The role of actuaries in the German supervisory system

The role of actuaries in the German supervisory system

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Speaker(s): Kay Schaumlöffel (BaFin)

Actuaries play an important role in insurance companies. Insurance supervision relies partly on the quality of actuarial activities inside the companies. Insurance supervisory laws contain minimum requirements for these activities. For Example, the German insurance supervisory law (VAG) contains various such provisions. As in all European countries which implemented the Solvency II regulation, all companies and insurance groups must establish an actuarial function. The VAG furthermore contains provisions alongside Solvency II. Life insurers and private health insurers must have a responsible actuary, and private health insurers need an independent actuarial trustee. BaFin, the German Supervisor, also employs actuaries.

An overview over the pertinent regulation is given with the focus on functions, duties, and requirements for actuaries in German insurance companies.

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