Professional Documents
Culture Documents
Malaysian Actuary
August 2008 Issue
President’s address
Raymond Lai
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Exco has already established a formal In June, ASM organized an ASM
CPD requirement for all ASM members. evening at Bangkok Jazz for all
ASM is not alone in formalizing a CPD members. Over 75 members attended
requirement. Leader of actuarial and most of them have a good time
organizations worldwide are also enjoying jazz music and free flow of
looking at the implementation of CPD. beers.
Many of you may not know that one of Lastly, 2008 is the year of Olympics
our elected EXCO members from AGM, which is currently hosted in Beijing. I
Mr Henry Lim has relinquished his hope everyone can enjoy the once in
position. Constitution allows EXCO to four year opportunity to watch the best
appoint another member into EXCO in of the best competing against each other
his place. In this regard, I am pleased to in the Olympics. Happy watching!! See
announce that Mr Alexis Chao has you again in the next issue of The
agreed to take up the position and he will Malaysia Actuary. •
be in change of editorial team under
communication committee.
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ASM Annual General Meeting
24 January 2008 By Pong Chiew Ping
After the presentation, the Executive He showed us how steady the reserve is
Committee for the year 2007 took their in the bank. Hopefully, we can make
seats on the stage and took turns to good use of the fund and organize more
provide updates to the ASM members on interesting events for our members.
the activities held during the year.
Seow Fan Chong who is the Head of
Professionalism Committee, presented
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the progress of the Professionalism increase the awareness of the Actuarial
practice his committee has led. Profession to public. Hopefully we did
not intimidate the students with the
The 2007 EXCO Vice President and technical jargonistic formulas.
Head of Professional Development
Committee presented the talks that were The Events Committee post had been
arranged whole yearlong. We hope all taken over from Johan Nothling since
members who attended those events find October 2007 by Pong Chiew Ping. The
themselves benefiting from them. standard events such as Annual General
Meeting and Annual Dinner had been
Communication plays a big role of carried well. A walk-hunt was carried
presenting updates to our members out in The Weld.
regularly. Our objective is to inform
members of the events occurring in our
industry and related fields. Gary Hoo
who has also been heading the
Communications Committee for years
presented the updates in Malaysian
Actuary and the new look of ASM
Website – www.actuaries.org.my. Please
visit our website for updates regularly.
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From left: Henry Lim, Tan Eng Siang, Lim Kuan Hong, Patrick Cheah, Raymond Lai, Pong Chiew Ping,
Lim Ling Feng, Loke Chang Yueh, Lee Jiau Jiunn
One of the important parts of the Annual The new Executive Committee took
General Meeting was the election of the their seats on the stage and thanked
new Executive Committee. After some everyone for their support and trusts in
nominations and seconds, the new the ASM. The new Executive
EXCO list is as follows: - Committee will try their utmost best to
provide more activities and benefits to
all ASM members. •
President: Raymond Lai You Kim
Vice President: Patrick Cheah
Secretary: Lim Kuan Hong
Treasurer: Tan Eng Siang
Committee members:
Pong Chiew Ping
Loke Chang Yueh
Henry Lim Yen Wei
Lim Ling Feng
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5 June 2008
ASM Evening By Pong Chiew Ping
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Critical Illness Insurance
- Product Design and Actuarial Aspect
20 June 2008 By Lim Kuan Hong
In view of the emerging need from the two parts –the first part focused on the
market for critical illness insurance product design and actuarial aspects of
policy, ASM managed to invite the critical illness insurance policies
Ms. Manuela Eppel of Munich Re while the second part was on the
Retakaful to present a talk on the critical coverage on diabetes and a variation of
illness insurance policies. Besides being other critical illnesses. There was a tea
a part of the Fellowship of German break that was held in between the two
Association of Actuaries, Ms. Eppel has sessions and this allowed the participants
also qualified as a Master of Public to network and share knowledge among
Health. Since 2001, she specializes in each other. The refreshments were
pricing and product designing of critical sponsored by Munich Re Retakaful.
illness insurance policies. These
backgrounds make her a superb speaker Apart from presenting the product
for the talk. features and actuarial aspects of the
critical illness insurance policies, Ms.
The talk was conducted on 20 June 2008 Eppel also shared with the members the
in Menara Prudential. Based on the high manner of which such a policy was
interest from the members, the room in carried out in other countries. Her clear
which the talk was conducted was explanation and occasional humor
completely packed. Besides ASM throughout her presentation made the
members, the talk also attracted some talk interactive. With her permission,
non-members. The talk was divided into ASM has posted the presentation slides
at
http://www.actuaries.org.my/default.asp
?p=219.•
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CPD Scheme By Patrick Cheah
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All CPD activities fall into two and delivering presentations in actuarial
categories: seminars; preparing materials which are
published in the public domain.
verifiable or personally assessed.
Personally Assessed:
CPD Activities The activity is not observed by others
and the outcome is needed to be
Verifiable: explained on the CPD record form
Either the activity or the outcome from
the activity is observable by others. This More detailed information can be found
includes attending actuarial events or in the CPD handbook which has been
any events where attendance is posted under the ASM website at
recorded; ASM Exco meetings, studying http://www.actuaries.org.my/default.asp
and passing an examination; preparing ?p=226.
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How will CPD be recorded and or partly towards meeting the mandatory
monitored? CPD requirements of ASM. To assist in
this process, we have carried out a
Actuaries in Category 1 to 3 should comparison of CPD schemes and have
submit their CPD records to the CPD constructed the matrix below as a guide
committee. A CPD declaration form to comparing the CPD schemes of other
would be provided along with the CPD Actuarial Associations. The matrix is
handbook to each actuary in their currently under work in progress and
respective categories for their will be added to as the Committee
recordkeeping. Supporting documentary progresses the comparisons.
evidence should be kept by members for
a minimum period of 3 years. Any member who wishes to use this
method for fulfilling the requirements
The profession will be undertaking should write the following on their CPD
random monitoring of records. It is declaration form:
therefore important that CPD records are
maintained and, if you attend courses I am a permanent resident and
other than those organized by ASM, you practicing in <country> and subject to
should retain your attendance details and the CPD scheme of <name of body>. I
outputs as these will be requested if your have fulfilled this scheme in the most
record is one of those being monitored. recent year.
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Institute of Actuaries of
Australia
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New Zealand Society of Society of Actuaries in
Actuaries Ireland
Note: The Society of Actuaries in Ireland has
adopted the UK Actuarial Profession's CPD
Mandatory? Recommended practice scheme
No of hours: 70
Mandatory? Yes, for all working
No relevant hours: 15 hours in core
actuaries
activities
No of hours: 15
Formal or verifiable: Personally
No relevant hours: 10 in practice area
assessed
for Cat 2
Professionalism content:
Formal or verifiable: Verifiable or
Professionalism Course recommended
personally assessed
Exemptions: No specific exemptions but
Professionalism content: For Cat 2: 2
only recommended practice
hrs a year and attendance at
Own firm: No restrictions
professionalism event every 10 yrs (not
Other requirements:
for outside UK)
Verdict: Only if the full requirement is
Exemptions: Only if not working at all
met. Encouraged to include some
Own firm: 'Some' external for Cat 2
professionalism and to make sure it is
Other requirements: At least 4 entries
not all within one’s own firm
a year for Cat 2
Verdict: Only if meeting full
requirement but should encourage to
include some professionalism
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