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Application provision

1.1 This Part applies to:

  1. (1) a UK Solvency II firm;
  2. (2) in accordance with Insurance General Application 3, the Society, as modified by 7;
  3. (3) in accordance with Insurance General Application 3, managing agents, as modified by 7; and
  4. (4) third country branch undertakings excluding Swiss general insurers.

5.1

01/01/2016

An actuary appointed to perform the With-Profits Actuary function must:

  1. (1) advise the firm's management, at the level of seniority that is reasonably appropriate, on key aspects of the discretion to be exercised affecting those classes of the with-profits insurance business of the firm in respect of which he has been appointed;
  2. (2) advise the firm's governing body as to whether the assumptions used to calculate the future discretionary benefits within the technical provisions under Technical Provisions 9.1 are consistent with the firm's PPFM in respect of those classes of the firm's with-profits insurance business;
  3. (3) at least once a year, report to the firm's governing body on key aspects (including those aspects of the firm's application of its PPFM on which the advice described in (1) has been given) of the discretion exercised in respect of the period covered by his report affecting those classes of with-profits insurance business of the firm;
  4. (4) request from the firm such information and explanations as he reasonably considers necessary to enable him properly to perform the duties in (1) to (3);
  5. (5) advise the firm as to the data and systems that he reasonably considers necessary to be kept and maintained to provide the duties in (4); and
  6. (6) in the case of a friendly society to which this section applies, perform the function of appropriate actuary under section 12 (Reinsurance) of the Friendly Societies Act 1992 or section 23A (Reinsurance) of the Friendly Societies Act 1974 as applicable, in respect of those classes of its with-profits insurance business covered by his appointment.