Comparative Jurisprudential Studies on the Insurance Actually System

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In Britain, the new system was introduced in the end of 2004. In this system, the responsibility of the board of directors for a balance sheet was strengthened and the system of appointed actually was abolished. The tasks of the appointed actually were divided into those of function holders and those of with-profits actuaries. The roles of function holders are to evaluate liabilities and risks of the whole company, to calculate the capital requirement, and to offer advices to the top management people, which require expertise in the actuarial science and the relevant insurance company. The role of with-profits actuaries is to protect the interests of with-profits policyholders. Therefore, with-profits actuaries require high independence and cannot double as a director. In addition, in order to promote greater transparency in with-profits insurance, all of the insurance companies are obligated to make and disclose the Principles & Practice of Management by a with-profits actuary. On the … More other hand, in Germany, the system of responsible actuary was introduced in 1994. In this system, one responsible actuary guarantees regulatory compliance concerning the calculation of both the premiums and mathematical provisions, investigates the financial situation of an insurance company (as to whether it guarantees the sustainable performance of the obligations and whether it disposes of adequate resources in the amount of the solvency margin), gives an actuarial certification, and submits proposals for adequate participation in the profits. The roles of responsible actuary are similar to those of appointed actually in Britain. According to Dr. Martin Balleer, a member of the advisory board of the German Supervisory Authority (BaFin) and former president of the German Actuarial Association, more than ten years after the introduction of the system of responsible actuary, the system has been firmly-established in the practical business in Germany, and the effectiveness of the system will be upgraded. From now on, we will draw a conclusion based on our findings, and present our recommendations on how the actually system should function in the Insurance Business Law. Less