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  • AA-A.2 AA-A.2 Module History

    • AA-A.2.1

      This Module was first issued in April 2005 by the BMA, together with the rest of Volume 3 (Insurance). Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

      Amended: January 2007

    • AA-A.2.2

      When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 3 was updated in January 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

      Amended: January 2007

    • AA-A.2.3

      A list of recent changes made to this Module is detailed in the table below:

      Module Ref. Change Date Description of Changes
      AA-3.1 01/10/05 Corrected reference to Form IFR and IMR
      AA-4.1 01/10/05 Added transition rule for requirement for reporting actuary for insurance firms whose long-term insurance business is restricted to group life policies having a maturity of less than or equal to 1 year.
      AA-4.3.2 01/07/06 Added a requirement that the Signing Actuary is subject to the approval of the CBB.
      AA-A.1.3 01/2007 New Rule introduced, categorising this Module as a Directive.
      AA-1.2.3 01/2007 Rule redrafted to clarify reporting obligation.
      AA-1.5 01/2007 Paragraphs AA-1.5.3 and AA-1.5.5 updated to reflect CBB Law requirements on auditor independence.
      AA-3.1.1 01/2007 Clarified that the external auditor's Agreed Upon Procedures are to be submitted to the CBB within four months from the insurance licensee's financial year end.
      AA-3.2 01/2007 Added a new section referring to the audit report required as per Module FC.
      AA-3A 01/2007 Added a new Chapter on Accounting Standards
      AA-4.1.7 01/2007 Clarified that the first three-year period referred to for the report of the signing actuary is for the period ending 31 December 2008.
      AA-1.3.1A 10/2007 Clarified the transition period for the rotation of audit partner.
      AA-4 10/2007 Amended Actuarial reports Chapter to reflect new definitions of Registered Actuary and Signing Actuary
      AA-2.3 01/2008 Corrected reference to Registered Actuary.
      AA-A.1.3 01/2011 Clarified legal basis.
      AA-3.2.1 10/2012 Clarified that an approved consultancy firm can also provide the report on compliance with financial crime rules required under Section FC-3.3.
      AA-1.5.2 04/2013 Changed Guidance to Rule so that insurance licensees may not outsource their internal audit function to the same firm that acts as their external auditor.
      AA-4 04/2014 Amended to be in line with updated actuarial requirements.
      AA-3.2.2 07/2021 Amended Paragraph.

    • AA-A.2.4

      Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).