Appointed Actuary

What is an Appointed Actuary?

 

In 2021 the NAIC Actuarial Opinion Working Group of the Casualty Actuarial and Statistical Task Force asserted that an appointed Actuary must understand the Instructions and expectations of State Insurance Regulators.  By Statute, Life Companies are required to have an appointed actuary in order to make adjustments to policies, adjust bonuses or change reinsurance. Additionally, an appointed actuary is required issue a report annually on the wellbeing of the entity.

 

Background of an Appointed Actuary

As can be expected of any experienced actuary a strong foundation in actuarial sciences along with years of work experience in the actuarial field is the minimum. Typically, an appointed actuary should be a member in good standing of an actuarial organization and passed several exams. In addition, they should be staying abreast of changing legal and regulatory frameworks along with taking regular continuing education courses. It is also important that the actuary have actual experience in the geographic area in order to have a fuller understanding of local regulations and interpretations. Finally, they should not have any professional sanctions on their background. These minimum standards for an appointed actuary are important for the continued financial stability, trust and health of the insurance industry as a whole.

 

Job Market for an Appointed Actuary

The job market for actuaries overall is robust with good growth anticipated over the next decade. The market for appointed actuaries is good with caveat. There is anecdotal information available that indicates that  actuary’s role, while required, is changing within organizations becoming less senior and being relied upon less for strategic direction and more focused strictly on meeting compliance requirements.  More and more organizations are relying on temporary consulting actuaries to fill the role of appointed actuary within an organization.

 

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