The Dutch regulator DNB reports that the implementation of the actuarial function in insurance companies can be improved. DNB investigated the ongoing implementation of the actuarial function at 9 insurances companies of different sizes. The implementation cannot be considered completed, and the governance needs to be improved.
In a meeting with the Royal Dutch actuarial community (“Koninklijk Actuarieel Genootschap” – AG) the DNB presented result from its research. The actuarial function is seen by the DNB as a key element in the further development of governance systems and quality assurance. Under Solvency II this role is required in the risk management framework.
SecondFloor as technology provider welcomes this result and the initiative to further strengthen governance. It is a strong confirmation to our customers that selected our Solvency II Service, for example as T4U replacement.
And the guidance by DNB confirms our product strategy for developing the technical capabilities that enable insurance companies to implement the actuarial function and strengthen the overall governance system.