Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=127132
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, in accordance with article 3. lovbekendtgørelse nr. 848 of 7. September 2009, 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 completed one of the following courses:
1) Actuarial training from a Danish University (URcand.act.).
2) Actuarial training from another country, if the training includes
a) courses corresponding to the courses in insurance mathematics included in actuarial education at undergraduate level from a Danish University,
b) courses equivalent to the mandatory courses in mathematics, which are included in life insurance actuarial education at graduate level from a Danish University, and
c) courses in Danish insurance law and insurance accounts equal to the actuarial education at undergraduate level from a Danish University or equivalent.
3) an education akin to nr. 1 (as MSC, MSC State., Cand.Scient. oecon.) or an equivalent foreign degree. Training must be supplemented with courses in insurance mathematics, as well as courses in Danish insurance law and insurance accounts equal to the actuarial education at undergraduate level from a Danish University or equivalent. Training must be supplemented with courses in addition to this equivalent to the mandatory courses in mathematics, which are included in life insurance actuarial education at graduate level from a Danish University.
(2). The responsible actuary shall after the end of the paragraph 1, nr. 1, said training have attended practical actuarial work within life insurance mathematics, workers ' compensation insurance or in the labour market occupational disease insurance full time for at least 5 years within the last 10 years. At least 1 of the 5 years must be in close cooperation with a person in charge of the actuary in the mentioned companies.
(3). The responsible actuary shall after the end of one of those referred to in paragraph 1, no. 2, 1. sentence, or (1) (8). 3, 1. sentence referred to education have participated in practical actuarial work for life insurance companies, lateral pension funds or labour market occupational disease insurance full time for at least 6 years within the last 10 years. The responsible actuary shall after the end of one of those referred to in paragraph 1, no. 2 or 3 courses (including the herein mentioned additional courses) have been working closely with a responsible actuary in one of the companies referred to in the first sentence in at least 1 of the 6 years.
(4). 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. 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.
§ 5. 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
§ 6. 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. § 7.
(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.
The person in charge of the aktuars report
§ 7. 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.
§ 8. The report must in Setup and content shall be drawn up in accordance with the entries listed in 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.
§ 9. The report can also act as an actuarial report referred to in article 6. § 6. In this case, supplementary report must comply with the provisions of paragraphs 2 to 4.
(2). The report's 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 6 (3),
2) paragraph 1.5., which shall include information on whether aktuaren has received all of the information requested, without prejudice. section 6, paragraph 4, and, where appropriate,
3) point 1.6., which shall contain separate information about the annual report after aktuarens opinion, do not give a true and fair view of the company's actuarial conditions if aktuarens control implies that this after the person's perception is the case, see. § 6, paragraph 5.
(3). The report must be submitted and signed by the Board of Directors, see. § 6, paragraph 6.
(4). The report must be received in the Danish financial supervisory authority, not later than 10 days after the labour market occupational disease Insurance Board has approved the annual report for the year in the report relate. § 6, paragraph 7.
Date of entry into force of
§ 10. The notice shall enter into force on the 1. November 2009.
(2). At the same time repealed Executive Order No. 62 of 8. February 2008 on the responsible actuary in labour market occupational disease insurance.
The Danish financial supervisory authority, the 28. October 2009 Ulrik Nødgaard/Per Ploug man Bærtelsen Annex 1
The content of aktuarens account for labour market occupational disease insurance
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 inform
(a) the number of persons employed, all year)
b) prize size, and
(c)) the injury cost per full-year workers.
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
Transferred to the next year
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 must explain the differences between 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 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.
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