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Dubai Financial Services Authority (DFSA): Contents

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Prudential — Insurance Business Module (PIN) [VER15/01-18]
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PIN 7.4.1



Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

When appointing an ActuaryG to prepare a report under PIN section 7.2 or PIN 7.3, an InsurerG must ensure that there is an agreement in writing which legally binds the ActuaryG in accordance with the following provisions:

(a) the contract must require the ActuaryG to prepare his report in accordance with the provisions of PIN section 7.2 or PIN 7.3 as the case may be;
(b) the contract must require the ActuaryG to prepare the report using assumptions and methods that are, in the opinion of the ActuaryG , appropriate for the purposes of the report;
(c) the contract must require the ActuaryG to deliver the report to the Insurer'sG directors within such time as to give the directors a reasonable opportunity to consider and use the report in preparing the Insurer'sG Annual Regulatory ReturnG for the reporting period ended on the reporting date;
(d) the contract must require and permit the ActuaryG to address the directors of the InsurerG if the ActuaryG believes that there is a matter relating to the financial position or operations of the InsurerG that should be brought to the attention of the directors; and
(e) the contract must require and permit the ActuaryG to address the DFSAG if the ActuaryG believes that a matter brought to the attention of the directors of the InsurerG is not adequately dealt with by bringing it to the attention of the directors.

Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]