UAE – Licensing and registration rules for actuaries
Friday, 03 11 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority has finalizing the final draft of the rules governing the licensing and registration of actuaries as well the regulation of their activities before a final law is issued by His Excellency Engineer Sultan bin Saeed Al Mansouri, Minister of Economy, as the chairman of the Insurance Authority. Informed sources in the insurance market told the “Economic Bayan” that compelling the companies to appoint an actuary will reflect positively on the results of insurance companies during the year 2016 as actuaries set prices according to actuarial calculation. This will set fair prices for the risks covered in all insurance prices taking into consideration the profit margin.
The law will define the main functions of the actuary in preparing reports that protect insurers from risks as well the capital and reserving adequacy. They will also tackle solvency, pricing,, underwriting strategy, reinsurance, retention and portfolio management.
Source: Bayan - UAE