The Appointed Actuary should report on expenses, drawing on experience to date and leading professional practice such as activitybased cost analysis, sufficient to support the assumptions and related Insurance Contract Assets and Liabilities in accordance with financial reporting standards applicable in the Kingdom which may, for example, include:
| 1. | Premium deficiency analysis for all general Insurance products and short term Protection and Savings insurance.
|
| 2. | Analysis of unallocated loss adjustment expenses.
|
| 3. | Renewal expense assumptions.
|
| 4. | Insurance acquisition cash flows.
|
| 5. | Any provisions for expense overruns for Protection and Savings business. Such provisions may only be adopted for the first three years’ valuations after the Company commences writing Protection and Savings business except with prior statement of nonobjection from SAMA.
|
