The company must, after obtaining SAMA's prior written approval, appoint an actuary (appointed actuary) who meets the requirements of Article (13) of the Actuarial Regulations issued by SAMA. It is prohibited for the appointed actuary to be a member of the board of directors or to be the managing director of the company or a related company. The records must include copies of the documents to be provided to the company and to SAMA and the master data from.
Advice on determining the allocation of surplus, profit or bonuses to insurance policyholders. Protection and savings with participation in profits. Explanation of the choice of all essential assumptions and the reason for their choice.
Data
Any financial, organizational or other dependency on any matter related to the subject of the report and any relevant information that is not obvious must be disclosed.
Set out results and conclusions clearly and comprehensively including any required
Explain the scope of the Peer Review process and the identity and credentials of the peer
Set out a glossary of terms used that may not be clear to the reader
Disclose any other relevant matters
Communication between the appointed actuary and senior management and the board of directors on actuarial matters must be timely and the method of communication must be appropriate, taking into account the purpose and importance of the subject matter. The purpose of the Peer Review process is to detect any problems in the actuarial services provided by the Appointed Actuary and correct them in a timely manner. The scope of the appointed actuary's compliance in the performance of the roles and responsibilities specified in this Regulation and Articles 20, 51 and 69 of the Implementing Regulations to the Law on the Supervision of Cooperative Insurance Companies.
If there are immediate or future threats facing the Company that may significantly adversely
Formal Reports for SAMA
The appointed actuary submits an annual report to the company's management, board of directors and SAMA by the end of the second month of the following financial year. The appointed actuary follows the detailed guidelines issued by SAMA from time to time.
6-3 The Appointed Actuary’s Responsibilities in Respect of the Data
The adequacy of the Company's technical provisions for General business and Health business, in addition to determining the adequacy of mathematical reserves for Protection & Savings business. Analysis of the actual investment returns earned by the Company's investment during the financial year. This reserve may only be accepted for the first three years of valuations after the Company begins writing long-term Protection and Savings business.
An appointed actuary's report will not include caveats requiring full reliance on others for data quality. The appointed actuary will carry out sufficient checks to be satisfied with the results of the report submitted. Data limitations must be fully corrected by the Company in the period in which they are identified.
Where full rectification is not possible, the time for rectification should be estimated by the Appointed Actuary and reported in the current report immediately after identifying data limitations, appropriate provision should be made to account for these data limitations in the report subject and progress reported in all relevant future reports until such data limitations. The appointed actuary will carry out a mid-year review exercise and submit a report to the Company's Management and Board of Directors, and the Company's Management must submit a report to SAMA by the end of the eighth month of the current year financial. The Appointed Actuary will follow detailed guidance issued by SAMA from time to time regarding the content of the mid-year report.
Updated projections for a three-year period, taking into account any planned surplus distributions and demonstrating the adequacy of the solvency margin.
6-4 The Appointed Actuary’s Role in Respect of Reserving
- Determine and recommend to the Board of Directors and Senior Management the
- Perform actual versus expected analysis by comparing actual experience with previous
- Prepare the appropriate reports in accordance with SAMA instructions
- In respect of Protection and Savings insurance business,
Recommendations on the ongoing process of formulating, implementing, monitoring and revising strategies related to assets and liabilities to achieve adequate matching of assets with liabilities. The Board of Directors of the Company shall draw on the advice of the Appointed Actuary while carrying out their annual review of the reinsurance strategy document for the Company. Carry out a profit test of the premium rates used and make recommendations on the adequacy of premium rates for protection and savings insurance products.
Determine and ensure the adequacy of the Insurance Contract Assets and Liabilities (including where relevant) Mathematical Reserves). Advise on the determination of the allocation of surplus, profits or bonuses to the policyholders.
6-5 The Appointed Actuary’s Role in Respect of Pricing and Pricing Adequacy
Investigate, advise and report to Senior Management, the Board of Directors and to
Review and advice on product development and design, including terms and conditions of insurance contracts and pricing, together with an assessment of the capital required to underwrite the products. Report the above to senior management, the board of directors and SAMA.
Report to Senior Management, the Board of Directors and to SAMA on the above in
The Appointed Actuary of an Insurance Company shall submit such periodic pricing
18 directors in respect of its medical expenses and motor business classes and such other business categories as required by SAMA's instructions.
6-6 The Appointed Actuary’s Role in Assessing Solvency and Capital
The Appointed Actuary shall investigate and provide advice to the Company on its current
The Appointed Actuary shall investigate and provide advice to the Company on its
These examinations must be consistent with current financial reporting standards applicable in the Kingdom and take into account any instructions from SAMA issued from time to time. The results of this research must be reported to Senior Management, the Board of Directors.
The results of these investigations are to be reported to Senior Management, the Board of
6-7 The Appointed Actuary’s Role in Risk Management
- Coordinate with the Company’s risk management officers on estimating the impact
- In respect of a Reinsurance Company, assess the appropriateness of Retrocession
- Coordinate with the Investment Committee and investment manager to provide
- The Appointed Actuary of an Insurance Company shall submit a Reinsurance report to
- This report shall assess the appropriateness of Reinsurance arrangements and risk Retention
- The Appointed Actuary shall review and comment on the effectiveness of the
- The Appointed Actuary of a Company that is a Reinsurance Company may be required to
- The Appointed Actuary shall review and comment on the effectiveness of the
- The Appointed Actuary of a Company shall submit an investment and asset liability
- This report shall assess the suitability of the Company’s investment policy and asset liability
In relation to a reinsurance company, assess the suitability of retrocession, the suitability of retrocession arrangements and risk retention levels for each line of business, taking into account the risk appetite of the company, and make recommendations to senior management and the board of directors in a form and on dates as prescribed by SAMA. Coordinate with the Investment Committee and the investment manager to make recommendations to the Company's Senior Management and Board of Directors regarding the investment policy and strategy for managing assets and liabilities, taking into account the nature and timing of assets and liabilities from insurance contracts. The availability of. The appointed actuary of an insurance company will submit a reinsurance report to the company and will submit a reinsurance report to the company's senior management, board of directors and SAMA.
The Appointed Actuary will review and comment on the effectiveness of the comments on the effectiveness of the Company's procedures to determine whether or not any Reinsurance contracts transfer significant Insurance Risk to the Reinsurance Company, particularly in conjunction with any endowments or other arrangements, and report accordingly. . The appointed Actuary of a Company that is a Reinsurance Company may require Reinsurance Company to submit a Retrocession Report to the Company. 23 Senior Management, Board and SAMA in a form and on dates specified by SAMA, covering at least the applicability of Retrosession arrangements and risk retention levels for each line of business taking into account the Company's risk appetite, capital adequacy and the total exposure currently underwritten and expected to be underwritten in the next financial year and provide observations on the Reinsurance Company's risk retention levels.
The appointed actuary will assess and comment on the effectiveness of the commentary on the effectiveness of the Company's procedures to assess whether or not issued reinsurance contracts or entered into retrocession arrangements transfer significant insurance risk, particularly in combination with any side letters or other arrangements. and report accordingly. The appointed actuary of a company will submit an investment and asset liability and submit a management report on the investment and asset liability to the Senior of the company. 24 Management, Board of Directors and SAMA in a form and on dates prescribed by SAMA.
This report shall assess the suitability of the Company's investment policy and asset liability The Company's investment policy and asset liability management strategy, taking into account the total exposure currently underwritten and expected to be underwritten in the following financial year, and shall address the nature and timing of the insurance agreement Assets and liabilities and the availability of suitable assets, coordination with the investment committee and the investment manager with a view to production.
6-8 The Appointed Actuary’s Role in Performing Experience Studies
- The Appointed Actuary shall carry out such experience studies as are prescribed by SAMA’s
- The Appointed Actuary should report on expenses, drawing on experience to date and
- Premium deficiency analysis for all general Insurance products and short term Protection
- Analysis of unallocated loss adjustment expenses
- Renewal expense assumptions
- Insurance acquisition cash flows
- Any provisions for expense overruns for Protection and Savings business. Such
- The Appointed Actuary should analyze and report on the persistency rates of all long-term
- The Appointed Actuary should analyze and report on the mortality experience for all
A staff member can raise any of their concerns, suspicions or any other claims of wrongdoing, which endangers the interests of the company, by referring to the company's whistleblower policy. This policy addresses the Company's commitment to conduct the affairs of the Company in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical conduct. This Policy establishes and defines procedures that allow ATC employees and other interested parties to present their concerns confidentially to the Chair of the AC.
Consequently, every employee, director and officer of the Company has an ongoing responsibility to prevent any activity or suspected activity of which he or she is aware, which may be prohibited by the Company or which may otherwise be considered sensitive in the preservation of the interests , to report. of the Company. To provide a mechanism to employees / stakeholders / business partners etc. to provide, to approach the AC of the Company and disclose unethical / improper practices or any other alleged wrongdoing in the Company. Audit Committee is a committee appointed by a Company's Board of Directors to assist in their oversight responsibilities regarding the Company's financial accounting and reporting practices and controls, compliance with legal and regulatory requirements, performance of the Company's Internal Auditors and External Auditors.
Employee means any employee of the Company (whether working at the corporate office or locations), including members of the Company's Board of Directors. Any material misrepresentation in any written or oral disclosure made by or on behalf of the Company;. Any Protected Disclosure relating to financial/accounting matters may be addressed to the Chairman of the Company's Audit Committee for investigation, if the Whistleblower intends to do so.
All disclosures must be in writing and reported in writing to ensure a clear understanding of the issues raised. If reported verbally, the verbal reports will normally be documented by the whistleblowing committee members/chair. The Chairman of the CA will make a recommendation to the Board of the Company based on the findings of the committee members.
