Featured Product

    SAMA Issues Draft of Actuarial Work Rules for Insurance Companies

    November 13, 2019

    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

    Related Articles
    News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News
    News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    News

    BIS Bulletin Examines Cognitive Limits of Large Language Models

    The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.

    January 25, 2024 WebPage Regulatory News
    News

    ECB is Conducting First Cyber Risk Stress Test for Banks

    As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.

    January 24, 2024 WebPage Regulatory News
    News

    EBA Continues Momentum Toward Strengthening Prudential Rules for Banks

    A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.

    January 24, 2024 WebPage Regulatory News
    News

    EU and UK Agencies Issue Updates on Final Basel III Rules

    The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards

    December 19, 2023 WebPage Regulatory News
    News

    Industry Agency Expects Considerable Uptake for Swiss Climate Scores

    The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.

    December 18, 2023 WebPage Regulatory News
    News

    BCBS Consults on Disclosure of Climate Risks, Issues Other Updates

    The Basel Committee on Banking Supervision (BCBS) launched consultation on a Pillar 3 disclosure framework for climate-related financial risks, with the comment period ending on February 29, 2024.

    December 18, 2023 WebPage Regulatory News
    News

    US Government Moves to Regulate Development and Use of AI Models

    The U.S. President Joe Biden signed an Executive Order, dated October 30, 2023, to ensure safe, secure, and trustworthy development and use of artificial intelligence (AI).

    December 18, 2023 WebPage Regulatory News
    News

    MAS Launches Gprnt Digital Platform for ESG Reporting for SMEs

    The Monetary Authority of Singapore (MAS) launched an integrated digital platform, Gprnt, also known as “Greenprint.”

    November 29, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8949