This is a 2 day event
The EAA - European Actuarial Academy GmbH in cooperation with the Institute of Actuaries will be hosting a seminar "Fit and Proper for Actuaries – (Not just) Fulfilling the Solvency II Directive" on 25/26 March 2019 in Brussels, Belgium.
From an actuarial point of view, insurance is mostly perceived as a mathematical puzzle, waiting to be solved. For that, much attention is paid to setting assumptions, ensuring the most recent market developments are taken into account, checking that models and their output are appropriate reflections of the insured risks, etc. And these are all good things! However, looking at insurance from a societal point of view, it is so much more than that. Policyholders rely on insurance companies to be there in their time of need as most policies really become relevant to them in case of retirement, death, disability, accidents or all sorts of losses. Policyholders have to put a lot of trust in insurance companies, and that is not to be taken lightly. How can we as actuaries make sure we keep earning and even promote that trust? Or, in order to phrase this in Solvency II terminology: “are we fit and proper”?
Solvency II Directive, article 42:
“Insurance and reinsurance undertakings shall ensure that all persons who effectively run the undertaking or have other key functions at all times fulfil the following requirements:
a) their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); and
b) they are of good repute and integrity (proper).”
But what does this requirement actually mean? And how does this translate into real life? The seminar provides insights and food for thought on this sometimes intangible topic.