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Questions and Answers
How do insurers generally organize their Actuarial Function (AF)?
How do insurers generally organize their Actuarial Function (AF)?
Insurers generally organize their AF based on the nature, size, and complexity of their operations. They may be centralized or decentralized and may or may not separate the actuarial and risk functions.
What is the challenge in identifying the Actuarial Function Head (AFH) within insurers?
What is the challenge in identifying the Actuarial Function Head (AFH) within insurers?
There is no single title used across insurers or within jurisdictions that uniquely identifies the Actuarial Function Head (AFH), and identifying the head of actuarial oversight should be made from an understanding of the AF role rather than through the use of titles.
How do insurers avoid 'titling confusion' in the context of actuarial oversight?
How do insurers avoid 'titling confusion' in the context of actuarial oversight?
To avoid 'titling confusion', the terms AF and AFH are used generally in the context of actuarial oversight, without connection to any specific titling conventions used in the insurance industry.
Why do insurers organize themselves as they see fit?
Why do insurers organize themselves as they see fit?
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What should be possible regardless of the manner in which insurers organize themselves?
What should be possible regardless of the manner in which insurers organize themselves?
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Insurers always separate the actuarial and risk functions in their organizational structure.
Insurers always separate the actuarial and risk functions in their organizational structure.
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Identifying the head of actuarial oversight can be easily done by looking at the job title, such as 'Chief Actuary' or 'Corporate Actuary'.
Identifying the head of actuarial oversight can be easily done by looking at the job title, such as 'Chief Actuary' or 'Corporate Actuary'.
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The title 'Actuarial Function Head (AFH)' is used uniformly across all insurers and jurisdictions.
The title 'Actuarial Function Head (AFH)' is used uniformly across all insurers and jurisdictions.
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Supervisory expectations of the Actuarial Function (AF) are consistent across all jurisdictions.
Supervisory expectations of the Actuarial Function (AF) are consistent across all jurisdictions.
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Insurers must follow specific titling conventions for the Actuarial Function Head (AFH) as per industry standards.
Insurers must follow specific titling conventions for the Actuarial Function Head (AFH) as per industry standards.
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