Regulatory Alerts2022-01-01
Minimum Requirements for the Role of Insurance Actuaries in Fiji
The Reserve Bank of Fiji issued this revised policy to establish minimum standards for the appointment, conduct, and oversight of actuaries at licensed life and general insurance companies. It mandates that insurers appoint qualified, independent actuaries who must produce annual Liability Valuation Reports and periodic Financial Condition Reports to ensure solvency and protect policyholder interests. The document outlines strict duties regarding data access, conflict of interest management, and immediate disclosure of material risks, with significant penalties imposed for non-compliance by either insurers or actuaries.
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