Technical Activities

1.1

Members' Dialogue Session

The Technical Sub-Committee facilitated a discussion amongst Ordinary members on 26th October 2007 and it provided an avenue for underwriters to exchange views on market developments. The dialogue was interactive and participants had benefited from the information exchange.

1.2

Discussions with the Regulatory Authority

The Chairman and Education Sub-Committee Convenor participated in a Manpower Roundtable Discussion organised by the MAS on 17 January 2007 to review manpower issues faced by the reinsurance and insurance industry. The Chairman also attended the Regional Development Committee meeting chaired by the Authority in which discussions centred on the Finance Scholarship Programme, training and internships for the reinsurance and insurance industry.

As in the past, the Association’s EXCO had the opportunity to interact with the Insurance Supervision Department, MAS during the Industry Discussion sessions on 15 May 2007 and19 November 2007. The non-life reinsurance industry performance was reviewed and views on market developments in the domestic and overseas markets were exchanged.

At the Industry Discussion in May 2007, the Authority highlighted that it would be introducing a new requirement that all certifying actuaries of reinsurers in Singapore must become members of the Singapore Actuarial Society (“SAS”). The SRA was asked to feedback on the proposed 3-month timeframe for certifying actuaries to fulfil the requirement. On 5 July 2007, the Association conveyed to the Authority the SRA members’ feedback on the grace period and practical difficulties of meeting the SAS membership criteria. Thereafter, the MAS agreed to extend the deadline to 29 February 2008.

Educational Activities

As you may be aware, the Association had initiated the formation of a Reinsurance Discussion Group jointly with the Reinsurance Brokers Association (RBAS) in an effort to encourage junior and senior personnel in the reinsurance industry to network and engage in discussions on topical issues. The informal grouping is known by the acronym “RISK” (Reinsurers Sharing Knowledge) with effect from 26th May 2006.

The Education Sub-Committee, together with RBAS, facilitated a RISK discussion on 9th April 2007 during which Mr Scott Ryrie, then Principal Officer of XL Re, gave a talk on “Asian Mega Cities & Catastrophe”. On 31st August 2007, Ms Andrea Splitt of Swiss Re was invited to speak on the topic “Casualty Horizon, Market Leader’s View”. The RISK gatherings were well attended for both sessions.

Accounts Activities

The Accounts Sub-Committee met on 29th May 2007 and 26th September 2007 to discuss issues concerning the solvency requirement for OIF business under the Risk-Based Capital framework, as well as the implementation of FRS39 and FRS107.

In addition, ICPAS had on 16th August 2007 requested the Association to give feedback on the IASB Discussion Paper on preliminary views on insurance contracts, and in particular, the measurement of insurance liabilities. On behalf of the Association, the Accounts Sub-Committee on 17th October 2007 gave their views on the public consultation paper.

Social Activities

4.1

Annual Golf Day

The Annual Golf Day, held at the Raffles Country Club on 6 August 2007, received overwhelming support from members and invited guests from the GIA and RBAS. The number of participants, inclusive of 6 lady golfers, surpassed 80 and was unprecedented. The golf tournament was thereafter followed by a dinner at the same venue and non-golfing members also joined in the fun.

4.2

Drinks & Bites Gatherings

The Social Sub-Committee organised a Drinks & Bites session in conjunction with the Association’s Annual General Meeting on 16 March 2007. The informal gathering at Molly Malone’s Irish Pub was well attended by 79 individuals from member companies.

Rapport with Other Associations/Organisations

The SRA EXCO also hosted a lunch for the GIA Management Committee on 23 May 2007 at Wah Lok Restaurant. This was a revival of past practice, and would hopefully help to build rapport and better facilitate an exchange of views with the GIA.

Thereafter, the GIA invited the SRA to send a representative as keynote speaker for their Breakfast Talk on 23 October 2007. The Association would like to thank Mr Kua Ka Hin of Munich Re for rising to the occasion and representing the SRA in this instance.

9th Singapore International Reinsurance Conference (9th SIRC)

The Singapore International Reinsurance Conference (SIRC), an event held biennally, has gained a loyal following over the years and is now one of the premier reinsurance conferences in the region. In November 2007, the SRA in close association with RBAS and the SCI organised the 9th SIRC and its theme was “New World of Reinsurance”. The record 650 delegates who participated in the 9th SIRC bears testimony to the fact that reinsurers, insurers and brokers from all over the world regard the SIRC as a must-attend event. Credit must be given to the 9th SIRC Organising Committee chaired by Mr Sivam Subramaniam for their unceasing hard work and determination in ensuring that the conference maintained its high standards and turned out to be an overwhelming success.

Singapore Reinsurers’ Association Newsletter

In March 2007, the Public Relations Sub-Committee published the Association’s inaugural newsletter with the objective of reaching out to members and other industry associations. A second issue was printed in October 2007 in time for circulation during the 9th SIRC.