Our actuarial consultancy arm, TAS Actuaries, provides various actuarial services to our clients. Below is a list of typical services that we provide:
Appointed Actuary's Services
Under Insurance Act 1996 and Takaful Act 1984, life insurance companies and takaful operators are required to appoint an actuary as their appointed actuary.
All products sold by life insurance companies and takaful operators require the certification by the appointed actuary before the products can be made available to the public.
The appointed actuary is also required to produce an annual financial condition report (FCR) for life insurance companies and takaful operators.
IBNR and RBC Reserving
Malaysia has introduced Risk Based Capital (RBC) framework from 1 January 2009.
For general insurance companies, we provide estimation of Incurred but not yet Reported (IBNR) reserve as well as RBC reserve estimation in compliance with Bank Negara Malaysia's (BNM) RBC framework.
Premium Certification for Medical Products
BNM's guidelines JPI/GPI 16 (revised) require all medical products sold by life and general insurance companies to be certified by a qualified actuary before being launched to the public. For most general insurance companies, the premium certification is outsourced to external consulting actuaries. We provide such service to our general insurance clients.
FRS 119 and MASB 29 Certification
For defined benefit retirement schemes, we provide actuarial certification of the scheme liabilities as required under Financial Reporting Standards 119 (FRS 119) and MASB 29.
Market Entry Advisory
We have been involved in providing advices to foreign insurers on insurance company M&As. For insurance players that are new to the Malaysian market, we provide various actuarial services in bridging the knowledge gap on the local market as well as act as the additional resources during the critical start-up stage.
Due diligence is an important step in corporate exercises. We provide due diligence services on insurance companies focusing on the liabilities aspect.
We also provide actuarial training to non-actuaries, including internal and external auditors, regulators, senior management of insurance companies and board of directors.
Actuarial Executive Search
Our actuarial recruitment arm, TAS Search, helps our clients in filling actuarial vacancies at all levels. We also help our clients in filling key non-actuarial vacancies such as CEO, CFO, CMO, CRO and other head of department positions.