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Article (40) Examining the Financial Status and Assessing Liabilities of a Company Carrying out Insurance of Persons and Funds Accumulation Operations

IA-BOD-RES 2/2009 Effective from 31/1/2010
  1. The company carrying out any type of insurance of persons and funds accumulation operations shall examine the financial status of such type and estimate its payable liabilities once every three years by an actuary.
     
  2. The assessment referred thereto in paragraph (1) of the Article herein shall include all the insurance operations concluded by the company inside and outside the State each one separately and should such activity being performed through a branch of a foreign insurance company, the assessment shall include only those insurance operations which their contract have been concluded inside the State or apt be implemented therein.