Actuarial Services For Friendly Societies
Allen Truslove has been actively involved in the supervision of friendly societies since 1983. He is currently Appointed Actuary to a substantial proportion of the registered friendly societies in Victoria, New South Wales and Queensland and provides the following actuarial services in relation to friendly societies and life insurance offices:
Annual actuarial investigations
- Determination of the financial condition of each statutory fund of the Company as per section 113 of the Life Insurance Act 1995;
- Required for lodgement of annual financial statements.
Quarterly FIMS returns
- Valuation of policy liabilities and future bonuses as per Life Insurance Act 1995 Prudential Rules No 48;
- Calculation of Solvency, Capital adequacy and Management capital requirements;
- Required for collection of quarterly statistics required under the Prudential Standards.
- Determination of terms, conditions and calculation methodologies for new policies;
- Investigation of existing and proposed reinsurance arrangements;
- Advice regarding restructure or termination of benefit funds;
- Required prior to any modification of policy or benefit arrangements of a friendly society.
Subsiduary actuarial services
- Additional valuations and actuarial advice relating to the Company’s subsiduary health insurance and retirement village business;
- Usually required in conjunction with annual actuarial investigations.
Friendly society actuarial consulting services are usually billed based on hourly rates, although we can provide fixed fee quotations on a per statutory fund basis. Please contact us to find out further information.
Further information regarding friendly society supervision is available at:
- Australian Prudential Regulation Authority
- Life Insurance Actuarial Standards Board
- Australian Friendly Society Association
- Life Insurance Act 1995
- Institute of Actuaries of Australia