Actuaries and parties with comparable knowledge

Individuals can be approved by the Central Bank of Iceland to carry out the tasks of actuaries on certain life insurance companies and to carry out actuarial assessments on the activities of pension funds.

Thus, a life insurance company that falls under the exemption provisions, pursuant to paragraph 3 of Article 3 of Act no. 100/2016  on Insurance Activities (i.e. a life insurance company that is exempt from the Solvency II Directive) secures the services of actuaries or specialists with comparable knowledge, who carry out the necessary actuarial calculations and assessments for the company, cf. paragraph 3 of Article 48 of the same Act. Only parties that have been approved by the Central Bank, cf. paragraph 6 of the same Article, may undertake such work for such a life insurance company.

The board of directors of a pension fund shall also have an actuarial assessment of the fund's finances carried out annually in accordance with Article 39 of Act no. 129/1997 on Mandatory Pension Insurance and the Activities of Pension Funds and the provisions of the regulations set by the minister, cf. paragraph 1 of Article 24 of the same Act. An actuarial assessment shall be conducted by an actuary or a specialist with comparable knowledge, who has been approved by the Central Bank for such work, in accordance with Act no.100/2016, cf. paragraph 2 of Article 24 of Act no. 129/1997.

If a party requests the approval of the Central Bank to take on tasks for life insurance companies or pension funds, the party shall submit an application to that effect to the Central Bank.

In assessing whether parties should be granted approval, the Central Bank takes into account the actuarial science syllabuses, cf. those issued by the International Actuarial Association (IAA) or the Actuarial Association of Europe (AAE). In addition, consideration is given to whether a party has work experience that is useful for the occupation.

The following individuals have been approved by the Central Bank: