On December 29, China Chief Actuaries (Life Insurance) Forum 2014 was successfully held in Beijing. The Forum, sponsored by China Association of Actuaries (CAA) and organized by China Life Reinsurance Company Ltd. (China Re Life), attracted the participation of chief actuaries from over 60 life insurance companies across the country. The opening ceremony was addressed by Ren Chunsheng, Deputy Director of Finance and Accounting Department, China Insurance Regulatory Commission (CIRC), Chen Dongsheng, President of CAA, Zhang Hong, President of China Reinsurance (Group) Corporation (China Re).
Centering on the theme of the Forum “Grasp New Normal, Build New Pattern”, experts from the CIRC Finance and Accounting Department and Personal Insurance Regulatory Department delivered keynote speeches about the China Risk Oriented Solvency System (C-ROSS) and policies concerning market-based premium rates; representatives of CAA Life and Health Insurance Department and Experience Sharing Office presented reports on two projects of the industry, i.e. Chinese actuarial standards and Chinese life table. Moreover, the delegates had a roundtable discussion about the opportunities and challenges facing actuaries under the New Normal of the Chinese economy. They held high expectations for the new landscape of the insurance industry shaped by the Opinions of the State Council on Accelerating the Development of Modern Insurance Industry and the regulatory guideline of “streamlining the approval process and tightening market regulation”. They also reached a new consensus on the responsibility and mission of chief actuaries under the new circumstances brought by the all-round deepening reform of the insurance industry.
China Re Life aims to develop a client-oriented training system that promotes one brand a year. In recent years, the company has successively launched brand training activities such as “Basic Reinsurance Training” and “High-level ReSearch Training”, enriching its multi-tiered brand training system. The China Chief Actuaries (Life Insurance) Forum provided a platform for the senior management of Chinese life insurance companies to exchange views and drew attention from all types of media organizations. CIRC and CAA leaders also gave full recognition to the collaboration with China Re Life on building a high-level communication platform.
