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Supervisory Issues Regarding Actuarial Functions

Supervisory Issues Regarding Actuarial Functions. 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)

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Supervisory Issues Regarding Actuarial Functions

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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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