Solvency II Art.48: Art. 48; DR Art. 272 Provide an actuarial function with an annual written report

What does Art.48 require?

Undertakings must provide an effective actuarial function that coordinates the calculation of technical provisions, ensures appropriate methods, models and assumptions, assesses data sufficiency and quality, compares best estimates against experience, informs the AMSB on reliability and adequacy, oversees approximations, opines on underwriting policy and reinsurance adequacy, and contributes to risk management, capital modelling and the ORSA, staffed by persons with actuarial and financial mathematics knowledge. The Delegated Regulation details its tasks (sufficiency, uncertainty, data limitations, homogeneous risk groups, year-on-year changes, options and guarantees, IT systems), the content of the underwriting and reinsurance opinions (including inflation, legal and sustainability risks, anti-selection) and requires a written report to the AMSB at least annually identifying deficiencies and recommending remedies.