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Old 01-25-2014, 11:37 PM
dspru dspru is offline
Join Date: Nov 2013
College: Carleton University
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Canada Global Reinsurance - Which country's exams do you need to pass?

Hi, I'm an undergrad math student just getting to know about the field.
I noticed there are reinsurance companies that operate globally.
What country's guidlines do actuaries follow in an office overseas?
For example, Munich Re has an office in Japan. So do you have to be a member of the Institute of Actuaries in Japan in order to work at the Japanese office?
What if you are a member of IFoA, for example? If you've been working as an actuary based on the knowledge gained from British exams, would you struggle to work at a reinsurance company overseas, due to difference in some guidlines?
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Old 01-26-2014, 09:49 AM
Beach Bum Beach Bum is offline
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Speaking for non-life (p&c) only, the German/Swiss reinsurers have numerous actuaries split mainly between US and European credentials. Germany has its own credentialing which is less known than UK and obviously US.

Bermuda reinsurers are split between US, UK, Canada and also Aussies. US companies are dominated by US as one would expect.

The global reinsurance industry in Asia is getting bigger and bigger but still over shadowed big time by US and then Europe. The life (re)insurance industry is disproportionately larger in Asia. Not sure what credentials if any China, Japan, HK etc. My guess is many still take exams in the aforementioned places.

Just to add, the entry level market into reinsurance is tiny, comparatively speaking to insurance. So basically good luck. Many start in insurance or even insurance departments of global reinsurers like Munich then switch over.
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Old 01-26-2014, 10:45 AM
Cooke Cooke is offline
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You also have to distinguish between local regulatory requirements and the knowledge to do the job. A given country may require you have the local actuarial designation to sign insurance or other types of statements but most jobs in the country will not require this. When I worked in the UK I was unable to sign certain documents because I was not an FIA but that did not prevent me from doing my job.

The SOA, CAS, CIA, etc., have been successful in a number of countries (especially in Asia) in getting local regulators to recognize their designations as an alternative to the local designation for regulatory purposes but the situation varies by country.
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Old 02-26-2014, 09:04 PM
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Sherwin Sherwin is offline
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The technical aspects are not the point, and you can do the jobs without any problem. But if you want to submit some regulatory reports to the local regulator, you will probably follow the local regulation. China is such a kind of case, I know, but not sure about Japan. I guess most of the countries are the same. After all, techniques are international but regulations are vary local and unique.
To Make the Casualty Actuarial Profession More Internationalized.
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global, ifoa, overseas, reinsurance

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