Actuary

Insurance undertakings that provide

1. life assurance,
2. health insurance similar to life assurance, or
3. accident insurance similar to life assurance

are required to appoint a responsible actuary and a deputy. The responsible actuary is required to:

1. ensure that scales of premiums and technical provisions in life assurance and in health insurance and accident insurance similar to life assurance are calculated according to the applicable regulations and actuarial bases,
2. ensure that the participation in profits distributed to policyholders in life assurance corresponds to the profit plan, and
3. assess, with due regard to the income from the investments, whether ongoing compliance with the obligations arising from the insurance contracts can be expected in accordance with the applicable regulations and actuarial bases used for calculating the technical provisions.

Pensionskassen are required to appoint at least one actuary, who is responsible for drawing up or managing the business plan and must monitor that the business plan is being complied with (Article 20a Pension Funds Act).