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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Prudential — Insurance Business Module (PIN) [VER15/01-18]
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  • PIN 7.2 The requirement for an actuarial report on general insurance business

    • PIN 7.2.1

      Subject to PIN Rule 7.2.2, this section applies to InsurersG conducting General Insurance BusinessG .


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

    • PIN 7.2.2

      Where an InsurerG attributes General Insurance BusinessG to a Long-Term Insurance FundG in accordance with PIN Rule 3.3.4, this section does not apply to that business.


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

    • PIN 7.2.3

      Every InsurerG must provide to the DFSAG as at each reporting date a written report relating to its General Insurance BusinessG , prepared by an ActuaryG who has the qualifications set out in PIN section 7.5.


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

    • PIN 7.2.4

      This report must provide details in respect of each Class of BusinessG , of:

      (a) significant aspects of the recent experience of the InsurerG ;
      (b) the Actuary'sG estimate of the value of General Insurance LiabilitiesG and of assets arising in respect of those liabilities, determined in accordance with PIN chapter 5;
      (c) where there has been a change in the assumptions or in valuation method from that adopted at the previous valuation, the effect of these changes on the General Insurance LiabilitiesG and assets arising in respect of those liabilities, as at the reporting date;
      (d) the adequacy and appropriateness of data made available to the ActuaryG by the InsurerG ;
      (e) procedures undertaken by the ActuaryG to assess the reliability of the data;
      (f) the model or models used by the ActuaryG ;
      (g) the assumptions used by the ActuaryG in the valuation process including, without limitation, assumptions made as to inflation and discount rates, future expense rates and, where relevant, future investment income;
      (h) the approach taken to estimate the variability of the estimate; and
      (i) the nature and findings of sensitivity analyses undertaken.

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