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  • AA-4.2 AA-4.2 Types of Actuaries

    • AA-4.2.1

      For purposes of Chapter AA-4, the CBB recognises two types of actuaries:

      (a) Registered Actuaries as per Article 74 of the CBB Law; and
      (b) Signing Actuaries that are Directors or employees of the insurance firm for which an actuarial report is prepared.
      Added: October 2007

    • AA-4.2.2

      The CBB’s authorisation requirements for Registered Actuaries are contained in Module AU (Authorisation).

      Added: October 2007

    • AA-4.2.3

      A Signing Actuary is a controlled function and is subject to the CBB’s approval, as per Section AU-1.2, as an approved person.

      Added: October 2007

    • AA-4.2.4

      All actuaries authorised or approved by the CBB must hold appropriate professional qualifications from a relevant, recognised professional body.

      Added: October 2007

    • AA-4.2.5

      Fellows (or members of equivalent status) in good standing of the Society of Actuaries (USA), the Institute and Faculty of Actuaries (UK) or the American Academy of Actuaries, or any other similar body with mutually reciprocal licensing arrangements with any of these bodies, will satisfy the requirement in Paragraph AA-4.2.4.

      Added: October 2007

    • CBB Approval Criteria for Registered Actuaries

      • AA-4.2.6

        The Registered Actuary must not be a Director or employee of the insurance firm for which he/she is providing the FCR and must be authorised by the CBB in accordance with Article 74 of the CBB Law, to carry on the business of an actuary within the Kingdom of Bahrain.

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

      • AA-4.2.2

        The CBB's authorisation requirements for Reporting Actuaries are contained in Module AU (Authorisation).

        Amended: January 2007

      • AA-4.2.7

        The Registered Actuary must be independent of the insurance firm.

        Amended: October 2007

      • AA-4.2.8

        For a Registered Actuary to be considered independent, he, his spouse and dependant children must not be a related party to the insurance firm.

        Amended: January 2007
        Amended: October 2007

      • AA-4.2.9

        For the purpose of this Section, a related party of an insurance firm includes:

        (a) A controller of the insurance firm as defined in Section GR-5.2;
        (b) A close link of the insurance firm as defined in Section GR-6.2;
        (c) An associate of a controller as defined in Paragraph GR-5.2.2;
        (d) The extended family of a controller including a father, mother, father-in-law, mother-in-law, brother, sister, brother-in-law, sister-in-law, or grandparent;
        (e) A corporate entity, whether or not licensed or incorporated in Bahrain, where any of the persons identified in Subparagraphs (c) and (d) is a Director or would be considered a controller were the definition of controller set out in Paragraph GR-5.2.1 applied to that corporate entity; and
        (f) An employee of an insurance firm that is related to the insurance firm submitting the FCR required under this Chapter.
        Amended: April 2014
        Added: October 2007

      • CBB Approval Criteria for Signing Actuary

        • AA-4.2.10

          The Signing Actuary may be a Director or employee of the licensee concerned.

          Added: October 2007

        • AA-4.2.11

          Where the Signing Actuary is a Director or employee of the licensee concerned, he occupies a controlled function, and is subject to CBB approval as per Section AU-1.2.

          Added: October 2007

        • AA-4.2.12

          The Signing Actuary must act independently of the insurance firm in providing the FCR.

          Amended: April 2014
          Added: October 2007

    • Removal or Resignation of a Reporting Actuary

      • AA-4.2.5

        Insurance firms must notify the CBB as soon as it intends to remove its Reporting Actuary, together with an explanation of its decision, or as soon as its Reporting Actuary resigns.

        Amended: January 2007

      • AA-4.2.6

        Insurance firms must ensure that a replacement Reporting Actuary is appointed (subject to CBB approval as per Paragraph AA-4.1.1), as soon as reasonably practicable after a vacancy occurs, but no later than three months.

        Amended: January 2007

      • AA-4.2.7

        If an insurance firm fails to make a fresh appointment of a Reporting Actuary in accordance with the provisions of Paragraph AA-4.2.6, the insurance firm must not — until such an appointment is made — effect any new contract which constitutes long-term business without the written permission of the CBB.

        Amended: January 2007

      • AA-4.2.8

        An actuary who resigns or is otherwise removed from the office of Reporting Actuary must, within 30 days of his resignation or removal, write to the CBB setting out the reasons for his resignation or removal.

        Amended: January 2007