UAE - Licensing and Registering of Actuaries
Thursday, 03 23 2017, Category: Insurance and Reinsurance, Country: U.A.E
The Board of Directors of the Insurance Authority, during the meeting, endorsed the Regulations on Licensing and Registering of Actuaries and Regulation of their Operations, stipulating that the actuary is the natural or legal person licensed to practice the profession of actuary by the IA and registered in the Register of Actuaries held with the IA.
No person shall practice the profession of actuary in insurance business in the State, unless he is licensed by the IA and registered in the Register of Actuaries and the license is annually renewed in accordance with the provisions of this Regulation, excluding the persons who, under the responsibility of the actuary, perform works supporting the actuary that is licensed and registered in the IA’s Register of Actuaries, provided that none of them shall sign the actuarial reports or certificates or any document related to the actuarial works or give any actuarial advice.
Actuary may combine insurance operations and other fields that may be conducted by the Actuary due to the nature thereof. Actuary may not combine between acting as an Actuary on one hand and as an insurance agent, insurance consultant, loss surveyor and adjustor, or any other insurance-related jobs on the other hand. Actuary may not combine between acting as an Actuary and any other position or job in the Company or any related company. The Company may not assign any person to practice actuarial operations, unless he is licensed and registered in the Register in accordance with the provisions of this Regulation.
Source: Insurance Authority