THE COMMISSIONER: Now, I think the witness has not affirmed the content of them, has he? I think he has not. MR CHESHIRE: I am not sure THE COMMISSIONER: It might be as well to begin with that. MR CHESHIRE: I am to have him do so. Those statements, are the contents of them true to the best of your knowledge, information and belief?Yes, they are. Thank you. Thank you, Commissioner. THE COMMISSIONER: Yes, thank you, Mr Martin. Yes, Ms Orr. <CROSS-EXAMINATION BY MS ORR [11.52 am] MS ORR: Mr Martin you’ve held the position of chief actuary and risk officer for the ClearView Group since 2011 when you joined ClearView?That’s correct. And you worked in the life insurance and wealth management industry before that time with a total period of working in that industry of 36 years, you tell us?Correct, yes. And your work has predominantly been in actuarial roles. Is that right?Correct. You’ve been put forward by ClearView to answer questions in relation to ClearView’s life insurance business?That’s correct, yes. What is your role as chief actuary for the ClearView Group involve?Well, chief actuary and risk officer my role is concerned, really, around financial management of the group, actuarial concerns and broad risk management across the group. So I am not quite sure how far you would like me to go on that statement. I would like to understand the difference between your role as chief actuary and your role as chief risk officer?There is an element of overlap. As actuary or chief actuary I am mostly concerned around the broad financial management of the group. So product pricing, profitability, capital management and and reserving for the for – – the group, although in terms of the life company itself there is an appointed actuary who has specific responsibilities for the actuarial role within the life company. For the risk management function it really goes to broader oversight of the risk management framework for the group which goes from the financial advice business across the life company and into the funds management business, everything from interest around reinsurance strategies through to operational risk, strategic risk and suchlike.
THE COMMISSIONER: Now, I think the witness has not affirmed the content of them, has he? I think he has not. MR CHESHIRE: I am not sure THE COMMISSIONER: It might be as well to begin with that. MR CHESHIRE: I am to have him do so. Those statements, are the contents of them true to the best of your knowledge, information and belief?Yes, they are. Thank you. Thank you, Commissioner. THE COMMISSIONER: Yes, thank you, Mr Martin. Yes, Ms Orr. <CROSS-EXAMINATION BY MS ORR [11.52 am] MS ORR: Mr Martin you’ve held the position of chief actuary and risk officer for the ClearView Group since 2011 when you joined ClearView?That’s correct. And you worked in the life insurance and wealth management industry before that time with a total period of working in that industry of 36 years, you tell us?Correct, yes. And your work has predominantly been in actuarial roles. Is that right?Correct. You’ve been put forward by ClearView to answer questions in relation to ClearView’s life insurance business?That’s correct, yes. What is your role as chief actuary for the ClearView Group involve?Well, chief actuary and risk officer my role is concerned, really, around financial management of the group, actuarial concerns and broad risk management across the group. So I am not quite sure how far you would like me to go on that statement. I would like to understand the difference between your role as chief actuary and your role as chief risk officer?There is an element of overlap. As actuary or chief actuary I am mostly concerned around the broad financial management of the group. So product pricing, profitability, capital management and – and reserving for the – for the group, although in terms of the life company itself there is an appointed actuary who has specific responsibilities for the actuarial role within the life company. For the risk management function it really goes to broader oversight of the risk management framework for the group which goes from the financial advice business across the life company and into the funds management business, everything from interest around reinsurance strategies through to operational risk, strategic risk and suchlike.
transcript-10-September-2018.docx