Under the new regime, the role of the Head of Actuarial Function (Head of Actuarial Function) replaces the Appointed Actuary and Signing Actuary roles which used to operate in the domestic regulatory framework.
The Head of Actuarial Function will be responsible for producing an annual Actuarial Opinion on Technical Provisions (AO TPs) to be delivered to the CBI along with the SII annual quantitative reporting templates (QRTs). In addition, the Head of Actuarial Function must present an Actuarial Report on Technical Provisons (ARTPs) to the Board. The Requirements incorporate a further actuarial opinion to be provided by the Head of Actuarial Function on the ORSA process which includes an assessment of the range of risks considered and the adequacy of the scenarios developed as part of the ORSA process.
This function must be held by one individual who will have to be pre-approved by the CBI through its Fitness and Probity (F&P) regime. The Society of Actuaries in Ireland has introduced a voluntary practising certificate regime which can be expected to facilitate actuaries and Boards in demonstrating compliance with F&P requirements.
Outsourcing of the Head of Actuarial Function role is permitted except for High Impact firms. Applications by composite reinsurers to appoint a single Head of Actuarial Function will be considered by the CBI on a case by case basis.