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
Previous ArticleEBA Consults on Amended Technical Standards on Passport Notification
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.