Article 16
No: 441/186 |
Minimum Requirements of Actuarial Function within Companies:
The Company shall establish an Actuarial Function commensurate with the scale and complexity of its business, consisting of Actuaries and other individuals as prescribed in the Appendix (1) of Establishing the Actuarial Function within the Re/Insurance Company, to ensure compliance with SAMA's requirements in respect of Insurance Contract Assets and Liabilities, Technical Prices, monitoring the adequacy of premiums, experience studies, capital adequacy, Reinsurance and quantitative aspects of risk management, and to support actuarial works of the Company.