New leaf or empty promise?

Jérôme Crugnola-Humbert
Current Chairperson AAE Sustainability and Climate-related Risks Working Group
Frank Schiller
Past Chairperson AAE Sustainability and Climate-related Risks Working Group


It’s a familiar enough storyline, in fiction and in life: a protagonist who agrees to try again with the disappointing ex when they show up with lavish assurances that they’ve turned over a new leaf, they understand what you need from them, and they are ready to make it work this time. The appeal of an earnest promise is undeniable – but what happens when that promise is not backed up with action? Doesn’t each new letdown make the relationship a little less worthwhile to maintain?

Continue reading “New leaf or empty promise?”

Jette Lunding Sandqvist elected as new AAE Board member

Jette Lunding Sandqvist (Denmark) was elected as new member of the Board of the Actuarial Association of Europe.


The AAE General Assembly unanimously approved the nomination of Jette Lunding Sandqvist by electronic vote ending on 18 January 2023.


Jette will be serving on the AAE Board of Directors until the General Assembly of 2024, after which she is eligible to serve another (final) three year term.

AAE submitted a response to the Call for evidence on the European Commission mandate regarding greenwashing

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a Call for Evidence on greenwashing to gather input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and to collect examples of potential greenwashing practices.

AAE submitted a response to the Call for evidence on the European Commission mandate regarding greenwashing.

AAE’s submission can be found here.

Actuarial associations should take advantage of “Fit and Proper” requirements

Fit and Proper – an opportunity for the actuarial profession

By Lutz Wilhelmy and Christophe Heck

Lutz Wilhelmy is Director Group Risk Management at Swiss Re and Chairperson of the AAE
Christophe Heck is Market Head Life & Health France at Swiss Re and Chair of the AAE Professionalism Committee


‘Fit and Proper tests’ have been introduced at the beginning of the millennium as supervisory tests for those that run a financial undertaking (e.g., a bank, an insurer, or a pension provider). The 2005 IAIS ‘Supervisory standard on fit and proper requirements and assessment for insurers’ keeps the responsibility with supervisory authority but extends the scope to key functions of insurance undertakings. While the succeeding and in-force Standard of IAIS Insurance Core Principles (ICPs) avoids the notion of ‘Fit and Proper’, it effectively lists requirements for being ‘Fit and Proper’ while requiring supervisors to ensure that insurers have effective key functions, including an actuarial function. So, the ultimate responsibility is shifted to the insurance and reinsurance undertaking. The ICPs are soft laws that are applicable for European supervisory systems and regularly assessed by the IMF’s Financial Sector Assessment Program (FSAP).


Read the full article here.



This article represents the opinion of the authors, and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 32 – December 2022


AAE approves EAN 4 on IFRS 17

The AAE General Assembly approved the European Actuarial Note (EAN 4) on IFRS 17.


This European Actuarial Note (EAN) is an educational document for actuaries reporting under the IFRS 17 reporting standards as endorsed by the EU according to Commission Regulation (EU) no 2021/2036 of 19 November 2021 amending Regulation (EC) no 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) no 1606/2022 of the European Parliament and of the Council.

It has been adopted by the AAE in order to advance the understanding of the subject by readers of the EAN, including actuaries and others, who use or rely upon the work of actuaries in relation to reporting under IFRS 17 as endorsed by the EU.


Here is the direct link to EAN 4.


All other EANs as well as ESAPs and other relevant documents can be found on the European Standards of Actuarial Practice page.