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Formal validation of technical provisions has been a key area of focus for the Actuarial Function of many life (re)insurers.

This is not surprising given the explicit requirements set out in Articles 264 and 265 of the Solvency II Delegated Regulation, along with increasing scrutiny from Regulators, External and Internal Auditors, Reviewing Actuary, External Heads of Actuarial Functions and a myriad of other interested parties.

The bar continues to be raised, with the view that if the validation is not evidenced, then it has not been completed. KPMG have benchmarked approaches across the industry through our work in many of the roles outlined above.