An applicant should normally be able to demonstrate the equivalent of three years’ full-time experience as a Fellow Member in the last six years dealing with most of the following types of work at a level where he or she has worked closely with an existing Appointed Actuary or an actuary at an equivalent level:
- analysing the factors affecting the risks undertaken by a long-term business insurer;
- advising on the appropriate pricing basis for long-term insurance contracts, including options;
- determining the requirements for capital and a fair return on the capital employed;
- determining the basis for calculating surrender values and the terms for other policy alterations;
- determining the appropriate bases for valuing assets and liabilities;
- determining bases for calculating unit prices and for making provision for taxation in unit prices and analysing appropriate ways of achieving equity between different groups of policyholders;
- determining appropriate reinsurance arrangements;
- analysing asset liability matching requirements and advising on investment strategy;
- setting up a new life assurance operation; and
- determining the value to the shareholders of a long-term business insurer.
For a certificate including with-profits business, the experience should relate to with-profits business and should additionally include:
- analysing appropriate ways of determining bonus distribution policy and of achieving equity between different groups of policyholders
- determining the financial strength and bonus earning capacity of a with-profits insurer A minimum of one year’s recent relevant experience relating to Irish life assurance business will be required.
N.B. Updated details of recent relevant experience will be required every three years when renewing your certificate.