FRIENDLY SOCIETIES

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:

FRIENDLY SOCIETIES

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.
Actuarial advice
  • 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

Further information regarding friendly society supervision is available at: