Article from The Actuary website:
A third of insurers will change team structure under Solvency II
John Hoskin, associate at Barnett Waddingham, said under the new regime insurers were required to allocate staff to specific key functions, and bigger firms were more likely than smaller companies to be re-organising teams.
Speaking at an event in London, Hoskin said Barnet Waddingham carried out the survey to discover how firms were reacting to Solvency II because there was “ongoing confusion” about roles and responsibilities.
He said the firms that were changing structures were doing so to allocate more functions to chief actuaries.
Two thirds of respondents said the chief actuary would be responsible for the calculation of technical provisions and solvency capital requirements.
Under Solvency II there are three “lines of defence” covering issues around management responsibilities, policies and working practices, and the survey found just under a third of respondents thought chief actuaries should be involved with these functions.
Almost a fifth of respondents thought chief actuaries should have a seat on the board, 88% believed the chief finance officer should and 44% thought the chief risk officer should be in the boardroom.
Posted on Wednesday Oct 21