(1) An insurance undertaking or reinsurance undertaking shall establish and maintain an effective actuarial function -

(a) to coordinate the calculation of technical provisions,

(b) to ensure the appropriateness of the methodologies and underlying models used as well as the assumptions made in the calculation of technical provisions,

(c) to assess the sufficiency and quality of the data used in the calculation of technical provisions,

(d) to compare best estimates against experience,

(e) to inform the board of directors of the reliability and adequacy of the calculation of technical provisions,

(f) to oversee the calculation of technical provisions in the cases set out in Regulation 95,

(g) to express an opinion on the overall underwriting policy,

(h) to express an opinion on the adequacy of reinsurance arrangements, and