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Article (17)

IA-BOD-RES 9/2017 Effective from 23/3/2017

An Actuary shall abide by the following obligations when performing his duties with the Company:

  1. Perform his work according to the basis and actuarial standards adopted by the society that he belongs to.
     
  2. If, while performing his duties, he detects clues of issues that may adversely affect the financial position of the Company, he shall report such issue to the board of directors and the Authority.
     
  3. If it was found that the Company does not comply with the provisions of the laws, Regulations, Instructions and Decisions issued by the Insurance Authority and relevant to the Actuarial aspects of the company’s operations, he shall prepare and submit a report of such to the board of directors of the Company and the Authority .
     
  4. The Actuary may not disclose any information pertinent to the Company that comes to his knowledge in the course of exercising his professional activity.
     
  5. For the purpose of applying the provision of Clause (4) of this Article, providing the Authority and the judicial authorities with any information pertinent to the Company shall not be construed as a breach to Clause (4) of this Article.
     
  6. The Actuary may not assign another Actuary to perform the duties assigned thereto by the Company except after obtaining the approval of the Company and notifying the Authority.
     
  7. The Actuary shall also prepare quarterly reports and an annual report concerning performance of his duties. Such reports shall be presented to the board of directors of the Company and the Authority pursuant to the Financial Instructions issued by the Authority.
     
  8. The Actuary shall submit by-annual reports concerning his revision of the pricing policy applied by the Company upon insuring property and liabilities and in accordance with relevant Instructions and Decisions issued for such purpose.
     
  9. To keep data, records and documents related to his work for ten years.
     
  10. Present a declaration according to the form made by the Authority, that all data and documents submitted by him are accurate.