IA Board of Directors endorses Regulations on Licensing and Registering of Actuaries and Regulation of their Operations

: 3/21/2017

 

The Council reviews the study conducted on the vehicle insurance regulation application evaluation to ensure the interests of policyholders

 

Abu Dhabi, on 21 March 2017

 

 The Board of Directors of the Insurance Authority, during its meeting chaired by H. E. Eng. Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors, endorsed the Regulations on Licensing and Registering of Actuaries and Regulation of their Operations.

 

During the meeting, the Board of Directors discussed many issues and topics involving the IA and the local insurance market, including the application of the Regulation Concerning Unified Motor Vehicle Insurance Policies, draft laws and instructions that are currently prepared to support the organization of the domestic insurance market and to promote competitiveness and the development of mechanisms for the protection of policyholders and companies, ensuring the continued growth of the national economy.

 

The meeting was attended by HE Mr. Ibrahim Obaid Al Zaabi, Director General of Insurance Authority, the Directors, i.e. HE Humaid Bin Butti Al Muhairi, HE Mariam Butti Al Suwaidi,  HE Mariam Mohammad Amiri, Mr. Hamad Harith Al Midfa, Mr. Hamad Saif al Mansouri, Mr.  Ahmed Al Qubaisi and Mr. Abdel Wahab Mohammed Khalfan Al Roumi.

 

  • Evaluation of the Regulation Concerning Unified Motor Vehicle Insurance Policies:

 

Moreover, the Board of Directors, during such meeting, reviewed the evaluation currently conducted by on the application of the Regulation Concerning Unified Motor Vehicle Insurance Policies against Loss, Damage and Civil Liability and the Regulation of Vehicle Insurance Policy Rates, which entered into force in early 2017.

 

The Board of Directors stressed the importance of continuous evaluation of applying the Regulation Concerning Unified Motor Vehicle Insurance Policies and examine the situation of the vehicle insurance market of all aspects, to ensure the interests of policyholders and the domestic market, and to develop the control system at the IA to ensure the perfect application of the benefits of the new privileges included in the Regulation Concerning Unified Motor Vehicle Insurance Policies and maintain the rights of policyholders and beneficiaries.

 

The Board of Directors affirmed that it is necessary for insurance companies and insurance-related professions to promote fair competition, adopt the sound technical underwriting standards, and determine the prices of insurance in appropriateness with the risk assessment, in addition to provide customers with information about the nature of the insurance product, including benefits and requirements of coverage.

 

The Board of Directors stressed avoiding the use of the benefits contained in the new insurance policies as a means by those who work in the domestic insurance market to increase the prices of vehicles insurance policies, emphasizing that the companies shall grade the prices of insurance policies from the minimum limit to maximum limit according to the experience of the company with its customers and the number of incidents sustained by the customers.  

 

  • Regulation of Actuaries

 

The Board of Directors of the Insurance Authority, during the meeting, endorsed the Regulations on Licensing and Registering of Actuaries and Regulation of their Operations, stipulating that the actuary is the natural or legal person licensed to practice the profession of actuary by the IA and registered in the Register of Actuaries held with the IA.  

 

No person shall practice the profession of actuary in insurance business in the State, unless he is licensed by the IA and registered in the Register of Actuaries and the license is annually renewed in accordance with the provisions of this Regulation, excluding the persons who, under the responsibility of the actuary, perform works supporting the actuary that is licensed and registered in the IA’s Register of Actuaries, provided that none of them shall sign the actuarial reports or certificates or any document related to the actuarial works or give any actuarial advice.

 

Actuary may combine insurance operations and other fields that may be conducted by the Actuary due to the nature thereof. Actuary may not combine between acting as an Actuary on one hand and as an insurance agent, insurance consultant, loss surveyor and adjustor, or any other insurance-related jobs on the other hand. Actuary may not combine between acting as an Actuary and any other position or job in the Company or any related company. The Company may not assign any person to practice actuarial operations, unless he is licensed and registered in the Register in accordance with the provisions of this Regulation.

 

 

 

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