Actuarial function

(1) Insurance undertakings must have an effective actuarial function. In respect of the calculation of technical provisions, the task of this function is to 1. coordinate the calculation, 2. ensure the appropriateness of the methods and underlying models used, and of the assumptions made, 3. assess the sufficiency and quality of the data used, 4. compare the best estimates with the empirical experience, 5. inform the management board of the reliability and adequacy of the calculation, and 6. oversee the calculation in the cases named in section 79.
(2) The actuarial function also gives an opinion on the overall underwriting policy and on the adequacy of the reinsurance arrangements. It contributes to the effective implementation of the risk management system. This applies in particular with regard to the development of internal models. The actuarial function also contributes to the own risk and solvency assessment.
(3) A person performing the actuarial function must have knowledge of insurance and financial mathematics appropriate to the nature, scale, and complexity of the risks of the insurance undertaking, and must be able to demonstrate relevant experience with the applicable professional and other standards.