10 Questions
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?
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?
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?
Insurers organize themselves as they see fit as even the supervisory expectations of the AF can differ across jurisdictions.
What should be possible regardless of the manner in which insurers organize themselves?
Regardless of the manner in which insurers organize themselves, it should always be possible to identify the manner in which actuarial oversight is exercised locally and then brought together across the insurer or insurance group.
Insurers always separate the actuarial and risk functions in their organizational structure.
False
Identifying the head of actuarial oversight can be easily done by looking at the job title, such as 'Chief Actuary' or 'Corporate Actuary'.
False
The title 'Actuarial Function Head (AFH)' is used uniformly across all insurers and jurisdictions.
False
Supervisory expectations of the Actuarial Function (AF) are consistent across all jurisdictions.
False
Insurers must follow specific titling conventions for the Actuarial Function Head (AFH) as per industry standards.
False
Test your knowledge on how insurers organize their operations, including centralized and decentralized models, and the relationship between actuarial oversight and risk functions.
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