Milliman Briefing Note - Head of Actuarial Control

While life insurers have historically been required to appoint a statutory actuary to fulfil some of the tasks expected of the Head of the Actuarial Control Function (HAC), this is a new requirement for short-term insurers. The responsibilities of the HAC can be broken down into three broad categories: financial soundness, risk management system and product specific considerations. All insurers should ensure that a suitably qualified individual is ready to take on the HAC role.