• PIN 7.5 PIN 7.5 Qualifications of the actuary

    • PIN 7.5.1 PIN 7.5.1

      An Actuary appointed to provide an actuarial report under this Chapter must:

      (a) have experience in the determination of liabilities in the Classes of Business dealt with in the actuarial report; and
      (b) have the required skill and experience to perform his functions under the Rules and Regulations.

      • Guidance

        The Rules do not require an Insurer to use the same Actuary for all reports. An Insurer may provide separate reports, prepared by more than one Actuary, where the Insurer undertakes different Classes of Business, provided that each Actuary is appropriately qualified for the Classes of Business on which he reports. Similarly, an Insurer may appoint different Actuaries, each appropriately qualified, to provide reports in respect of Insurance Business conducted in or in respect of different geographical locations, for example ADGM Insurance Business and other Insurance Business.

    • PIN 7.5.2

      An Insurer must notify the Regulator in writing of the name, professional qualifications and relevant experience of each person that the Insurer proposes to appoint to provide an actuarial report under this Chapter.

    • PIN 7.5.3

      The Regulator may, if it does not believe that the Actuary proposed by the Insurer possesses the qualifications set out in Rule 7.5.1, notify the Insurer in writing that another Actuary must be appointed.

    • PIN 7.5.4

      An Insurer must notify the Regulator immediately on the termination or resignation of its Actuary, giving the reasons for such termination or resignation.