The person appointed to a company carrying out long-term business as required by the FSA. The main statutory role of the appointed actuary is to carry out regular valuations of the insurer’s reserves needed to meet future liabilities. He must also advise the board on actuarial matters, including the fair treatment of policyholders. The person appointed must hold a prescribed professional qualification. The FSA plans to change the role of the actuary and place more responsibility on directors. However, the FSA proposes a new required actuarial function headed by an individual to advise the directors, calculate the insurer’s liabilities and liaise closely with the appointed actuary who, like the individual, will require approved person status.
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An actuary appointed by an insurance company charged with documenting the liability reserve of an insurer.