Independent Actuarial Review Services
Independent reviews are a common feature in managing insurance business nowadays.
Many reviews rely centrally on core actuarial skills but also need the wider experience and knowledge of insurance business to allow for an appropriate critical and challenging assessment. Independent reviews can be required in a number of contexts.
How we can help
Unusual events such as business re-organisations or transformations normally require a report from an independent actuary:
- Transfers of business under Part VII of FSMA 2000 or under the Friendly Societies Acts;
- Compromise schemes under the Companies Act to alter policy contractual terms;
- Assessing the terms of internal transfers of business between funds;
- Winding up with-profits funds; and
- Re-attributions of estate or the creation of mutual capital funds in with-profits funds.
Independent review and oversight arrangements for the conduct of business may require actuarial support, which must be equally independent. Examples of these arrangements are with-profits committees under COBS 20, independent governance committees or meeting the challenges of thematic reviews.
At Hymans Robertson, we have a dedicated and experienced team that has undertaken reviews in all of these circumstances and has the experience and knowledge to ensure an efficient and effective review.
Additionally, appropriate independent challenge is also a feature of many of the routine regulatory processes of Solvency II where validation of the methodologies and assumptions employed is expected. We can help you satisfy this either by ad hoc assignment or through longer term peer review arrangements.