The Insurance Authority announced the imposition of administrative penalties on a number of actuaries, for committing substantial violations of the regulations on licensing and registration of actuaries and organization of their operations in force. These violations included; violating the legally defined basic duties of the actuary, failure to carry out their duties in accordance with the generally accepted professional rules and the inaccuracy of the reports submitted on the financial or technical positions of the concerned companies. Furthermore, violating the rules and ethics of the Actuaries' profession practice, specified by the actuarial body in which they are members. The penalty also included suspension of their license for one month until they rectify their situations.
The administrative penalty includes the necessity of compliance with the laws, regulations and instructions regulating the related insurance operations to avoid the imposition of more severe penalties. Therefore, the Authority calls upon all parties to the insurance relationship to comply with the provisions of Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and the Organization of Insurance Operations and all regulations, instructions and decisions issued pursuant thereto.
The Authority also emphasizes that the purpose of the administrative penalty is to assist in practicing the business in accordance with the provisions of the relevant laws and legislations and to ensure compliance with the sound professional conduct.