Actuarial Function
Our aim is not merely complying with legislation but assuring that the management and board can rely on expert actuarial advice during their decision-making process.
Actuarial Function Overview
Expert advice for accurate decision making
The Actuarial Function holder of delivers regulatory required advice to (re)insurers or pension fund.
External or internal
Independent
In forming its own actuarial view and providing opinions, the Actuarial Function must be objective and free from influence from other functions and the board. This level of independence is not only a challenge for small undertakings but also explains why larger insurers have chosen to outsource the function. Opting for an external actuarial function ensures that the function is independent and seen to be independent, both in terms of its intellectual position and in terms of remuneration.
Benchmarks
An additional advantage of outsourcing the Actuarial Function is the external expertise our firm can offer based on market experience. Our access to industry benchmarks allows us to recommend best practices to our clients.
Fit and Proper Requirements
Approved by the prudential supervisory authorities
The Actuarial Function holder provides assurance for both the management and board of the undertaking as well as for the supervisory authorities and the external auditor. The “Fit & Proper” criterion guarantees the level of expertise and professional integrity.
Our Actuarial Function holders are approved by the prudential supervisory authorities in Belgium (National Bank of Belgium), Luxemburg (Commissariat aux Assurances) and the Netherlands (De Nederlandse Bank).
All members of our Actuarial Function team are “IA|BE Qualified Actuaries” and work according to the standards of actuarial practice and codes of conduct of the IABE (Institute of Actuaries in Belgium) and the AG (Actuarieel Genootschap).
Actuarial Function Activities
Ensuring, assessing, comparing, informing
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 focused 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 independent key control functions to maximize the efficiency of the control functions for our clients.
What can we do for you?
Gain the clarity and actuarial insight you need to navigate risk, capital and regulatory requirements.
