The Chief Actuary may also be responsible for the actuarial components of the company’s products; for the actuarial components of the product financials under all valuation bases; provide income, cash flow, and capital projections and analysis; responsible for product pricing and financial analysis of in-force actions; and integrates the actuarial function into the financial reporting, capital planning, ALM and tax processes of the organisation.
Must be a Fellow of a relevant Actuarial Society and possibly possess a Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or a related field. Candidates may be required to have a minimum of ten (10) years of relevant actuarial experience, including five (5) years’ supervisory experience.
Chief Actuary Competencies
If you are seeking a job as a Chief Actuary, you will probably have the following skills and competencies.
The Chief Actuary to demonstrate that he is:
- Competent and capable;
- Honest, diligent, independently minded as ethically;
- Financially sound.
Roles and Responsibilities
Some typical roles and responsibilities of a Chief Actuary job include:
The Chief Actuary shall be authorised to carry out the following roles and responsibilities:
- Planning and co-ordinating the actuarial strategy for the Company in line with the Company’s strategic objective as defined by the Board;
- Completing the actuarial analysis for budgeting and planning purposes;
- Preparing the mathematical reserves, cash reserves, bonus reserves and embedded value calculations;
- Monitoring and reporting the Solvency Capital Requirement of the Company;
- Performing the annual and mid-term statutory valuations and value calculations and completion of year-end certification;
- Allocating capital across various products;
- Assisting the Solvency II project team to ensure Solvency II compliance is achieved;
- Assisting in the development of Management information required to prepare the Own Risk and Solvency Assessment (“ORSA”).
- Assisting in the training and development of Solvency II awareness within the company;
- Assisting the Chief Risk Officer and the Risk Management function in the assessing and reporting of risks;
- Designing and developing new products and carrying out the profitability tests
- Developing models for internal risk management purposes;
- Developing and maintaining comprehensive documentation relating to the actuarial process;
- Preparing a regular analysis of claims covered by reinsurance for the purpose of assessing the effectiveness arrangements;
- Understanding the factors contributing to the underlying performance of the Company;
- Providing actuarial analysis to support ad-hoc pricing requests;
- Preparing and presenting quarterly reports to the Investment Committee;
- Developing and refining reporting tools;
- Managing and developing the actuarial teamOverall accountability for actuarial reporting, bases, valuation models and corresponding processes in the Group.Develop appropriate reporting bases and actuarial models to deliver all regulatory, IFRS and Embedded Value (”EV”) reporting on a solo and group consolidated basis that are in line with best practice, subject to appropriate review and / or audit and to deadlines as agreed with the Group Chief Financial Officer.
- Build processes to deliver robust monitoring of capital and solvency positions on an ongoing basis.
- Working closely with the Chief Investment Officer, develop a robust ALM framework that effectively manages investment risks within the risk appetites and tolerances of the Group. Co-develop reporting processes that monitor the ongoing effectiveness of the ALM implementation.
- Review reinsurance transactions and acquisitions as a member of the executive team from a capital, solvency and actuarial perspective to ensure transactions meet hurdle requirements and that capital implications are known and planned for.
- Carry out duties with integrity and diligence, ensuring that professional standards are maintained, that reporting deadlines are met, that records are maintained and that actuarial processes are fit for purpose and meet internal and regulatory requirements.
Section 22 of the Central Bank Reform Act, 2010 was updated by Amending Regulation prior to its implementation on 1 January 2016. These amendments prescribed one new PCF for undertakings, PCF48 (“Head of Actuarial Function”) and remove PCF20 (“Chief Actuary”) and PCF44 (“Signing Actuary”) from the list of PCFs.
Further information on the different responsibilities of a Chief Actuary and a Head of Actuarial Function can be found here.