Regulatory Alerts2016-04-20
Insurance Authority Board of Directors Resolution No. 11 of 2016 Concerning the Revision of the Pricing Policy Applied by a Company in the Classes of Property and Liability Insurance
The Insurance Authority mandates that property and liability insurers engage a licensed actuary to review and assess their pricing policies twice annually. The resulting actuarial report must evaluate risk factor adequacy, expense ratios, profit margins, claims history, and the overall financial impact of the pricing strategy. Companies are required to submit this report to the Authority and their Board of Directors within fifteen days, followed by management's response within twenty working days.
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