Siste nytt om SII Møte i Insurance Committee, GC 23. mars 2012 Arne Eyland

Market consistency - discussion Divergent views on appropriate remedies for: Long-term guarantees Discounting rate (extrapolation) Matching premium Countercyclical premium

Actuarial standards Paper in progress: Possible candidates: Actuarial reporting Quality of actuarial work Possible candidates: Actuarial function in relation to RM function Carrying out an ORSA Reporting on financial condition

Solvency II developments in member countries Concern over relationship between Actuarial Function and existing Appointed Actuary roles Several countries will probably retain Appointed Actuary under SII.

OECD guidelines on insurer governance (2011) The actuarial function should preferably be filled by an appointed actuary. The dismissal or resignation of the actuary should be reported to supervisors and, as appropriate or required, publicly disclosed. Actuary should inform the board and external auditor if neccessary and, if no suitable action is taken, the supervisory authority. The actuary should, in addition to having requisite integrity and expertise, be a member in good standing in a professional association that requires adherence to sounds standards of actuarial practice, quality control and ethics. The independence of actuarial and audit functions should be especially promoted.

Other matters Sovereign Debt Risk – paper in progress Gender, Age and Disability underwriting issues GC paper on Age and Disability as rating factors European Commission submitted nondiscrimination (gender) guidelines. ECON’s vote on Omnibus II-directive EU parliament vote postponed to 10 September

Utrecht