Responsible for the actuarial function
An actuary works at an insurance firm or an institution for occupational pension provision and conducts risk analyses and calculations.
The actuary determines how large the provisions (reserves) must be in order for the firm to be able to cover its future payments to policyholders or future pensioners. The actuary also prepares the basis, for example, for how the firm should design its reinsurance. The person responsible for the actuarial function is responsible for the function in an insurance firm or an institution for occupational pension provision.
Requirement on language skills
A person who is responsible for the actuarial function shall have language skills that are sufficient given the tasks of the function. This means, for example, that the person must know enough Swedish to understand the parts of insurance regulations that are of importance for the tasks of the function.
Competence and validation
In terms of the competence of the person who is responsible for the actuarial function of an insurance firm, FI carries out an assessment based on Chapter 9, sections 9–15 of the Swedish Financial Supervisory Authority´s regulations and general guidelines (FFFS 2015:8) regarding insurance business. FI assesses the person responsible for the actuarial function in an institution for occupational pension provision based on Chapter 8, sections 9–15 of the Swedish Financial Supervisory Authority’s regulations and general guidelines (FFFS 2019:21) regarding institutions for occupational pension provision.
The requirements on competence include university-level studies in mathematics, mathematical statistics, completed courses in Swedish insurance accounting, Swedish insurance law, life insurance mathematics, non-life insurance mathematics and financial mathematics.
Origin: Swedish Financial Supervisory Authority
Responsible: Swedish Agency for Economic and Regional Growth