ACSC 533 Lecture Notes - Lecture 31: Financial Institution, Pension, Life Insurance

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Different countries will have different roles for actuaries set out in legislation. Legislated roles are most common in life insurance, but are also found in other areas of insurance and in employer-sponsored pension plans. Actuaries may also be allowed, because of their actuarial qualifications, to give investment advice or other financial advice to individuals without meeting some of the licensing requirements for these services. Legislation varies from country to country and changes overtime. Rather than discuss country-specific examples, let"s view the bigger picture and consider some of the broad regulatory functions provided by actuaries. A term sometimes used to describe the supervision/regulation of some financial institutions whereby the supervising authority seeks to ensure that depositors are protected by the institution in question being financially sound. Certain types of financial institution, such as insurance companies and banks, are considered to need prudential supervision.

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