• PIN 7.4 PIN 7.4 Additional provisions relating to the report

    • PIN 7.4.1

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

      (a) the contract must require the Actuary to prepare his report in accordance with the provisions of Rule 7.2 or 7.3 as the case may be;
      (b) the contract must require the Actuary to prepare the report using assumptions and methods that are, in the opinion of the Actuary, appropriate for the purposes of the report;
      (c) the contract must require the Actuary to deliver the report to the Insurer's directors within such time as to give the directors a reasonable opportunity to consider and use the report in preparing the Insurer's annual Regulatory Return for the reporting period ended on the reporting date;
      (d) the contract must require and permit the Actuary to address the directors of the Insurer if the Actuary believes that there is a matter relating to the financial position or operations of the Insurer that should be brought to the attention of the directors; and
      (e) the contract must require and permit the Actuary to address the Regulator if the Actuary believes that a matter brought to the attention of the directors of the Insurer is not adequately dealt with by bringing it to the attention of the directors.
      Amended on (3 February, 2020).

    • PIN 7.4.2

      An Insurer that has appointed an Actuary to provide a report under Rule 7.2 or must make arrangements to enable the Actuary to undertake his functions, and in particular must:

      (a) keep the Actuary informed of the Insurer's business and other plans;
      (b) ensure that the Actuary is fully informed of the Rules in PIN applicable to the Insurer, as well as any other information that the Regulator has provided to the Insurer that may assist the Actuary in performing his duties; and
      (c) ensure that the Actuary has access at appropriate times to all relevant data and people which the Actuary reasonably believes is necessary to fulfill his obligations to the Insurer in respect of this Chapter.

    • PIN 7.4.3

      The Insurer must submit the reports referred to in Rule 7.2 and Rule 7.3 to the Regulator, at the same time as it submits its annual Regulatory Return for the reporting period ended on the reporting date.

      Amended on (3 February, 2020).

    • PIN 7.4.4

      Where an Insurer is not an ADGM Incorporated Insurer, a report prepared under Rule 7.2 or 7.3 must deal separately with ADGM Insurance Business of the Insurer, and the Insurance Business of the Insurer as a whole.

    • PIN 7.4.5 PIN 7.4.5

      Abbreviated details may be provided in a report prepared under the requirements of this Chapter in respect of a Class of Business that is not material.

      • Guidance

        For the purposes of Rule 7.4.5, a Class of Business that accounts for less than 10% of the Insurer's Net Written Premium in the reporting period ended on the reporting date and that accounts for less than 10% of the Insurer's Insurance Liabilities as at the reporting date, will normally be considered immaterial.