Typically as a member of the Senior Management Team the Chief Actuary is expected to contribute proactively to developing and executing the company’s business strategy through the provision of superior information, actuarial advice and guidance (and specifically relying on the actuarial guidance given by your regulatory body).
The Chief Actuary will oversee the Actuarial Department which is charged with maintaining the financial stability of the company and determining proper reserves to be set up and proper rates to be charged.
The scope of the Chief Actuary position includes participation in the commercial management of the company; responsibility for the preparation and modelling of capital requirements under Solvency II; responsibility for the actuarial reserving and actuarial reporting processes; and robust input into the actuarial pricing process.
The Chief Actuary may also oversee the asset liability management, budgeting, planning, profitability analysis and reinsurance programs.
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.
Comparison with the Head of Actuarial Function
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.