Independent Actuarial Review Service (Malaysia)

ACTOMATE

INDEPENDENT ACTUARIAL REVIEW SERVICES (MALAYSIA)

Malaysia insurers and takaful operators are required to maintain robust governance, valuation and capital management frameworks under Bank Negara Malaysia's regulatory requirements.

Actomate provides independent actuarial review services to help insurers demonstrate compliance, strengthen governance processes and provide assurance to Boards, management and regulators.

Our experienced actuarial team performs objective and independent assessments across valuation, participating business governance and capital adequacy frameworks.

valuation review

Covers the end-to-end regulatory actuarial valuation process, including:

Data governance and controls, including data extraction, reconciliation and validation processes
Actuarial models and model governance, including model documentation, controls and change management
Methodology and valuation approach adopted
Assumption setting and experience analysis, including review and approval processes
Analysis of valuation results and review
Internal review, governance and documentation supporting the valuation process
Preparation and review of regulatory returns and submissions to BNM
Other relevant activities

management of participating life business (MPB) review

Independent actuarial advice to support fair treatment of policyholders and sound governance practices. We assist the Board by:

Reviewing the MPB policy and governance framework, including actual alignment to the policy and effectiveness of the policy
Reviewing the asset share calculation and process including data, assumptions, methodology, system, documentation and result validation
Reviewing the Appointed Actuary’s recommendation to the bonus declaration, and relevant supporting analysis including annual bonus supportability study and sensitivity analysis
Evaluating the fair treatment of PRE in bonus recommendation and if any, the corresponding impact in meeting undue PRE to the company’s financial condition
Reviewing the quality and adequacy of information provided to the policyholders
Providing recommendations for improvements to the policy and on existing practices

ICAAP review

Independent review of capital calculations and solvency management processes. Our review covers:

The appropriateness of ICAAP relative to its size, nature of business, and complexity of its activities
The quality and completeness of data used as inputs to the ICAAP exercise
The appropriateness, reasonableness and validity of ICAAP methodology, assumptions and scenarios
The robustness of risk monitoring and reporting system relevant to ICAAP
The adequacy of ITCL trigger levels and capital management plan
The quality and effectiveness of risk monitoring and reporting system, including relevant controls and documentation

valuation review

Covers the end-to-end regulatory actuarial valuation process, including:

Data governance and controls, including data extraction, reconciliation and validation processes
Actuarial models and model governance, including model documentation, controls and change management
Methodology and valuation approach adopted
Assumption setting and experience analysis, including review and approval processes
Analysis of valuation results and review
Internal review, governance and documentation supporting the valuation process
Preparation and review of regulatory returns and submissions to BNM
Other relevant activities

management of participating life business (MPB) review

Independent actuarial advice to support fair treatment of policyholders and sound governance practices. We assist the Board by:

Reviewing the MPB policy and governance framework, including actual alignment to the policy and effectiveness of the policy
Reviewing the asset share calculation and process including data, assumptions, methodology, system, documentation and result validation
Reviewing the Appointed Actuary’s recommendation to the bonus declaration, and relevant supporting analysis including annual bonus supportability study and sensitivity analysis
Evaluating the fair treatment of PRE in bonus recommendation and if any, the corresponding impact in meeting undue PRE to the company’s financial condition
Reviewing the quality and adequacy of information provided to the policyholders
Providing recommendations for improvements to the policy and on existing practices

ICAAP review

Independent review of capital calculations and solvency management processes. Our review covers:

The appropriateness of ICAAP relative to its size, nature of business, and complexity of its activities
The quality and completeness of data used as inputs to the ICAAP exercise
The appropriateness, reasonableness and validity of ICAAP methodology, assumptions and scenarios
The robustness of risk monitoring and reporting system relevant to ICAAP
The adequacy of ITCL trigger levels and capital management plan
The quality and effectiveness of risk monitoring and reporting system, including relevant controls and documentation

Speak to Our Specialists

Whether you require an independent valuation review, participating life business or capital adequacy assessment, our actuarial specialists can help you meet regulatory expectations and strengthen governance practices.

WHY CHOOSE US

UNDERSTAND YOUR REQUIREMENTS

DATA & ASSUMPTIONS REVIEW

VALUATION & MODELLING

VALIDATION & GOVERNANCE

SUBMISSION SUPPORT

Align with local regulatory frameworks and client-specific needs

Ensure completeness, accuracy, and appropriateness

Perform actuarial calculations using robust methodologies

Independent checks and documentation

Assist with regulator queries and audit reviews

PRACTICE LEADER

Jessie Leong
AIA C. Act

Reporting Lead

Jessie is an Associate Actuary and she is the Reporting Lead at Actomate. Jessie has over 5 years of experience in actuarial work, and has led various actuarial valuation projects across Malaysia, Cambodia, Laos, and Papua New Guinea.

Jessie is well-versed in local regulatory requirements and oversees all internal regular statutory and financial reporting, ensuring compliance with regulations and adherence to submission deadlines. Jessie is also heavily involved in IFRS 17 implementation projects for general and captive insurance companies. Apart from that, Jessie has contributed to the review and development of in-house IFRS 17 software, the PAA Robot. Jessie is proficient in Excel and Data3Sixty.

Jessie has worked with a diverse range of clients, including family takaful, general insurance, general takaful, captive insurance, reinsurance, and funeral service companies. Her expertise covers actuarial valuation, financial reporting, reinsurance optimization, capital modeling, and product pricing. Jessie also has experience assisting audit firms with actuarial-related audit work.

Jessie graduated with First-Class Honours in BSc (Hons) Actuarial Science from Heriot-Watt University, Malaysia. Jessie is currently studying towards attaining Fellowship of the Institute and Faculty of Actuaries (UK). Jessie is keen on exploring and applying her actuarial knowledge in both traditional and non-traditional areas of actuarial work.