An Actuary shall carry out the following basic duties:

1. Prepare reports on the Company's portfolio of risks, losses ratio trends, capital adequacy, technical provisions, and availability of solvency requirements in the Company.
    
2. Review the Company's pricing policy for insurance products and the soundness of its underwriting policy in general.
    
3. Review the sufficiency of reinsurance coverage and the appropriateness of liability retention by the Company to its financial capabilities and the structure of the risks portfolio.
    
4. Assess the soundness of the investment policy applied by the Company.
    
5. Assess the statistical system adopted by the Company.
    
6. Examine the financial position for persons insurance business and fund accumulation operations and estimate the value of liabilities pursuant to Articles (59) and (60) of the Law.
    
7. Review the financial position of the Company and the risks it faces.
    
8. Review the surplus calculation process in insurance contracts containing a profit sharing clause.
    
9. Set the technical basis for pricing new insurance products that the Company intends to market and specify the amounts payable to policyholders of life insurance policies upon termination thereof.
    
10. Review the basis used by the Company to report technical and investment profits and the method of profit distribution.
     
11. Assess the sufficiency of monies available for the Company of the assets in general and liquidity in particular to maintain its solvency required to encounter risks; and current and future liabilities of the Company.

In addition to the duties contained in Article (15) herein, an Actuary shall perform the following duties while working with Takaful Insurance Companies:

1. Review the level of contributions which the Company requires the participants to pay and whether they are based on the sound technical bases.
    
2. Review the loss ratio in the participants’ account, and in case of continuing losses in this account, the Actuary must conduct technical analysis to determine the reasons behind such continuing losses and whether they are due to the loadings debited to the account or due to the underwriting policy adopted by the Company or for both reasons. He must also submit an annual report to the Company's board of directors along with the measures he recommends to rectify the situation.
    
3. Review the investment policy applied by the Company with regard to investing the monies available in the participants’ account and submit his reports thereon to the board of directors.
    
4. Review the bases on which the surplus in the participants account is distributed and prepare reports in this regard to be submitted to the board of directors of the Company.
    
5. Review the Company's policy in calculating the Wakala Fee and Mudarabah share, and submit his report thereto to the Shariah Supervisory Committee and the board of directors.