Appointed Actuary

Appointed Actuary

An actuary employed by an insurance company to ensure compliance with all required reserve statutes. In the United States, insurance companies are required to have a certain percentage of their assets set aside to pay claims should the need arise. The NAIC requires insurance companies to employ appointed actuaries to make certain they are able to pay unexpected liabilities.
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It said it would also look to bring in an appointed actuary, or finance director, to replace Chris Headdon, who took on the role of chief executive after the resignation of incumbent Alan Nash earlier this month.
They also make the inclusion of the internal or the appointed actuary in the investment committee mandatory.
In this equally critical role, Michael will serve as the appointed actuary for the U.
The Click2Invest does not entail any distribution cost and the mortality charges are lower for the customers under online segment because of reduced risk possibility and these features make it considerably cheaper from other ULIP plans offered by the market now, stressed Srinivasan Parthasarathy, Chief Actuary and Appointed Actuary of HDFC Life insurance.
For this purpose, the directive requires the life insurer to submit a post-registration implementation certificate to the regulator before commencement of sales of a registered product, it said and added that such a certificate was required to be signed by the appointed actuary of a life insurer.
The group will be sending work requests to other NAIC working groups and task forces to add, for example, an existing corrective powers supervisory element of the Hazardous Financial Condition Model Regulation into the accreditation standard for corrective action, add requirements for regulators to ask pointed questions about an insurers or reinsurers governance practices and the suitability of offices and directors and allow a state commissioner wide enough authority to deem an appointed actuary unsuitable for a property/casualty insurer, as is available now to regulators for life insurance actuaries.
Before becoming a non-executive director in 2004, David Rutter was the society's appointed actuary and later became finance director.
Keith Nicholson, former head of KPMG's financial services practice, will be named deputy chairman while David Rutter, the society's former appointed actuary and later finance director, stays on as vice-chairman.
The notification must also include a certification signed by the appointed actuary of the company stating what the company's reserve methodology is for the preneed insurances policies issued after January 1, 2009, but before January 1, 2012, as well as the 2001 CSO Mortality Tables' minimum standards that generate adequate reserves for the insured person(s).
The appointed actuary typically has insights into key judgments, assumptions and risk factors associated with the company's recorded loss reserves.
The Financial Services Authority said Christopher Headdon, also Equitable's appointed actuary, was not "fit and proper" to hold such a position.
The Financial Services Authority said Christopher Headdon, who was also Equitable's appointed actuary, was not 'fit and proper' to hold such a position.