Institute of Actuaries of Australia

Institute of Actuaries of Australia

The Institute of Actuaries of Australia (IAA or IAAust), commonly referred to as the Institute, is an organization representing the actuarial profession in Australia. The Institute has origins which trace back to 1897.

Infobox Non-profit
Non-profit_name = Institute of Actuaries of Australia| Non-profit_
Non-profit_type = Professional Organization
founded_date = 1963
founder =
location =
origins =
key_people = Greg Martin (current president)
area_served = Australia
focus =
method =
revenue = 6,910,844 AUD
endowment =
num_volunteers =
num_employees =
num_members = 3,400
owner =
Non-profit_slogan =
homepage = []
tax_exempt =
dissolved =
footnotes =


The Actuarial Society of New South Wales was formed in 1897. The inaugural meeting of seventeen members took place in Sydney on 19 October 1897. Prior to this date a handful of actuaries had been involved in helping establish and manage several important financial institutions in the colonies of New South Wales and Victoria.

By 1919, actuaries resident in other States and New Zealand had joined the Actuarial Society of New South Wales and the name was changed to the Actuarial Society of Australasia. The Society published its first bulletin in 1945 and the first of the now-biennial conventions was held in 1953.

Further name changes occurred up to 1963 when The Institute of Actuaries of Australia and New Zealand was incorporated. When New Zealand actuaries formed their own society in 1977, the name changed to The Institute of Actuaries of Australia.


The Institute of Actuaries of Australia represents the actuarial profession by creating, expanding and maintaining an environment where the skills of actuaries are widely used and valued.

The Institute:
* establishes and maintains professional standards for the protection of the public
* provides pre-qualification and continuing professional education
* creates forums for discussion about contemporary and relevant issues
* promotes research and the development of actuarial science, and
* contributes to and informs the debate on public policy.

Initially, Australian actuaries served the public interest by helping to ensure the soundness of life insurance offices and friendly societies and acting as arbiters of equity in life company bonus distributions. Actuarial fields of activity broadened following the second world war to include superannuation, investment, and, from the 1970s, general insurance.

The Institute represents the involvement of actuaries working in traditional fields and emerging fields of actuarial work. These include:

Traditional fields
* Life insurance
* General insurance
* Health insurance
* Superannuation
* Banking and finance

Emerging fields
* Enterprise Risk Management
* Energy and climate change

The Institute plays an active role in making submissions on public policy.


There are three levels of membership, which are linked to the number of examinations passed by members.
* Affiliate of the Institute of Actuaries of Australia
* Associate of the Institute of Actuaries of Australia (AIAA)
* Fellow of the Institute of Actuaries of Australia (FIAA)


The Institute was instrumental in the introduction of actuarial education at Macquarie University in 1968. The introduction of Australian Fellowship examinations in 1980 marked a new maturity for the profession in this country. Prior to this, Australian actuaries had to pass UK final examinations in order to qualify.

As part of the worldwide actuarial profession, the Institute maintains regular contact with overseas actuarial associations. In particular, the current examination system ensures close links with the Faculty and Institute of Actuaries (Edinburgh & London).

There are three phases of the Institutes qualification process:

* Part I - which has a technical focus, generally studied through a university or through correspondence.
* Part II - also known as the Actuarial Control Cycle (ACC) which is studied through an accredited university.
* Part III - which focuses on application of actuarial judgment to practical business situations, studied through correspondence.

The Australian actuarial examination process is regarded as being of high quality characterized by low pass rates.


* Actuary Australia
* Australian Actuarial Journal (AAJ)
* Education material


The 2008 president of the IAA is Greg Martin.

Actuary of the Year

The winner of the 2007 Actuary of the Year award was Professor Michael Sherris of The University of New South Wales.

ee also

* Actuary

External links

* [ The Institute of Actuaries of Australia]

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Institute of Chartered Accountants of Scotland — The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional accountancy body for chartered accountants and auditors. It is based in Edinburgh.ICAS is a member of the Consultative Committee of Accountancy Bodies (CCAB)… …   Wikipedia

  • American Academy of Actuaries — Logo of the American Academy of Actuaries Abbreviation AAA Formation 1965 …   Wikipedia

  • Faculty of Actuaries — The Faculty of Actuaries in Scotland is the professional body representing actuaries in Scotland. The Faculty of Actuaries is one of two actuarial bodies in the UK, the other is the Institute of Actuaries, which is a separate body in England,… …   Wikipedia

  • Actuary — Damage from Hurricane Katrina. Actuaries need to estimate long term averages of such damage in order to accurately price property insurance and set appropriate reserves. Occupation Names Actuary …   Wikipedia

  • International Actuarial Association — Infobox Organization name = International Actuarial Association size = 143 formation = 1895 headquarters = Ottawa, Canada language = English, French leader title = President leader name = David G. Hartman website = http://www.actuaries.orgThe… …   Wikipedia

  • IAA — is a three letter acronym that may stand for:* IAA Aerospace Group * I am alive (disaster support system) * Identification, authentication and authorization * Idyllwild Arts Academy, part of the Idyllwild Arts Foundation * Immigration Appellate… …   Wikipedia

  • Long service leave — is an additional employee vacation payable after long periods of service with an employer in Australia and New Zealand.Rates of Accrual for Long Service LeaveIn Australia, unlike many other countries, employees are generally entitled to… …   Wikipedia

  • John Montgomery Templeton — (May 20 1840 June 10 1908) was a Scottish Australian businessman and the author of non forfeiture clause in life assurance policies. Templeton was born at Kilmaurs, East Ayrshire; he was the eldest son of Hugh Templeton, a school teacher, who… …   Wikipedia

  • FIAA — abbr. Fellow, Institute of Actuaries of Australia …   Dictionary of abbreviations

  • List of organisations with a British royal charter — is an incomplete list of organisations based both on in and over the United Kingdom and throughout the world, in chronological order, that have received a royal charter from an English, Scottish, or British monarch.: See also List organisations… …   Wikipedia