Earlier this year, the CBI issued Consultation Paper CP 92 (CP 92), setting out its proposals for the introduction of specific national requirements for the actuarial function and related governance arrangements. These requirements are in addition, but always subject, to actuarial requirements under Solvency II.
The feedback statement summarises comments received on CP 92 from 11 respondents and sets out corresponding responses from the CBI. A range of topics are covered including the introduction of the new pre-approved controlled position of Head of the Actuarial Function. The CBI has provided clarity around the new role and responsibilities of the HoAF including qualifications and expertise required for the function holder and when the role may be outsourced.
Other comments received focused on the Actuarial Opinion on Technical Provisions, the Actuarial Report on Technical Provisions, Reserving Committees and Reserving Policy, Actuarial Peer Reviews and exemptions from the actuarial regime requirements.
The feedback statement contains an updated version of the CBI’s requirement for the actuarial function, amended to reflect responses to the consultation. (Re)insurers must comply with the new requirements with effect from 1 January 2016.
A link to the Feedback Statement is here.