Examples of using Actuarial function in English and their translations into Slovak
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Actuarial function.
Insurance and reinsurance undertakings shall provide for an effective actuarial function to undertake the following.
The actuarial function shall be carried out by persons with sufficient knowledge of actuarial and financial mathematics and able where appropriate, to demonstrate their relevant experience and expertise with applicable professional and other standards.
This concerns in particular the internal audit and risk management functions, as well as the actuarial functions for DB schemes.
The EESC approves the requirement for an effective actuarial function in schemes where members and beneficiaries do not bear all types of risk.
Member States shall require that institutions where members andbeneficiaries do not bear all the risks provide for an effective actuarial function to.
Option 1- No policy change: one governance function( actuarial function) for DB and hybrid schemes and no functions for DC schemes.
A system of governance includes the risk-management function, the compliance function, the internal audit function and the actuarial function;
Any findings and recommendations of the risk management, internal auditand, where applicable, actuarial functions shall be reported to the administrative, management or supervisory body of the institution which shall determine what actions are to be taken.
IORPs should have sufficient capacity to have a risk-management function, an internal audit function and, where applicable, an actuarial function.
Article 28 requires an effective actuarial function to co-ordinate and oversee the calculation of technical provisions as well as to assess the appropriateness of the methodologies and underlying models, where members and beneficiaries do not bear all the risks.
The definition of a reinsurance arrangement is based on the process managed by ReinsuranceFunction in constant interaction with Risk Management and Actuarial Functions.
In particular, with regard to insurance or reinsurance undertakings, the actuarial function and the responsible actuary should be remunerated in a manner commensurate with her or his role in the insurance or reinsurance undertaking and not in relation to the performance of the undertaking concerned.
Member States shall require institutions to incorporate a risk-management function, an internal audit function, and,where applicable, an actuarial function.
The actuarial function must be carried out by persons who have knowledge of actuarial and financial mathematics, commensurate with the nature, scale and complexity of the risks inherent in the firm's business, and who are able to demonstrate their relevant experience with applicable professional and other standards.
Institutions should have sufficient capacity to have a risk-management function, an internal audit function and,where applicable, an actuarial function.
The actuarial function is performed by persons who have a knowledge of actuarial and financial mathematics to measure the nature, extent and complexity of the risks inherent to the activity of insurance or reinsurance undertaking and which can demonstrate relevant experience in the light of professional standards and other applicable standards.
The governance system includes compliance with the requirements on fit and proper, risk management, the own risk and solvency assessment, internal control,internal audit, the actuarial function and outsourcing.
The actuarial function should be carried out by persons who have knowledge of actuarial and financial mathematics commensurate with the size, nature, scale and complexity of the risks inherent in the activities of the IORP, and who are able to demonstrate their relevant experience with applicable professional qualifications or other standards.
Where an IORP itself provides cover against biometric risks or guarantees either an investment performance or a given level of benefits,Member States shall require that IORP to provide for an effective actuarial function to.
The actuarial function shall be carried out by persons who have knowledge of actuarial and financial mathematics, commensurate with the nature, scale and complexity of the risks inherent in the business of the insurance or reinsurance undertaking, and who are able to demonstrate their relevant experience with applicable professional and other standards.
Therefore, an effective governance system needs to be established in all financial institutions, with adequate risk management, compliance, internal audit functions(and,in the case of insurers, actuarial functions), strategies, policies, processes and procedures.
(q)'key function', within a system of governance, means an internal capacity to undertake practical tasks; a system of governance includes the risk management function, the internal audit function, and where the institution enters into financial commitments or establishes technical provisions, also the actuarial function.
The Pillar II provisions also address qualitative requirements on undertakings, i.e. their system of governance, including an effective internal control system,risk management system, actuarial function, internal audit, compliance function and rules on outsourcing.