Review of the financial position by the Responsible Actuary
Abstract
The following statements set out minimum requirements for members of the DAV when reviewing the financial position of the life insurance company in accordance with section 141 (5) no. 1 of the German Insurance Supervision Act.
Professional standards of practice are DAV publications that – together with the rules of professional conduct – set out the fundamental principles for the correct practice of actuarial activities. Professional standards of practice are characterised by their
- treatment of specialist actuarial and professional issues,
- fundamental significance and practical relevance for actuaries,
- professional legitimisation through a implementation process that allows all actuaries to be involved in such implementation,
- correct application, with members being professionally safeguarded by a disciplinary process.
The professional standard of practice „Überprüfung der Finanzlage durch den Verantwortlichen Aktuar (Review of the financial position by the Responsible Actuary)“ is a guideline. Guidelines are professional standards with regulations that, except in justifiable individual cases, may not be deviated from, and which standardise specific questions.
