 2011 upon request. Cancellation Policy Cancellations should be made by contacting [email protected], and also confirmed in writing. No refunds will be made for cancellations after 8 July 2011. The Society reserves the right to cancel the seminar if conditions warrant.

Organized by:

Institute and Faculty of Actuaries Institute of Actuaries of Australia Society of Actuaries - China Region Committee

Co-Sponsored with:

Actuarial Society of Malaysia

Joint Regional Seminar 2011

Economic Capital

(Tue - Wed) 19-20 July 2011, Hotel Istana - Kuala Lumpur, Malaysia



Actuarial Society of Malaysia Room Rates are valid from 18th ­ 21st July 2011

Deluxe Room Club Room :[ :[ :[ :[ :[ :[ ] RM265.00 ++ for Single inclusive of One Buffet Breakfast ] RM295.00 ++ for Double inclusive of Two Buffet Breakfast. ] RM365.00 ++ for Single inclusive of One Buffet Breakfast ] RM395.00 ++ for Double inclusive of Two Buffet Breakfast. ] RM565.00 ++ for Double inclusive of Two Buffet Breakfast. ] RM595.00 ++ for Double inclusive of Two Buffet Breakfast.

Club Suite

NOTE : All the Rates above is subject to10% service charge & 6% government tax Registrant's name _______________________________________________________________________________ Surname First Name Business address _______________________________________________________________________________ Street address or P O Box # __________________________________________________________ City/Town State Telephone # __________________ Facsimile # ____________________ Arrival date ____________ Limousine Pick-Up at RM250nett per car (Y / N) FLT # / Time _____________ FLT # / Time _____________

Departure date ____________ Limousine Transfer at RM250nett per car (Y / N)

I hereby authorize Hotel Istana Kuala Lumpur to charge ___________________ to my credit card details as follows: Credit Card Type (please tick) : [ ] Visa [ ] Master [ ] Amex [ ] JCB [ ] Diners

For Amex, please provide 4 digits I/D No ____________________ For VISA / MASTERCARD, please provide 3 digits (behind credit card) I/D No ______________ Credit Card No: _____________________________________ Expiry Date_____________________ I agree to the following terms & conditions :

· · · · ·

Rates are subject to 10% service charge & 6% government tax. Limited number of rooms are available per category. Once a category has been sold, the next available category will be offered. Confirmation is subject to room availability. Cancellation received within 7 days prior to arrival, cancellation fee equivalent to the value of entire stay will be levied upon. In the event of `no-show' a cancellation fee equivalent to the value of the entire stay will be levied upon. This form is based on the individual room booking and is not applicable for group booking more than 10 rooms. For group booking, please contact our Sales & Marketing Department.


TEL NO: 60-3-2141 9988 FAX NO: 60-3-2149 5500 EMAIL : [email protected]


JRS (Final) - Kuala Lumpur

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