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:
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(a) |
coordinate and oversee the calculation of technical provisions; |
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(b) |
assess the appropriateness of the methodologies and underlying models used in the calculation of technical provisions and the assumptions made for this purpose; |
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(c) |
assess the sufficiency and quality of the data used in the calculation of technical provisions; |
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(d) |
compare the assumptions underlying the calculation of the technical provisions with the experience; |
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(e) |
inform the administrative, management or supervisory body of the IORP of the reliability and adequacy of the calculation of technical provisions; |
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(f) |
express an opinion on the overall underwriting policy in the event of the IORP having such a policy; |
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(g) |
express an opinion on the adequacy of insurance arrangements in the event of the IORP having such arrangements; and |
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(h) |
contribute to the effective implementation of the risk management system. |