Actuarial governance. A discussion paper

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At the current time, the whole basis of regulation of the financial services industry is undergoing considerable change and the regulation of the insurance industry, in particular, is under intense scrutiny as a result of recent high profile cases such as the Equitable and Independent Insurance. Although the Appointed Actuary system is perceived to have worked well in the past, the perception is also that the influence of Appointed Actuaries has been gradually reduced over the last few years with the role narrowing towards an increasingly detailed set of formal requirements. This has led to some concern that changes may be required if Apointed Actuaries are to carry out their responsibilities effectively.