THE ROLE OF THE ACTUARY IN PRUDENTIAL SUPERVISION

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Presentation transcript:

THE ROLE OF THE ACTUARY IN PRUDENTIAL SUPERVISION Michael North Government Actuary’s Department

The role of the actuary in prudential supervision What is an Actuary? Technical Grounding Practical Subjects Broader Experience

The role of the actuary in prudential supervision IAA Core Syllabus - 1 Financial mathematics Probability and mathematical statistics Economics Accounting Modelling Statistical methods

The role of the actuary in prudential supervision IAA Core Syllabus - 2 Actuarial mathematics Life insurance General insurance Pensions Health care Investment and asset management Principles of actuarial management Professionalism

The role of the actuary in prudential supervision General Insurance Country Specific Technical Application Pensions General Investment Finance Health Banking Business Leader Life Research Analyst Risk Compliance Super- Technician Education Capital Projects Generalist - Modern Generalist - Traditional International Social Security Government Applications Core Technical Core Pre-entry Knowledge

The role of the actuary in prudential supervision Broader Experience Some actuaries remain in a technical role But many go on to other roles: Finance Director Marketing Operations/IT Managing Director

The role of the actuary in prudential supervision Elements of supervision Authorisation Premium rates Financial soundness Systems and controls Policyholder reasonable expectations Intervention possibilities Provisions for handling insolvency

The role of the actuary in prudential supervision Life Insurance – Long Term Appointed Actuary system? Mathematical Reserves – Basis and Calculations Assets and ALM Premium Rates/Product Design Reinsurance Business Planning

The role of the actuary in prudential supervision General Insurance – Short Term Premium and Claims reserves Asset Liability matching Premium rates Reinsurance strategy DFA (Dynamic Financial analysis) Risk Based Capital Assessment of credit and operational risk

The role of the actuary in prudential supervision Government Actuary’s Department in UK Independent Government Department Provides consultancy services Charges fees to cover expenses (non-profit) Appointed to advise insurance supervisors Experienced actuaries, primarily from the insurance industry Clients include new EU members and Middle Eastern countries

The role of the actuary in prudential supervision GAD Services Regular review of returns and accounts Product authorisation New company authorisation (Business Plans) Drafting law, regulations, Supervisory returns Guidance manuals for companies and supervisors On-site inspection manual Review of reinsurance arrangements

The role of the actuary in prudential supervision Looking forward Challenges of more open markets International accounting standards DFA and financial condition reporting Increased role for actuaries Importance of professional associations Increasing internationalisation

The role of the actuary in prudential supervision Whistle blowing Professional responsibility Underpinned by legislation Interests of policyholders Responsibility to company Responsibility to regulator Need for protection or indemnity?