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Proposed enhancements to appointed actuaries' role 

Insurance News

  -  Mar 22, 2013
BNM is targeting to release for consultation its proposed enhancements to existing Guidelines on the Appointed Actuary in April this year. The proposed enhancements would include:
  1. Strengthen the effectiveness of the actuarial function in supporting the insurers' and takaful operators' management of insurance/takaful and financial risks.
  2. Limit the Appointed Actuary's involvement in the pricing of insurance/takaful products.
  3. Set out requirements to support more effective communications of key issues and concerns by the Appointed Actuary to the board and management.
  4. Greater expectations for the board to have a good understanding of important actuarial issues and how these bear on an insurer or takaful operator's risk appetite and business strategy.
  5. Extend the appointed actuary guidelines to general insurers and takaful operators, including the requirement of financial condition reports to be tabled by the appointed actuaries to the board.
Prudential Requirements Applicable to Appointed Actuaries - The 2012 Financial Stability and Payment Systems Report Related to efforts by the Bank to strengthen risk governance practices in financial institutions was an exercise undertaken by the Bank to review the existing prudential requirements applicable to Appointed Actuaries.

 

Posted by Loo Hai Friday, March 22, 2013 6:56:00 PM Categories: actuary BNM Regulations Risk Management Takaful
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