Entire Section

  • PIN 7.2 PIN 7.2 The requirement for an actuarial report on general insurance business

    • PIN 7.2.1

      Subject to PIN Rule 7.2.2, this section applies to Insurers conducting General Insurance Business.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

    • PIN 7.2.2

      Where an Insurer attributes General Insurance Business to a Long-Term Insurance Fund in accordance with PIN Rule 3.3.4, this section does not apply to that business.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

    • PIN 7.2.3

      (1) An Insurer, other than a Captive Insurer, must provide to the DFSA as at each reporting date a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in PIN section 7.5.
      (2) Notwithstanding (1), the DFSA may by written notice require a Captive Insurer to provide, for the period specified in the notice, a written report relating to its General Insurance Business, prepared by an Actuary who has the qualifications set out in PIN section 7.5.
      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] DFSA RMI296/2021 (Made 24th February 2021). [VER17/04-21]

    • PIN 7.2.4

      This report must provide details in respect of each Class of Business, of:

      (a) significant aspects of the recent experience of the Insurer;
      (b) the Actuary's estimate of the value of General Insurance Liabilities and of assets arising in respect of those liabilities, determined in accordance with PIN chapter 5;
      (c) where there has been a change in the assumptions or in valuation method from that adopted at the previous valuation, the effect of these changes on the General Insurance Liabilities and assets arising in respect of those liabilities, as at the reporting date;
      (d) the adequacy and appropriateness of data made available to the Actuary by the Insurer;
      (e) procedures undertaken by the Actuary to assess the reliability of the data;
      (f) the model or models used by the Actuary;
      (g) the assumptions used by the Actuary in the valuation process including, without limitation, assumptions made as to inflation and discount rates, future expense rates and, where relevant, future investment income;
      (h) the approach taken to estimate the variability of the estimate; and
      (i) the nature and findings of sensitivity analyses undertaken.

      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]