Duties and Obligations of AA

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....d obligations of an AA shall include the following:- (1) Rendering actuarial advice to the IIO, in particular in the areas of product design and pricing, insurance contract wording, investments and reinsurance; (2) Ensuring the solvency of the IIO at all times and maintaining the required control level of solvency margin; (3) Complying with the provisions of the Insurance Act, 1938, in re....

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....fined above; (10) Ensuring the appropriateness of the methodologies and underlying models used, the assumptions made, and the sufficiency and quality of the data used in the calculation of mathematical reserves, reserves for Incurred But Not Reported (IBNR) Claims and other reserves including Incurred But Not Enough Reported (IBNER) Claims and Premium Deficiency Reserve (PDR), as applicable; ....

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....sional practice; and as per his discretion, any other relevant information. (14) Ensuring the IIO's business specific requirements in respect of - (a) Life insurance business - (i) Recommending bonuses payable to the policyholders; (ii) Ensuring that the valuation of liabilities and distribution of surplus to the participating policyholders are done in a fair manner; ....