From an actuarial point of view, insurance is mostly perceived as a mathematical puzzle, waiting to be solved. Setting assumptions, making sure the most recent market developments are taken into account, checking that models and their output are appropriate reflections of the insured risks, etc. And that is certainly a good thing! However, looking at insurance from a societal point of view, it is so much more than that. Policyholders rely on insurance companies to be there in their time of need as most policies really become relevant to them in case of retirement, death, disability, accidents or all sorts of losses. Policyholders have to put a lot of trust in insurance companies, and that is not to be taken lightly. How can we as actuaries make sure we keep earning and even promote that trust? Or, in order to translate this to Solvency II requirements: “are we fit and proper”?

Solvency II Directive, article 42:
“Insurance and reinsurance undertakings shall ensure that all persons who effectively run the undertaking or have other key functions at all times fulfil the following requirements:

1. their professional qualifications, knowledge and experience are adequate to enable sound and prudent management (fit); and
2. they are of good repute and integrity (proper).”

But what does this requirement actually mean? And how does this translate into real life? The seminar provides insights and food for thought on this sometimes intangible topic.

Organised by the EAA - European Actuarial Academy GmbH.

The seminar is developed within Solvency II in mind. But we will also touch upon the broader context. So this seminar is particularly directed to actuaries operating in the insurance field. Nevertheless, this seminar is interesting for everyone who would like to understand more of the concept, meaning and practical interpretation of “Fit and Proper” requirements.

No laptop is needed for this seminar.

The seminar will be throughout highly interactive with a mix of workshops and lectures. Not only the workshops will make the seminar interactive, but also the lectures will allow for discussion and are filled with practical examples, letting every attendee explore the meaning (or his or her own interpretation) of Fit and Proper.

The language of the seminar will be English.

Jules Krijgsman van Spangenberg (PwC)
Jules is a valued member of PwC’s Dutch Actuarial department since 2013. Providing the team with  a wide range of actuarial assurances, including audit support, data quality management, model validation, and implementation of actuarial function. As he brings these core competencies to the firm, he is often referred to as ‘the embodiment of the departments conscience’.
Jules is a member of the Royal Dutch Society of Actuaries (KAG), for which in the past 25 years he has fulfilled several positions. The most recent ones are member of the AAE’s ESAP 2 drafting team (European Standard of Actuarial Practice on the Actuarial Function Report) and chairman of the KAG committee providing practical guidance on preparing actuarial function reports.
After combining studying and working for the actuarial department of the University of Amsterdam, Jules began his consultancy career in 1985 working for a local Dutch actuarial firm. He specialized in designing and implementing software systems for insurance companies. After merging with an international actuarial consultancy firm in 1990 Jules was the head of the Amsterdam software department. From 1995 on his main assignments included process analyses and reviews, embedded value reviews for international insurance companies and appointed actuary sign-off responsibilities for Dutch based companies. As the Dutch officer of the European professional standards team, Jules has supervised quality delivery and provided peer reviews throughout all engagements.
From 2010 until 2013 Jules was Vice President Model Validation within an international insurance group based in the Netherlands, having responsibility for designing and running a global model validation policy and program. This program reached beyond the Solvency II internal model, by covering all financial and risk models, including those used for IFRS and local GAAP reporting.

Mara van Willigen (PwC)
Mara is also part of PwC’s Dutch Actuarial department. She started her career there in 2006 after completing her study in Econometrics and Operations research in Amsterdam. Now, over 11 years later, she is still working with much enthusiasm in the work field of actuarial services. She focusses on risk management, with special expertise in model validation, audit support.
During her career she also completed a Master degree in Actuarial Science as well as the Dutch post doc education at the Actuarial Institute in the Netherlands becoming a member of the Royal Dutch Society of Actuaries.
Mara is known for her good consulting skills and is able to communicate complex matters clear and simple. Therefore, she is able to act on different levels: leading a team, discuss technical issues with actuaries as well as communicating with the board. During her career she has executed and led many different projects, making her an all-round and multi employable actuary. Her interests in actuarial consultancy and human behavior in general makes her a perfect lecturer for this seminar about the concept of Fit and Proper.