Overview of Moroccan Association of Actuaries: History, Ecosystem, and Achievements
The Moroccan Association of Actuaries plays a vital role in the actuarial landscape of Morocco, with a rich history dating back to the launch of an actuarial program at INSEA. The association has been instrumental in shaping the insurance and financial sectors in Morocco, including advocating for bancassurance and Islamic finance. Through partnerships with academic and research institutions, as well as financial partners like the FMSAR, the association has contributed significantly to the development of actuarial education and practices in the country.
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Moroccan Association of Actuaries CPD Presentation Education Committee IAA Council and Committee Meetings Chicago, United States October 3-8, 2017
[2] Agenda Moroccan Association of Actuaries In Brief History & Context Ecosystem CPD Guidelines : Vision 3 main axes AMA CPD Guidelines PROS and CONS Challenges
[3] Moroccan Association of Actuaries In Brief https://i1.wp.com/www.ama.ma/data/uploads/2015/12/logo-06.png?fit=300%2C300 The President is CEO of an Asset Management company https://i2.wp.com/www.ama.ma/data/uploads/2016/09/logo-membres-ama-03.jpg?resize=150%2C150 https://i1.wp.com/www.ama.ma/data/uploads/2016/09/logo-05.png?fit=300%2C300 25 qualified members 5 Insurance The majority of qualified actuaries have Executive positions in the insurance industry (3 CEOs). 7 125 Members 1 Reinsurance Institutional Members https://i0.wp.com/www.ama.ma/data/uploads/2016/09/logo-02.png?fit=300%2C300 https://i2.wp.com/www.ama.ma/data/uploads/2016/09/logo-membres-ama-04.jpg?fit=625%2C625 100 associate members 1 Pension fund More than a quarter are insurance controllers in the insurance supervisor https://i2.wp.com/www.ama.ma/data/uploads/2017/01/logo-membres-ama-09.png?fit=301%2C300 https://i1.wp.com/www.ama.ma/data/uploads/2017/01/logo-membres-ama-08.png?resize=150%2C150 http://www.ama.ma @ActuairesMaroc Morrocan Association of Actuaries
[4] Moroccan Association of Actuaries History and Context HISTORY CONTEXT Launch of an Actuarial program at INSEA albeit on a temporary basis, depending on the needs of the Moroccan Administration. Creation of the Moroccan Association of Actuaries Organisation of a public debate on bancassurance that led the way to the establishment of the legal framework for bancassurance in Morocco 1974 1995 Creation of Casablanca Stock Exchange Enactment of a new legal framework for the insurance sector (Code des Assurances) 1998 1999 Creation of Casablanca Finance City 2011 Establishment of INSEA s Actuarial program 1999 Implementation of a strategic partnership between Casablanca Stock Exchange and London Stock Exchange Organisation of the first International Professional Meeting of Leaders of the Actuarial Profession in French- speaking Africa 2014 2003 Hosting COP 22 in Marrakech and signature of the roadmap for alignment of the Moroccan financial sector regarding sustainable development 2016 Joined IAA as an associate member. 2004 Launch of Islamic Banks and draft risk-based capital and supervision regulations for insurance sector 2017 2008 Became an IAA full member 2018 Launch of Takaful 2015 Formalization of the partnership with INSEA Establishment of a partnership with ENSIAS 2017
[5] Moroccan Association of Actuaries The Ecosystem INSEA (National Institute of Statistics and Applied Economy) : Actuarial ENSIAS (Higher National School for Computer Science and Systems Analysis) Green Finance EMI (Mohammadia School of Engineering) Islamic Finance Academic partners Research partner SM2A (Moroccan Society of Applied Mathematics) : Applied Mathematics in Finance and Insurance Financial partner FMSAR (Insurance companies Federation) which contributes to the financing of INSEA s Actuarial Program
[6] CPD Guidelines CPD is not yet mandatory, CPD Guidelines are not yet provided in statutes nor in internal guidelines 1998 - 2004 : Continuing Education limited to Actuarial techniques (including Finance) and not formalized. 2004-2015 : Enlargement of Continuing Education to Professionalism and Enlargement of CPD Guidelines to Teaching and Supervision of dissertations 2015 : Formalization of the initial CPD Guidelines on the occasion of the signature of the partnership with INSEA 2017 : Inclusion of CDP components such as Personal Development and Research
[7] CPD Guidelines 3 main axes 1 Continuing Education Actuarial techniques, Professionalism, Personal development Teaching and Supervision of Thesis and dissertations 2 3 Research
1 [8] CPD Guidelines Continuing Education Coverage of Actuarial Topics in line with the context Takaful The actuarial function in Solvency 2 Mortality Tables Organization of Seminars, Conferences and Workshops Data science in Insurance and Finance Professionalism (organized by AMA). -Free events -Monitoring of optional attendance Bancassurance The financial markets Insurance and Solidarity The role of the Actuary Determination of full Reinsurance Access to Seminars, Conferences and Workshops organized by the doctoral school of EMI Access to free courses on Actuarial, and Green Finance respectively at INSEA and ENSIAS Application of Actuarial Technics in illness and disability Asset Liability Management in Insurance and Retirement
2 [9] CPD Guidelines Teaching Teaching and Supervision of Thesis and dissertations : INSEA, ENSIAS and EMI Encourage qualified members to participate in the education, the supervision of dissertations (more than 50 since 2004) and the participation in the jury of PhD thesis (already 2 participations). Participate in the selection process of teachers/professors working in the professional area, and international experts. Participate in joint committees which ensure AMA requirements (IAA requirements for INSEA s Actuarial program) that the programs comply with the Join the board of INSEA Access to free courses for AMA members Coordinate the financing of INSEA s Actuarial Program (by FMSAR) Support students from INSEA to find internships in companies which are institutional members, and /or to identify research subjects by their qualified actuaries
[10] 3 CPD Guidelines Research We believe that the academic and research environment supports actuaries to expand and upgrade the knowledge, and develop the human capital Conferences and Meetings for orienting research in Finance and Insurance Ongoing Partnership with SM2A SM2A Over 500 Over 500 Mathematicians Mathematicians Contribute to the set up of the Moroccan national research strategy in Applied Mathematics to Finance and Insurance Identify, classify and post scientific publications by SM2A members on the AMA website
[11] AMA CPD Guidelines : PROS and CONS What doesn t work well ? What works well ? Only one third of the members attend the organized events even though it is free Actuaries are not taking courses with partner , except professional needs Only qualified members (25) seem to be interested in Personal Development Over 500 people are eligible to be AMA members while only 125 are members Only a small group of members apply for qualified member position, mainly those who work on Consulting with commercial considerations (RFPs) AMA has succeeded at positioning itself as a key professional association and establishing important partnerships yet attracted our academic the case to in of Recruitment agencies have started to require affiliation to AMA Qualified status has started to be required in the RFPs
[12] AMA CPD Guidelines : CHALLENGES Implementation project for Mandatory CPD requirements. Recognition in-law of the actuarial profession in Morocco The 2 points are entirely linked : We cannot have one without the other in the Moroccan context
