Versions

 

PIN 7.4.1

When appointing an Actuary to prepare a report under PIN section 7.2 or PIN 7.3, an Insurer must ensure that there is an agreement in writing which legally binds the Actuary in accordance with the following provisions:

(a) the contract must require the Actuary to prepare his report in accordance with the provisions of PIN section 7.2 or PIN 7.3 as the case may be;
(b) the contract must require the Actuary to prepare the report using assumptions and methods that are, in the opinion of the Actuary, appropriate for the purposes of the report;
(c) the contract must require the Actuary to deliver the report to the Insurer's directors within such time as to give the directors a reasonable opportunity to consider and use the report in preparing the Insurer'sAnnual Regulatory Return for the reporting period ended on the reporting date;
(d) the contract must require and permit the Actuary to address the directors of the Insurer if the Actuary believes that there is a matter relating to the financial position or operations of the Insurer that should be brought to the attention of the directors; and
(e) the contract must require and permit the Actuary to address the DFSA if the Actuary believes that a matter brought to the attention of the directors of the Insurer is not adequately dealt with by bringing it to the attention of the directors.

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