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Supervisory Issues in Actuarial Functions: CEE Leader Actuaries Seminar in Dubrovnik

The Sixth Annual Seminar of CEE Leader Actuaries, held in Dubrovnik, focused on supervisory issues related to actuarial functions. Key topics included the structure and responsibilities of the Hungarian Financial Supervisory Authority (HFSA), including consolidated supervision since 2000, the role of Chief Actuaries, and the importance of technical reserves, solvency margins, and premium calculations. Insights on the HFSA's supervisory methodologies, licensing processes, and international affairs were also discussed, emphasizing the need for effective actuarial practices in financial supervision.

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Supervisory Issues in Actuarial Functions: CEE Leader Actuaries Seminar in Dubrovnik

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  1. Supervisory Issues Regarding Actuarial Functions Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

  2. The structure of the Hungarian Financial Supervisory Authority (HFSA) • Consolidated supervision since 2000 • President with two vice-presidents (the Law under change) • Four Chief Advisors • Four Directorates (about 450 employees) • Information Technology • Analysis, Methodology and International Affairs (ACTUARIES!) • On-site and Off-site Financial Supervision • Licensing and Legal Enforcement • Consumer Protection Service Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

  3. The responsibilities of the Chief Actuaries • Technical reserves • Minimum solvency margin • Return of profit share • Premium calculation • Adequacy, completeness and consistency of the data • Actuarial report (since 2001) • Reserving policy (since 2001) Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

  4. Actuaries at HFSA • 14 employees (2 part timer) • a chief actuary (with the same conditions as the chief actuaries of the insurance companies) • 6 of them deal with insurance • 4 with pension funds • 2 with credit institutions Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

  5. The functions of the actuaries at HFSA • Supervisory and actuarial tasks according to the law and other connecting regulations • Participating in on-site and off-site inspections • Preparing regulations • Internal projects (e.g. Solvency II and Basel lI) • Licensing process (e.g. establishing a new company) • Supervisory methodologies and supervisory guidelines • International affairs Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

  6. On-site and off-site inspections • On-site inspections (prescribed by Law) • Comprehensive inspections (every second year) • Specific inspection (only one specific problem at an institution) • Theme inspection (in a case of problems at several institutions) Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

  7. Thanks for attention! Tatai.Agnes@pszaf.hu www.pszaf.hu Sixth Annual Seminar of CEE Leader Actuaries - Dubrovnik

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