Singapore legislation
Regulation 9
Regulation 9
Provision of actuarial advice
Subregulation 1
The appointed actuary or certifying actuary, as the case may be, of a licensed insurer shall assist the insurer in —
formulating a suitable policy on how the assets of any of its insurance funds are to be invested;
any risk management activity for its business, such as risk identification, risk quantification, risk management policies, controls relevant to the insurer’s financial condition, and the use of any internal model for the purposes of calculating liabilities and capital requirements for the insurer’s insurance products; (c)matters of product pricing and development, such as identifying appropriate rating factors for product pricing, the design of product features and the setting of underwriting standards; and (d)any other matter relating to its business as the Authority may specify in a direction to the insurer.
Subregulation 2
In formulating any policy referred to in paragraph (1)(a), the appointed actuary or certifying actuary shall have regard to the nature and terms of the liabilities of the insurer and the availability of appropriate assets for the purpose of asset-liability matching.
Subregulation 3
In carrying out his duties referred to in paragraph (1), the appointed actuary or certifying actuary shall at all times have regard to the interests and rights of policy owners of the insurer.