Answers to the European Commission on the ... - Eiopa - Europa

A.31 The analyses <strong>to</strong> be carried out must, <strong>to</strong> <strong>the</strong> extent deemed appropriate,
be grouped by insurance classes, risk categories, types of products or
any o<strong>the</strong>r combination that he considers <strong>to</strong> be appropriate.
A.32 The information <strong>to</strong> be included in <strong>the</strong> report of <strong>the</strong> appointed actuary
should be sufficient in order <strong>to</strong> enable ano<strong>the</strong>r actuary <strong>to</strong> formulate an
opinion on <strong>the</strong> analyses made.
A.33 The report should contemplate <strong>the</strong> following content, without prejudice
<strong>to</strong> o<strong>the</strong>r notes of appraisal that he decides <strong>to</strong> include given <strong>the</strong>
insurance undertaking’s specific situation.
General comments on <strong>the</strong> insurance classes under analysis
A.34 The appointed actuary should carry out, in general terms, <strong>the</strong>
evaluation of <strong>the</strong> set of information obtained from <strong>the</strong> insurance
undertaking and/or external audi<strong>to</strong>r, in particular, in relation <strong>to</strong> <strong>the</strong>
following aspects:
• claims management procedures;
• investment policy;
• reinsurance policy and o<strong>the</strong>r forms of transfer and reception of
risks;
• risks identified from a broad risk management perspective;
• risk acceptance policy (<strong>to</strong> <strong>the</strong> extent elements of this policy have
an impact on <strong>the</strong> establishment of technical provisions); and
• IT procedures.
Quality of <strong>the</strong> information used
A.35 The actuary should issue an opinion on <strong>the</strong> structure of data used in
<strong>the</strong> analysis and indicate <strong>the</strong> respective sources of information and
should, whenever this is justified, indicate any inconsistencies found.
A.36 The appointed actuary should indicate whe<strong>the</strong>r he carried out any
revision of <strong>the</strong> data obtained, presenting <strong>the</strong> procedures used in this
verification, and/or whe<strong>the</strong>r, for <strong>the</strong> purposes of verification of
reliability of <strong>the</strong> information, he considered <strong>the</strong> work already carried
out by <strong>the</strong> external audi<strong>to</strong>r of <strong>the</strong> insurance undertaking.
A.37 Whenever <strong>the</strong> appointed actuary considers that it is necessary <strong>to</strong> carry
out any adjustments or corrections in <strong>the</strong> information available, due
justification and <strong>the</strong> criteria adopted should be presented.
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