Saudi Arabia – Regulations of actuarial work issued
Friday, 01 08 2016, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority issued today “the laws regulating actuarial work in insurance and reinsurance companies” which aim at setting high quality standards for actuarial work in the Kingdom.
“SAMA” compels insurance and reinsurance companies to abide by the regulations within the maximum date of 1 January 2017.
The law specifies the procedures in order to appoint an actuary, his role, responsibilities where the actuary applies probability and statistics which constitute an important factor in the pricing of services and calculating liabilities and reserve accumulation.