SAMA Issues Draft of Actuarial Work Rules for Insurance Companies
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
Related Links
Comment Due Date: December 13, 2019
Keywords: Middle East and Africa, Saudi Arabia, Insurance, Reinsurance, Actuarial, Governance, Actuarial Function, SAMA
Previous Article
BaFin Includes Crypto Custody Business as Service in Banking ActNext Article
BaFin Updates Notes on Reporting Under Solvency IIRelated Articles
PRA and FPC Finalize Changes to Leverage Ratio Framework in UK
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
CFPB Proposes Rule on Small Business Lending Data Collection
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
PRA Decides to Maintain O-SII Buffers for Another Year
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
FSB Report Assesses Implementation of Recommendations on Stablecoins
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
APRA Updates Loan Serviceability Expectations for Home Lending
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
CPMI and IOSCO Consult on Guidance on Stablecoin Arrangements
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
EBA and EIOPA Set Out Work Priorities for 2022
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
MFSA Issues Reporting Updates and Guidance for Banks
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
EC Publishes Decision on List of Equivalent Third Countries Under CRR
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC Rule on Contractual Recognition of Write-Down and Conversion Powers
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.
