Notice On The Person In Charge Of The Actuary In The Labour Market Occupational Disease Insurance

Original Language Title: Bekendtgørelse om ansvarshavende aktuar i Arbejdsmarkedets Erhvervssygdomssikring

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=114782

Overview (table of contents) Annex 1 The full text of the notice on the person in charge of the actuary in the labour market occupational disease insurance

Under section 63 a, paragraph 7, of the law on workers ' compensation insurance, see. lovbekendtgørelse nr. 154 of 7. March 2006 shall be fixed:

The scope of the

§ 1. This notice applies to labour market occupational disease insurance.

The responsible actuary

§ 2. The responsible actuary shall be employed in the labour market occupational disease insurance. Appointment and dismissal of the responsible actuary may only be carried out by the Board of Directors. The post of responsible actuary cannot be reconciled with the post of Director or member of the Board of Directors of the labour market occupational disease insurance.

§ 3. The responsible actuary must have passed insurance scientific master's degree from a Danish University, see. However, § 4.

(2). The responsible actuary must after finishing the exam have attended practical actuarial work within life insurance mathematics, workers ' compensation insurance or in the labour market occupational disease insurance for at least 5 years within the last 10 years. At least 1 of the 5 years must be in close cooperation with a responsible actuary. The responsible actuary must, as a minimum, have obtained a thorough knowledge of the preparation of the security plan, statement of provisions and the drafting of the annual report to the FSA.

§ 4. The Board of Directors of the labour market occupational disease controls can employ an actuary with exam from another country as responsible actuary whose training includes exams in graduate level mathematics in life insurance, non-life insurance mathematics and risk analysis and are supplemented with courses in Danish supervisory law and insurance contract law.

(2). The Board of Directors may appoint a person as the responsible actuary with related training as cand. Scient., MSC. State., MSC. Scient. Cand.oecon. or an equivalent foreign training, if the training is complemented by courses in Danish supervisory law and insurance contract law as well as exams at graduate level in life assurance, non-life insurance mathematics Mathematics and risk analysis.

§ 5. When the Board has hired a responsible actuary, this must be reported to the FSA within 14 days after the appointment.

(2). The Board shall by notification, in accordance with article 3. (1) a declaration that the responsible actuary is in compliance with the requirements under section 3.

(3). When the responsible actuary dismissed or resigns as a responsible actuary shall the Board of Directors and the responsible actuary no later than 1 month after the termination of employment to submit each report to the FSA about the background to this.

§ 6. The responsible actuary shall have access to all the information which he considers necessary for the performance of duties, including Board Protocol. Aktuaren must give the Danish financial supervisory authority the information necessary for the assessment of labour market Occupational security financial position.

(2). The Board of Directors shall draw up a functional description of the responsible actuary. Functional description should contain an overall description of the tasks to be performed in the capacity of the responsible actuary. Functional description can also contain a description of other tasks, as the responsible actuary performs as part of the operation of the labour market occupational disease insurance.

(3). Functional description should, if other employees performing tasks for the responsible actuary, parent indicate the distribution of tasks. Functional description should also contain the broad outlines of the person in charge of the aktuars delegation of tasks, including for the responsible aktuars the subsequent verification of the delegated tasks.

The person in charge of the aktuars reporting to the Board of Directors

§ 7. In connection with the adoption of the annual report of the Board of Directors shall be the responsible actuary draw up a written report to the Board of Directors.

(2). Actuarial report shall contain all the essential conclusions of relevance for financial reporting from aktuarens report to the FSA, see. § 8.

(3). Actuarial report shall contain a list of the year carried out reviews and comments.

(4). It must be stated whether the report of actuary responsible actuary has received all the information that is requested.

(5). If the person in charge of the aktuars control implies that the annual report in accordance with the person's perception does not give a true and fair view of the company's actuarial conditions, actuarial report presents separate disclosure thereon.

(6). Actuarial report must be signed by the responsible actuary and presented to and signed by the entire Board of Directors.

(7). No later than 10 days after the labour market occupational disease Insurance Board has approved the annual report, copy of the actuarial report be received in FSA.

(8). The Board of Directors must be familiar with all other significant conclusions in aktuarens report than those referred to in paragraph 2, no later than at the same time as the report submitted to the FSA.

The person in charge of the aktuars report

§ 8. The responsible actuary shall annually submit a report to the FSA.

(2). The report must be the Danish financial supervisory authority not later than 1 month after the labour market occupational disease Insurance Board has approved the annual report for the year, the report relates to.

(3). The Danish financial supervisory authority may, on application, grant a derogation from the time limit laid down in paragraph 2.

§ 9. The report consists of 8 sections, see. Annex 1. Sections and paragraphs of the report must have the same numbering as in annex 1.

(2). The report must have a table of contents with page statement of the points in the report.

(3). Find the responsible actuary, that under each section are additional conditions that have to be referred to the responsible actuary is bound to include these, possibly under the independent headlines in section 8.

(4). The responsible actuary must sign the report.

§ 10. If the report also will act as the actuarial report referred to in article 6. section 7, paragraph 1 shall be supplemented by a





1) paragraph 1.4., that will contain a record of the year carried out reviews and comments, see. section 7, paragraph 3.

2) paragraph 1.5., which shall include information on whether aktuaren has received all of the information requested, without prejudice. section 7, paragraph 4, and, where appropriate,

3) point 1.6., which shall contain separate information that financial statements do not give a true and fair view, in accordance with the aktuarens picture of the labour market occupational disease insurance actuarial conditions if aktuarens control implies that this after the person's perception is the case, see. section 7, paragraph 5.





(2). In addition, the report must be submitted and signed by the Board of Directors, see. section 7, paragraph 6.

(3). The report shall in this case no later than 10 days after the two sides of the occupational insurance Board has approved the annual report for the year have been received in the FSA.

Date of entry into force of

§ 11. The notice shall enter into force on the 15. February 2008 and applied for the first time in connection with the presentation of the financial statements for 2007. Annex 1, point 1.2., about information for industry subgroups and point 2.2., 2. paragraph, shall, however, only apply to reports submitted to the FSA in 2009.

(2). The 15. February 2008 repealed Executive Order No. 122 of 20. February 2006 on the responsible actuary in labour market occupational disease insurance.
The Danish financial supervisory authority, the 8. February 2008 Henrik Bjerre-Nielsen/Per Ploug man Bærtelsen Annex 1

1. General information

1.1. the Aktuaren shall brief express the conditions in which aktuaren finds is particularly important, and which are mentioned in the other sections. Set out below for essential launched initiatives and significant changed assumptions and assessment principles and its importance for the future development of Occupational labour market security.

1.2. the Aktuaren shall describe the portfolio. Including aktuaren for each industry subgroup must indicate:




(a) the number of persons employed, all year)

b) premium size and

(c)) the injury cost per full-year employees



Aktuaren must also indicate how this year's contribution revenue is fixed.

1.3. If audit of the hearing contains specific comments of actuarial nature, aktuaren inform and comment on these observations. Aktuaren must explain what measures including observations may have given rise to.

2. Profit for the year

2.1. Aktuaren must draw up a comprehensive actuarial analysis of the year's overall result, according to the financial statements corresponding to the following schema:









Analysis of the year's overall results







Us $.





Years





Year-1





Year-2





Year-3





Year-4







Contribution revenue



 

 

 

 

 





Result



 

 

 

 

 





Transferred to the next year




 

 

 

 

 





Claims incurred



 

 

 

 

 





Provisions



 

 

 

 

 





Drainage performance



 

 

 

 

 







On the basis of the information to aktuaren comment




a) development trends,

b) movements in the claims incurred,

c) movements in provisions and

d) movements in the record» transferred to next year '.



2.2. Aktuaren assessing the size of the entry» transferred to next year ' and explain that the size of the corresponding to that entry with great probability could intercept expected fluctuations in compensation payments, provisions and value of assets. Aktuaren should explain to the industry group associated pool for application of profits and losses is sufficient to eliminate unforeseen fluctuations in the annual contribution.

2.3. the Aktuaren shall make a comparison between this year's accounts and the year of contribution revenue. Aktuaren explains the differences between the accounts and defined contribution revenue.

2.4. Aktuaren will be conducting an analysis of costs.

2.5. Aktuaren must carry out a risk analysis of calculation base risk factors.

2.6. Aktuaren must make an analysis of this year's return on investment.

3. Labour market Occupational security solidity

3.1. Aktuaren assessing labour market Occupational security investment profile on the basis of the statement of entry» transferred to next year ' in point 2.1. Aktuaren must indicate whether the amount of lines transferred to next years ' has given the labour market occupational disease insurance rise to change (or thinking about changing) investment profile.

4. Technical provisions

4.1. Aktuaren must draw up an overview of the size of reserves for ongoing services and the amount of other compensation provision for the last five years.

4.2. the Aktuaren shall give an account of the scope and importance of capitalization.

4.3. Aktuaren must map to account for the calculation of provisions for annuities. Aktuaren shall also set out the course of the year provisions for annuities. The statement must be made for provisions for damages pending before the 1. January 2008 and for provisions for damages pending the 1. January 2008 or later.

4.4. Aktuaren must briefly outline for calculation of other compensation provision. Aktuaren must also account for this year's course of other compensation provision. The statement must be made for provisions for damages pending before the 1. January 2008 and for provisions for damages pending the 1. January 2008 or later.

4.5. Aktuaren must account for commitments outside the balance sheet.

5. Outward reinsurance

5.1. the Aktuaren shall describe the labour market occupational disease insurance reinsurance principles, including labour market Occupational security justification for the chosen principles and aktuarens evaluation thereof.

5.2. Aktuaren must inform and comment on this year's result of reinsurance.

5.3. Aktuaren shall inform the expectations for the future, including the assessment of whether or not to draw less/more reinsurance, that conditions remain reassuring.

6. Concrete orders, etc. from the Danish financial supervisory authority

6.1. If the FSA has given labour market occupational disease insurance specific injunctive relief or similar on the follow-up through the aktuarens account, aktuaren account for this.

7. The actuarial content in the activities and materials

7.1. the Aktuaren shall give an account of how the aktuaren controls the actuarial content in labour market Occupational security activities and material.

8. Other conditions

8.1. Here can indicate conditions that is not attributable to the above points or sections in the person in charge of the aktuars report, incidentally, but as aktuaren deems it appropriate that the FSA is aware of.