Session: 42

Professionalism

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Summary

This session is aimed at attendees from actuarially developing nations ( and to a lesser extend, outsiders who may practice there), who for the most part will be very bright, but not necessarily very sophisticated in their actuarial knowledge. Also, the environment, both consumer and regulatory, may be immature (or may be not) or in a state of flux. Attendees will benefit from comments on special problems faced by such countries, innate challenges in general insurance, reinsurance issues (including post-September 11), global trends, etc.

Session: 86

Professionalism

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Tom is currently the Executive General Manager, Diversified Institutions, at the Australian Prudential Regulation Authroity (APRA), responsible to the CEO for the prudential regulation of all financial institutions which are conglomerates or those with international links. This includes about almost all Australia's banks (about 45) and life companies (about 40), about 120 general insurers and over 100 public offer and company superannuation (pension) funds connected with these banks and insurers.

At the international level Tom is a member of the Executive Committee and is Vice Chairman of the International Association of Insurance Supervisors which sets non-mandatory standards for insurance supervision, and he is a member of the Insurance Regulation Committee of the International Actuarial Association.

Prior to APRA being set up Tom was the Acting Insurance and Superannuation Commissioner running the Insurance and Superannuation Commission in its last 9 months. In his 9 years at the ISC he held senior roles in both the life insurance and superannuation areas. During that period he also had a role in regulating health insurance funds.

Tom is an actuary and also has over 15 years commercial experience in health, life and general insurance in a variety of areas ranging across investments, accounting, underwriting, policy administration, product development, systems and actuarial.

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