Ensuring, assessing, comparing, informing
The role of the Actuarial Function is defined by Article 48 of the Solvency II Directive.
The Actuarial Function expresses formal written opinions on the technical provisions, the overall underwriting policy and the adequacy of reinsurance arrangements. Furthermore, the Actuarial Function is required to contribute to the implementation of the risk management system.
The opinion on the technical provisions covers:
- ensuring the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical provisions
- assessing the sufficiency and quality of the data used in the calculation of technical provisions
- comparing best estimates against experience
- informing the administrative, management or supervisory body of the reliability and adequacy of the calculation of technical provisions
The contribution of the Actuarial Function to the effective implementation of the risk management system is focussed on the risk modelling underlying the calculation of the Solvency Capital Requirements (SCR) & Minimum Capital Requirements (MCR) and on the Own Risk and Solvency Assessment (ORSA).
As Actuarial Function holders, we strive for optimal collaboration with internal and external auditors to maximize the efficiency of the control functions for our clients.