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Life Insurance and Friendly Society Markets
Barnett Waddingham’s Insurance Consulting Practice can cater for the different needs of firms. It may be that your actuarial function is outsourced and we can provide the whole range of services including the Actuarial Function Holder or Appropriate Actuary role. We can also assist in-house actuaries where there are resourcing constraints, or where there is a need for specialist advice or simply for a second opinion on certain crucial matters.
We advise insurance firms and friendly societies, auditors and other advisers and have the relevant practicing certificates to carry out regulated roles. We will work with you to tailor our service to your needs. All clients are important and valued.
Our services include
Actuarial Function Holder / Appropriate Actuary
- Advise the firm on the risks that it runs that may impact on its ability to meet liabilities
- Monitor these risks and advise the firm should the prospect arise of not being able to meet liabilities, if premiums are insufficient and if there is insufficient capital to meet regulatory requirements
- Advise the Board on methods and assumptions to be used for the valuation of the business in accordance with FSA requirements
- Perform the valuation calculations to meet FSA requirements
- Report on results to the Board
- Advise the firm on capital management including its Individual Capital Assessment
- Advise on adequacy of premiums
With-Profits Actuary
- Advise the firm on key aspects of discretion required
- Report to the Board at least annually on key aspects of discretion exercised over the year
- Report annually to policyholders on matters of discretion and whether they are in policyholdrers' best interest
Other actuarial services For more information on these services please contact Rajeev Shah, John O’Neill or Kim Durniat