Non-Compliance
Article 66
Non-compliance with the requirements set forth in these Rules will be deemed a breach of the Law and its Implementing Regulation and licensing conditions or SAMA’s statement of non-objection and may subject Companies and/or Appointed Actuaries or Actuarial Services Providers to regulatory actions.
Article 67
In the case of non-compliance by the Appointed Actuary with the requirements set forth in the Law and its Implementing Regulation, these Rules, or the Actuarial Association’s professional code of conduct and technical standards of practice, the Company shall inform its Board of Directors and SAMA in this regard within 24 hours of becoming aware of the non-compliance, and provide SAMA with the details of actions taken within (10) working days from the date of discovering the violation.