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  • Obligation to Appoint an Actuary for Long-Term Insurance Business

    • AA-4.1.1

      In accordance with Article 72(a) of the CBB Law, all insurance firms planning to undertake long-term insurance business must, no later than the date on which they start to carry out such business, appoint a Registered Actuary or Signing Actuary, subject to CBB approval.

      Amended: January 2007
      Amended: October 2007

    • AA-4.1.2

      For insurance firms whose long-term insurance business is restricted to group life policies, having a term of less than or equal to 1 year, and where this long-term insurance business represents less than 5% of the insurance firm's total gross premiums written, this business will be treated as general insurance business and is subject to actuarial requirements as outlined in Paragraph AA-4.1.4.

      Amended: January 2007
      Amended: October 2007

    • AA-4.1.3

      To secure CBB approval, the actuary must satisfy the CBB's criteria for Registered Actuary or Signing Actuary, contained in Paragraphs AA-4.2.1 to AA-4.2.12. The actuary of an insurance firm undertaking long-term insurance business, except as provided for under Paragraph AA-4.1.2, must, on an annual basis, undertake an investigation to enable the preparation of the Financial Condition Report (FCR), as specified in Section AA-4.3.

      Amended: April 2014
      Amended: October 2007
      Amended: January 2007