On 4 February 2022 the Adjudication Panel considered an allegation of misconduct against Mr Canagaretna FIA (the respondent). The allegation relates to his role as chief actuary at Company 1.
The panel found evidence to support that the respondent failed to ensure a Solvency II capital report and/or executive validation report for Syndicates A and B were compliant with the Reliability Objective within Technical Actuarial Standard 100 (TAS 100), in that: adjustments made outside of the core capital model for Syndicate A were not communicated to users of the capital report and/or validation report; and the reason for the adjustments to Syndicate A not being applied to Syndicate B was not communicated to users of the capital report and/or validation report. The panel also found associated breaches of paragraphs 1, 3.2, 3.3, 3.5 and 5 of TAS 100.
The panel upheld that the respondent’s actions were a breach of the Communication principle and the Competence and Care principle in the Actuaries’ Code (versions 3.0) and determined that these allegations disclosed a prima facie case of misconduct.
In considering sanction, the panel considered all relevant information and was satisfied that the appropriate and proportionate sanction in this case was a reprimand, a fine of £4,000 and a period of education, training or supervised practice.
Read a full copy of the published determination at bit.ly/IFoA_IDP_Determinations
