PIN 7.5 PIN 7.5 Qualifications of the actuary
PIN 7.5.1 PIN 7.5.1
Actuaryappointed to provide an actuarial report under this chapter must:(a) have experience in the determination of liabilities in the Classes of Businessdealt with in the actuarial report; and(b) have the required skill and experience to perform his functions under the DIFCregulatory system.
PIN 7.5.1 Guidance
Rulesdo not require an Insurerto use the same Actuaryfor all reports. An Insurermay provide separate reports, prepared by more than one Actuary, where the Insurerundertakes different Classes of Business, provided that each Actuaryis appropriately qualified for the Classes of Businesson which he reports. Similarly, an Insurermay appoint different Actuaries, each appropriately qualified, to provide reports in respect of Insurance Businessconducted in or in respect of different geographical locations, for example DIFC Insurance Businessand other Insurance Business.
Insurermust notify the DFSAin writing of the name, professional qualifications and relevant experience of each person that the Insurerproposes to appoint to provide an actuarial report under this chapter.
DFSAmay, if it does not believe that the Actuaryproposed by the Insurerpossesses the qualifications set out in PIN Rule 7.5.1, notify the Insurerin writing that another Actuarymust be appointed.
Insurermust notify the DFSA immediately on the termination or resignation of its Actuary, giving the reasons for such termination or resignation.[Added] DFSA RM99/2012 (Made 24th July 2012) [VER12/07-12]