General Insurance Article - Actuarial function set to change extensively following SII

 OAC Actuaries and Consultants has warned that Solvency II is set to change significantly the actuarial function in the UK. With its implementation due in January 2016, the new rules will have far reaching implications for the role which will expand to include greater involvement in risk management as well as the assessment of regulatory capital requirements. 

 Christopher Critchlow, Consultant Actuary at OAC comments on the importance of preparing actuarial staff for Solvency II:

 “Preparing actuarial staff properly is a key element of Solvency II compliance for the industry. The fact that the actuarial role will change extensively in the new regime means that insurers need to start preparing now. As well as the assessment of regulatory capital and solvency there will be greater responsibility and involvement in risk management."

 “Insurers need to be confident that their actuarial staff have the right blend of experience, technical knowledge and regulatory understanding. By planning for the impact of Solvency II now, especially as the national guidelines are set to be confirmed this year, insurers will give themselves the best possible chance of meeting, and exceeding the requirements.”