Regular readers will know I take a keen interest in the regulatory role of the Appointed Actuary. See my previous posts here, here and, most recently, here. This week APRA released a consultation package with proposals on how the role should be changed to make the role fit better into the regulatoryContinue Reading
I’ve blogged about the role of the Appointed Actuary before – here and here. My own view has been that we need to positively define the role of the Appointed Actuary, and that, at least in life insurance, it should be closer to the first line of defence (ie managing theContinue Reading
On Wednesday this week (22 April), I am part of a panel discussion on ICAAP – comparing and contrasting the experience across the banking, life and general insurance industries. I’m representing life insurance. This post summarises the points from my introduction. I’ll come back and update with any interesting pointsContinue Reading
On Thursday, the FSC and the AFA released the Trowbridge report. John Trowbridge was appointed as chair of a Life Insurance and Advice working group to review the misaligned incentives identified in ASIC’s damning report from last year. The group was asked to make recommendations on how the industry can respondContinue Reading
I’m a bit behind here, but APRA released their quarterly life insurance statistics this month. I’ve done a quick graph of the rolling 12 months profits since APRA first started releasing these statistics. Note that Group Insurance and Disability Income Insurance are different subsets of the total – the subsetContinue Reading
Regular readers of this blog might remember a previous post of mine wondering about the role of the Appointed Actuary (AA) in life insurance. Since that post, the Actuaries Institute has formed a taskforce, of which I am a member. We had an insights session this week, in which we outlined ourContinue Reading
The Financial System Inquiry, headed by David Murray (former Chairman of the Future Fund and CEO of Commonwealth Bank) has released its Interim Report (all 460 pages of it). For those who haven’t been following this, this inquiry (which is already known as the Murray inquiry) is the natural successor toContinue Reading
Concerns about the appointed actuary role In a recent Insight publication (pdf), APRA made a few points about the role of Appointed Actuaries, particularly where it involves Pricing, which seem to express some concern as to whether appointed actuaries have been effective: A tender for group insurance involves input from a numberContinue Reading
Last year, I was part of a panel discussion about ICAAP and the Appointed Actuary. It got such a good discussion that I’ve been asked to reprise it at this year’s Actuaries Summit. But a few things have happened since then, notably: Companies have moved into the new world ofContinue Reading
In a previous post, I wondered whether Appointed Actuaries were moving into a compliance role, partly driven by the new ICAAP requirements from APRA for insurance companies. Well I’m not the only one who has been thinking about the role of Appointed Actuaries. We had a session at the ActuariesContinue Reading