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Article (10) – Reporting Requirements for Financial Condition Report

IA-BOD-RES 26/2014 Effective from 28/12/2014
  1. When required by the Authority, the Company shall submit to the Authority a Financial Condition Report (FCR) which is certified by the Actuary and endorsed by the Chairman of the Board of Directors. The requirements of the FCR should include, but is not limited to, the following which could be required separately or as a single complete report:

    a) An actuarial certification of the Technical Provisions as per Section (3), Article (5) (Regulations Pertinent to the Basis of Calculating the Technical Provisions);

    b) A risk-based analysis of its investment portfolio, strategy and management process as per Section (1), Article (10) (Regulations Pertinent to the Basis of Investing the Rights of Participants – Takaful);

    c) An analysis of the Solvency Capital Requirement as per paragraph (1), Article (9) above;

    d) Evaluation of its Re-Takaful structure and management process;

    e) A risk-based analysis of the underwriting policies and procedures of the Company;

    f) Evaluation of the pricing policies and procedures of the Company; and

    g) Evaluation of the Enterprise Risk Management policies and procedures of the Company.