SAMA published draft of the actuarial work rules for insurance and reinsurance companies. The rules apply to insurance and reinsurance companies; their Boards of Directors, and senior management, actuaries, appointed actuaries or those whom are entrusted to carry out the work on their behalf, Heads of actuarial function, and actuarial services providers. Comments are requested within 30 days from November 13, 2019.
The objectives of the rules are to regulate the following:
- Minimum standards of actuarial practice within the Kingdom of Saudi Arabia.
- Minimum standards for the role and responsibilities of appointed actuaries, along with the procedures for their appointment.
- Minimum standards for the actuarial function of insurance and/or reinsurance companies within the Kingdom of Saudi Arabia and, where relevant, the Head of Actuarial Function.
- Responsibilities of the Board of Directors, senior management, and company as regards the appointed actuary and actuarial function.
- Minimum standards for the authorization of actuarial services providers
Comment Due Date: December 13, 2019
Keywords: Middle East and Africa, Saudi Arabia, Insurance, Reinsurance, Actuarial, Governance, Actuarial Function, SAMA
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