The provisions of these Regulations shall apply to all Actuaries currently licensed and registered in the Register, as well as those to be licensed and registered.
No person may practice the profession of an Actuary in insurance business in the State unless such person is licensed by the Authority and registered in the Register. The license shall be renewed annually pursuant to the provisions of these Regulations.
Notwithstanding what is stipulated in Paragraph (2) of this Article, the persons that conduct supporting tasks to the licensed and registered Actuary and under his responsibility shall be excluded from licensing and registering requirements, provided that they shall not sign reports or Actuarial certificates or any documents associated with the actuarial profession or give actuarial consultations.
An Actuary may combine his work in the insurance sector and work in other sectors whose nature requires the engagement of Actuaries.
An Actuary may not combine between his capacity as an Actuary and as an Insurance Agent, Insurance Broker, Insurance Consultant, Insurance Surveyor & Loss Adjuster, or in any other profession associated with insurance.
It is not permissible to combine the position of an Actuary and any other position or job in the Company or in any other related Company.
The Company may not assign any actuarial duties to any person unless he is licensed and registered in the Register pursuant to the provisions of these Regulations.
An Actuary may simultaneously contract with a number of insurance companies, according to the following:
Actuary (Natural person):
The maximum of three insurance companies to the Actuary who is a resident in the State.
The maximum of two insurance companies to the Actuary who is a non- resident in the State.
Actuary (corporate person):
The maximum of four insurance companies for each single resident Actuary employed.
The maximum of two insurance companies for each single non-resident Actuary employed.
It is not permitted to appoint, contract with, dismiss or form relation with an Actuary except by a resolution from the board of the directors of the insurance company.
The Authority may restrict its approval to grant the license according the conditions and restrictions it determines. The Authority may suspend granting licenses based on public interest and for the time period it deems appropriate.