Regulatory Alerts2003-09-12
FMA Circular on Requirements for the Responsible Actuary Regarding State-Sponsored Retirement Provision
The Financial Market Authority issued this circular to define the supervisory framework for actuaries managing state-sponsored retirement provisions under the 2003 Insurance Supervision Act amendments. It mandates that responsible actuaries annually confirm the appropriateness of internal models and parameters, providing detailed justifications and immediate notification to the FMA if models are deemed unsuitable. The document further requires continuous monitoring of model implementation, strict reporting of deviations, and full transparency regarding volatility data sources and capital guarantee terms.
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