Our Actuary Department is basically managed by Actuary Gloria Inés Arienti together with a team of advanced students of the actuary career. Actuary Gloria Inés Arienti has been a member of the Honorable Court of Ethics of the Professional Council of Economics of the Province of Buenos Aires since 1999. In 2003 she wa appointed Full Member.
This Department is in charge of the following:

Actuarial Audit:

It acts in coordination with the audit team works appointed in the Insurance Companies to make the evaluation of the technical commitments in accordance with the provisions issued by The Insurance Superintendence of the State.

This includes: revision and/or calculation of the Mathematical Reserves, Life Annuity Reserve, Labor Risk Reserves, Risks in Course Commitments, IBNR Reserves and other Reserves, issuing the pertinent certification in each case

New Product Development:

According to the ample knowledge of the market and of the market trends, the Department projects new insurance products to be offered to Insurance Companies, as well as Savings and Loan Plans for Determined Purposes, in general, closed groups.

Likewise, our Actuary Department undertakes the preparation of all the necessary documents, their filing with the Controlling Authorities, answer to interlocutory orders, rate elaboration, and the subsequent technical advice once the product has been authorized, which is necessary for its commercialization.

Updating of the insurance plans in circulation:

The Department works update rates on existing plans in accordance with the international technical development and with the new market trends.

Technical-actuarial advice:

We provide technical-actuarial advicee for all fields: Life Insurance – Health – Retirement – Assets – Labor Risks – Retirement and Pension Integrated System.

The same includes:

Implementation of efficient coordination means between technical and IT areas.
Strategies for the development of effective underwriting policies.
Reinsurance: Evaluation of limits of economic and financial surplus required by law to commercialize products that operate with reinsurance.
PML Research (Probable Maximum Loss) in specific risks.
Producing of explanatory reports about the technical requirements issued by the Insurance Superintendence of the State.

Comprehensive Advice for Work Risk Coverage (Law 24.557)

It includes:

Setting and updating of rates in accordance with the rules in force.
Calculation of advance payments and compensations for death and disablement benefits.
Analyses of complementary life annuities, calculation of mathematical reserves.

Advice for the calculation of IBNR reserves

Replacement of Section 39 of the General Regulations of the Insurance Course of Business (Resolution Number 29.053, dated 12/23/2002) binds Companies to calculate commitments for incurred but not reported claims, called IBNR Reserve, as from the Financial Statements closed on September 9th 2003. To such respect, our Company provides the following services:

In-Company training through lectures and exposure of the methodology to be implemented.
Handing-in of a booklet with the main guidelines to be followed for a proper calculation.
Ongoing advice and review of the calculation in accordance with the provisions issued by the Controlling Authorities.

Special review and analysis to support Claim and Reinsurance Departments.

The Actuary Department acts as technical support of the Claim Department of our Company, in the following:

- The accounting audit of claims, calculation of claim coefficient, evaluation of commitments for pending claims and Deviation and Insufficiency Reserves.
- Claim management analysis. Here, technical, legal and managerial viewpoints are integrated.

Likewise, the Actuarial Department acts as technical support of the Reinsurance Department of the Company, in the following cases:

- Analysis of the impact of reinsurance in the technical results of the products.
- Analysis of the contracting conditions and evaluation of reasonable costs.
- Analysis of transferences and recoveries.

PENSION AND PRIVATE RETIREMENT FUNDS

The Actuarial Department designs this product tailored for the following cases:
1. Mutual Companies
2. Corporations
3. Private Banks

This consists in creating a pension or private retirement fund administrated by the Mutual Company or the Company, according to the features jointly agreed, in order to give a greater benefit to the employee. The pension contribution may be in charge of the Company or in charge of the employee or associate to the mutual Company or may be a mixed contribution.
It may be used to send the voluntary contributions to an AFJP, that, in general, is a means to benefit employees with a certain hierarchy. It may also be paid to the fund with a major benefit for the employee and the employer.

These funds may be aimed to provide an additional coverage in disablement, old age or death contingencies, or to grant loans or the possibility to withDrw a certain amount thereof.

Long-term solvency of the regime created is evaluated periodically, that is to say, to be technically acquainted of the equilibrium situation or verify if the financing system used and the planned level of contributions and future rates remain the same.

Likewise, if it is decided to introduce any modification thereof, they have to be evaluated not to affect the actuary equilibrium.