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Dave Finnis
Co-Chair, Education and Practice Sub-Committee at International Actuarial Association, Insurance Accounting Committee


Dave Finnis is an actuary by training, having spent nearly forty years in the private sector and public sector with insurance companies, consultancies and regulatory authorities. His prime aims over recent years have been for “internal supervision”’, mainly related to internal modelling and capital and risk management in general. The focus has been on improvement of the efficiency of the management and internal accounting and risk management practices of the larger international insurers in particular.  In the last ten years Dave has focused particularly on providing specialised actuarial input to global issues, including the IASB’s IFRS 17 project and the IAIS initiative of developing an international capital standard.

Dave is actively involved in providing extensive actuarial advice on the International Financial Reporting Standard development for Insurance Contracts. He attends meetings of the International Actuarial Association’s Insurance Accounting Committee and is Joint Chair of its Subcommittee providing guidance on relevant actuarial and practice areas. His current role for the IAA is to coordinate the production of educational and guidance material (IAN 100) to support various aspects of the forthcoming new global accounting standard on Insurance Contracts (IFRS 17). He is also active on IFRS 17 issues with both the UK Institute and Faculty of Actuaries and the Australian Actuaries Institute.

Dave was the leader of the actuarial work stream in the introduction of Phase 1 of IFRS 4 on Insurance Contracts for a leading Australian non-life insurer in 2005.

More recently, Dave has advised clients in Europe on preparation for, and implementation of, IFRS 17 (Insurance Contracts).This advice includes:

  • Use of the Premium Allocation Approach for non-life insurers
  • Risk adjustments including units of account ; and
  • Discount rates
  • Other more specific advice.

He has also had active consulting role in the Middle East and central and south-east Asia. As an example, in Saudi Arabia, Dave has been engaged in developing the market regulator’s (SAMA’s) new Actuarial Function and assisted in the construction of SAMA’s new risk and solvency framework, which included a strong incorporation of IFRS 17 assistance in reporting and supervision.

Other notable work experience includes

  • Three years with the Secretariat of the International Association of Insurance Supervisors (IAIS), with responsibility for solvency and other actuarial issues, amongst other tasks, and subsequently experience in dealing with practical regulatory capital issues for insurers in Europe.
  • Practice leader for the Asia/Pacific non-life insurance practice of Tillinghast, an actuarial consultancy, for over 10 years.
  • Assistance to the Indian actuarial profession to provide actuarial advice on insurance market privatisation issues in the late 1990s.
  • Four years, building and managing an internal model for Insurance Australia Group, a major Australian non-life insurer.
  • Three years in Ernst & Young’s Sydney actuarial practice, advising clients on a range of actuarial issues, mainly focused on capital, reserving and internal modelling.
  • More recently, as a specialist adviser to KPMG firms in London and Sydney on accounting and regulatory matters with actuarial links

Dave’s specific project and related experience includes:

  • Managed the process for converging on a basis for prescribed regulatory capital for Internationally Active Insurance Groups as part of IAIS’ “ComFrame” project.
  • Provided input from an insurance regulatory perspective on “shadow banking” proposals by the Financial Stability Board.
  • Represented the IAIS on a committee to reduce the influence of Credit Rating Agencies on regulatory measures and management.
  • Provided internal model input on business decisions relating to capital and underwriting as part of the internal risk management and governance procedures at IAG
  • Supported capital-related needs for KPMG London’s clients for Solvency II  Pillar 1 and Pillar 2 issues
  • Joint Chair of International Actuarial Association Subcommittee focusing on guidance for IFRS 17
  • Member of group examining MOCE (Margin on Current Estimates) work by the IAIS

Agenda Sessions

  • IAA Update


Speakers at this event