An applicant should normally be able to demonstrate the equivalent of two years’ fulltime experience in the last five years, of which at least one year was as a Fellow, either:
- working closely with an existing PRSA Actuary dealing with the statutory requirements for PRSA provision, and/or
- dealing with some of the following types of work:
- pricing or provision of marketing or technical support for life assurance or pension business;
- determining bases for calculating unit prices;
- determining bases for calculating surrender values and the terms for other alterations to life assurance policies;
- analysing appropriate ways of determining bonus distribution policy and of achieving equity between different groups of policyholders;
- statutory disclosure of information to policyholders or pension scheme members;
- advising on investment strategies relating to pension provision or life assurance business;
- calculating or advising on the basis of cash equivalents or transfer values in respect of pension scheme benefits or the provision of benefits in respect of incoming transfer values;
- audit or compliance work;
- administration and management of pension or life assurance business; and
- setting up a new life assurance or PRSA operation.
A minimum of one year’s recent relevant experience relating to Irish life assurance, pensions or PRSA business will be required. Additionally, if the applicant has not previously worked closely with a PRSA Actuary, he or she will need to demonstrate that they have the requisite knowledge of the relevant legislation and professional requirements.
N.B. Updated details of recent relevant experience will be required every three years when renewing your certificate.