The Actuarial Function Under Solvency II: Survey on the Role of the Actuary in Insurance
By Groupe Consultatif Actuariel Européen
The Framework/Omnibus Directive has established the Actuarial Function as part of the governance structure for insurance undertakings within the Solvency II system. The responsibilities outlined for the Actuarial Function cover a number of actuarial activities already carried out in many member states. The Groupe Consultatif carried out a survey under the auspices of its Insurance Committee to assess the readiness of the actuarial profession in Europe to meet the demands of the new system. This report outlines the results from the survey and summarises the situation using the results.
The survey results cover four main topics:
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The number of professional qualified actuaries in insurance
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The current roles of actuaries in insurance
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The qualifications of actuaries to meet the current roles
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The current expectations as to the management of the Actuarial
Function in Solvency II
The survey results cover 20 European actuarial associations from among the members states of the EU, which include almost 90% by number of the total individual actuaries represented by the Groupe Consultatif. The 20 member states included in the survey are shown in Table 3 below. The following comments reflect a summary of the results as they relate to the four main topics.
The survey can be seen in the context of the efforts of the Groupe Consultatif to assure the success of the Actuarial Function, which also includes the need to establish professional standards, the approach to reporting requirements and the important contribution by the Groupe to the preparation of the Solvency II framework
from the very beginning of the project.
Please download the PDF to read the Survey in its entirity.
For futher information please visit Groupe Consultatif Actuariel Européen website
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