Actuarial Model Governance: A Survey of Actuarial Modeling Governance and the Industry Evolution Report

The Modeling Section and the Financial Reporting Section are pleased to make available a new report on actuarial modeling governance. This study is an update of an initial 2012 study examining the current state of actuarial modeling controls within U. S. and Canadian life insurance and annuity companies. Authored by a Deloitte Consulting LLP research team led by Jason Morton and Thomas Chamberlain, this report summarizes the results of an online survey and follow-up discussions with survey respondents. The current state was then compared to the results from the 2012 study on this topic to examine the evolution in actuarial model controls and governance. The report also provides an industry assessment and proposes considerations for enhancing the current state towards a well-controlled governance framework.

The Sponsors would like to thank the following individuals that served on the Project Oversight Group as well as the insurers that participated in the survey.

Tim Bischof
JoAnn Davis-Valz
Michael Failor
Ron Harasym
Michael McDermid
Eric Schwartz
Jan Schuh, Sr. Research Administrator
Ronora Stryker, SOA Research Actuary