The requirements are set out in the Central Bank of Ireland’s Domestic Actuarial Regime, which became effective on 1st January 2016.
- All high, medium high and medium low impact Solvency II undertakings shall engage a reviewing actuary (the “RA”) to conduct a peer review of the TPs of the undertaking and the related AOTPs and ARTPs.
- The RA shall produce a Peer Review Report which shall provide the undertaking with an independent view of its TPs. An independent view of the approach taken by the HoAF in reaching his or her opinion on the AOTPs shall also be included within the report along with any limitations or reliance’s that were made in providing the report.
- A peer review shall be conducted:
- a. For high impact undertaking at least every 2 years.
- b. For medium high impact undertaking at least every 3 years.
- c. For medium low impact undertaking at least every 5 years.
The Life Actuarial Practice of Mazars in Ireland is available to conduct a Peer Review for you. We have an experienced HOAF who will be the Reviewing Actuary (Peer Review Actuary).
We recommend that the peer review would be structured as follows:
- Early engagement – preferably by mid-year.
- Work spread over the year, to minimise the impact on clients at peak times:
- Pre-Year End Phase 1
- Review of relevant policies.
- Review of prior year-end methodology, actuarial models, assumptions, data, actuarial function report, etc.
- Pre-Year End Phase 2
- Review of changes proposed.
- Post-Year End Phase 3
- Review of process, calculations, results.
- Review of YE process, calculations, results, ARTP and AOTP.
- Ongoing communication and engagement with management and the resources involved in the process.
- Periodic updates to the board/audit committee.
- Final report aligned with board signoff of YE Solvency II returns.