Article 27
Actuarial function
1.
Where an IORP itself provides cover against biometric risks or guarantees either an investment performance or a given level of benefits, Member States shall require that IORP to provide for an effective actuarial function to:
(a)
coordinate and oversee the calculation of technical provisions;
(b)
assess the appropriateness of the methodologies and underlying models used in the calculation of technical provisions and the assumptions made for this purpose;
(c)
assess the sufficiency and quality of the data used in the calculation of technical provisions;
(d)
compare the assumptions underlying the calculation of the technical provisions with the experience;
(e)
inform the administrative, management or supervisory body of the IORP of the reliability and adequacy of the calculation of technical provisions;
(f)
express an opinion on the overall underwriting policy in the event of the IORP having such a policy;
(g)
express an opinion on the adequacy of insurance arrangements in the event of the IORP having such arrangements; and
(h)
contribute to the effective implementation of the risk management system.