Collaborations and Partnerships

The IAC Secretariat continued to forge, strengthen and develop relationships with a number of relevant organisations. During the period under review, IAC has participated in the following.

  • CARIBBEAN ACTUARIAL ASSOCIATION (CAA)

The Association continues its representation on the Advisory Council that was formed and is led by Caribbean Actuarial Association (CAA).  The Caribbean Actuarial Association (CAA) was officially formed in Jamaica in December 1991. Its birth represented the culmination of the efforts of a number of actuaries who worked in the Caribbean region. Their aim was to create an actuarial body that would have issues of concern to the region as its primary focus. The CAA’s Constitution was adopted on December 3, 1993. The main objective of the CAA is to encourage and support the development of actuarial science in the Caribbean. The Association also strives to maintain the high standards and image of the actuarial profession. To further these objectives, the Association has developed a Code of Conduct, a Disciplinary Process and Standards of Practice. The Association is currently developing new Standards of Practice. 

Membership is open to all persons who live and work in the Caribbean region and have an interest in actuarial matters. To ensure the continuity of the profession, we must expand our sphere of influence by assuming new actuarial roles within our various communities:

  • as managers, not just providers of information
  • as volunteers who can reach all sectors of society and show the public what we do 

and how our skills can improve their way of life

  • as leaders in both the public and private sectors with the power to influence 

decisions affecting the public

  • CARIBBEAN COMMUNITY CLIMATE CHANGE CENTRE

The Association’s representation on the Board of Governors of the Caribbean Community Climate Change Centre (CCCCC). The Caribbean Community Climate Change Centre coordinates the Caribbean region’s response to climate change. The Caribbean Community Climate Change Centre is an inter-governmental Caribbean Community (CARICOM) institution that is mandated by the CARICOM Heads of Government to coordinate the Region’s response to climate change. The Centre maintains the Caribbean’s most extensive repository of information and data on climate change specific to the region, which in part enables them to provide climate change-related policy advice and guidelines to CARICOM Member States. In this role, the Centre is recognized by the United Nations Framework Convention on Climate Change, the United Nations Environment Programme, and other international agencies as the focal point for climate change issues in the Caribbean. The Centre is also one of the few institutions recognized as a Centre of Excellence by the United Nations Institute for Training and Research. CCCCC is empowering the Caribbean Community to act on climate change.

  • THE CARIBBEAN COURT OF JUSTICE

Past President Musa Ibrahim continues to represent the IAC on the Board of Trustees of the Caribbean Court of Justice (CCJ). Past Director Ibrahim also sits on the Finance and Investment Committee on the Board of Trustees. Concerns have been expressed that the Judges of the Court would be paid by governments which can exert decisive informal pressure on them to deliver judgements favourable to this or that government. In order to pre-empt this eventuality and fund the Caribbean Court of Justice in perpetuity, a Trust Fund of US $100 million has been established, so as to enable the expenditures of the Court to be financed by income from the Fund. In this way, the expenditures of the Court, including the remuneration of the Judges, is not dependent on the disposition of governments. As a consequence, the CCJ is the only integration court of its kind financially independent of the largesse of governments and free from their administrative control. The Caribbean Court of Justice Trust Fund is administered by a Board of Trustees drawn from regional entities.

The Board of Trustees is made up of the following non-political persons or their nominees:

  • The President of the Caribbean Congress of Labour.
  • The President of the Insurance Association of the Caribbean;
  • The Chairman of the Association of Indigenous Banks of the Caribbean;
  • The President of the Caribbean Institute of Chartered Accountants;
  • The President of the Organisation of Commonwealth Caribbean 

Bar Associations;

  • The Chairman of the Conference of Heads of the Judiciary of Member States of 

the Caribbean Community;

  • The Secretary-General of CARICOM;
  • The Vice-Chancellor of the University of the West Indies;
  • The President of the Caribbean Association of Industry and Commerce; and

The board elects a chairman and vice-chairman from among its members. The chairman and Vice-Chairman hold office for a period of three years.

  • UNITED NATIONS ENVIRONMENT PROGRAMME - PRINCIPLES FOR 

SUSTAINABLE INSURANCE

The Association continued to support UNEP’s Principles for Sustainable Insurance. Launched at the 2012 UN Conference on Sustainable Development, the UNEP FI Principles for Sustainable Insurance serve as a global framework for the insurance industry to address environmental, social and governance risks and opportunities. Endorsed by the UN Secretary-General, the Principles have led to the largest collaborative initiative between the UN and the insurance industry—the PSI Initiative. Over 140 organisations worldwide have adopted the four Principles for Sustainable Insurance, including insurers representing more than 25% of world premium volume and USD 14 trillion in assets under management. The Principles are part of the insurance industry criteria of the Dow Jones Sustainability Indices and FTSE4Good.

The vision of the PSI Initiative is of a risk aware world, where the insurance industry is trusted and plays its full role in enabling a healthy, safe, resilient and sustainable society. The purpose of the PSI Initiative is to better understand, prevent and reduce environmental, social and governance risks, and better manage opportunities to provide quality and reliable risk protection. The Principles for Sustainable Insurance provide a holistic approach to managing a wide range of global and emerging risks in the insurance business, from climate change and natural disasters to water scarcity, food insecurity and pandemics. They represent the first-ever global sustainability framework tailored for the insurance industry that takes into account the fundamental economic value of natural capital, social capital and good governance.

Principle 1

We will embed in our decision-making environmental, social and governance issues 

relevant to our insurance business.

Principle 2

We will work together with our clients and business partners to raise awareness of 

environmental, social and governance issues, manage risk and develop solutions.

Principle 3

We will work together with governments, regulators and other key stakeholders to promote 

widespread action across society on environmental, social and governance issues.

Principle 4

We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.

(Source: www.unep.org)