Role of the HAF

Question 1

Describe the role of the HAF (3)

Answer 1

1. Co-ordinate/oversee the calculation of the technical provisions
2. Ensure the appropriateness of the methodologies underlying models used as well as the assumptions made in the calculation of the TPs
3. Assess the sufficiency and quality of the data used in the calculation of the TPs
4. Compare best estimate against experience
5. Inform the Board of the reliability and adequacy of the calculation of the TPs
6. Express an opinion on the underwriting policy
7. Express an opinion on the adequacy of reinsurance arrangements
8. Contribute to the effective implementation of the risk management system