TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022
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....tions namely:- 1. Short title, commencement and applicability - (1) These regulations may be called the International Financial Services Centres Authority (Appointed Actuary) Regulations, 2022. (2) They shall come into force from the date of their publication in the Official Gazette. (3) The provisions under these regulations shall be applicable to International Financial Services Centres Insurance Offices (IIOs). 2. Objective - These regulations aim to lay down the regulatory framework for the persons who are engaged by the IIOs to perform the roles and discharge the functions as 'Appointed Actuary'. 3. Definitions - (1) In these regulations, unless the context otherwise requires - (....
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....t a person having the necessary qualification, competency, experience and professional status to carry out the functions of an 'Appointed Actuary' (AA). (2) To be eligible for appointment as an AA, one shall be a Fellow Member of any Full Member Association of the IAA and shall - (a) hold a valid certificate of practice issued by such Full Member Association; (b) have a minimum of 2 years post-fellowship experience in the insurance industry relevant to the business conducted by the IIO (i.e. in the areas of Life, General, Health or Reinsurance as the case may be); (c) not found to have been guilty of any professional or financial misconduct; (d) not be acting as an Appointed Actuary of an....
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....in possession or under control of the IIO; or where the IIO is in an unincorporated form, of the Parent Entity, in respect of the following matters - (a) on which it is necessary to give actuarial advice to the IIO or its directors; (b) which may affect solvency of IIO; or (c) which may affect the ability to meet the reasonable expectations of policyholders. (2) The AA may seek any information and documents from any officer or employee of an IIO and it shall be duty of every such officer or employee to provide the same. 6. Duties and Obligations of AA:- In particular and without prejudice to the generality of the foregoing matters, and in the interests of the insurance sector and the policyholders o....
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....serves for Incurred But Not Reported (IBNR) Claims and other reserves including Incurred But Not Enough Reported (IBNER) Claims and Premium Deficiency Reserve (PDR), as applicable; (11) Informing the Board about the reliability and adequacy of the calculation of mathematical reserves; reserves for IBNR, and other reserves including IBNER and PDR; (12) Informing the Board on any matter, where in the AA's professional opinion, action is required to be taken by the IIO, which may include: - (a) Any contravention of the applicable laws; (b) Anything prejudicial to the interests of policyholders; (c) Any failure on the part of the directors, officers or employees of the IIO that does not allow the AA ....
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....andards for AAs shall be as specified by home country regulatory or supervisory authority of its parent entity. (2) The AA shall inter-alia submit the following to the Authority - (a) An Actuarial Certificate of the Valuation of Assets and Liabilities and the adequacy of capital in respect of the Parent Entity of the IIO, if applicable. (b) An Actuarial Valuation Report in respect of the IIO containing the following - (i) The detailed methodology used for computation of reserves; (ii) The requirement of capital as per the relevant regulations; (iii) The variability associated with the estimates; and (iv) Disclaimers and qualifications, if any (c) An Actuarial Certificat....