Regulatory Alerts2024-12-31
Added · Updated
Appendix 4 - Actuarial Expert Certification Decision and Regulatory Forms for 2024
The Central Bank of Jordan issues Appendix 4 to define the specific responsibilities of insurance companies, external auditors, and actuarial experts regarding the accuracy of data in regulatory forms. The document mandates joint verification by all three parties for most general and life insurance reserving segments, financial statements, and IFRS 17 notes. It assigns exclusive responsibility to the insurance company for specific items such as expense allocation by nature, investment returns, and investment-linked documents. External auditors and actuarial experts are exempt from certifying certain financial statements like the Statement of Financial Position and receivables from reinsurers under IFRS 9.
CENTRAL BANK OF JORDAN البنك المركزي الأردني
Appendix No. (4)
Responsibility of each of the insurance company, the external auditor, and the actuarial expert regarding the correctness and accuracy of the data contained in the forms shown in the table below:
| Form Name | External Auditor | Actuarial Expert | Company |
|---|---|---|---|
| General Insurance | |||
| Assets/Liabilities of Insurance Contracts - Beginning of Period | √ | √ | √ |
| Assets/Liabilities of Insurance Contracts - End of Period | √ | √ | √ |
| Discount Rates for Cash Flows | √ | √ | √ |
| Expense Allocation according to Insurance Portfolios | √ | √ | √ |
| Expense Allocation according to Nature | √ | ||
| Non-financial Risk Adjustments for Insurance Contract Liabilities against Incurred Claims | √ | √ | √ |
| Non-financial Risk Adjustments for Reinsurance Contract Assets against Incurred Claims | √ | √ | √ |
| Loss Component | √ | √ | √ |
| Loss Recovery Component for Reinsurance Contracts | √ | √ | √ |
| RESERVING SEGMENT - Vehicles - Mandatory | √ | √ | √ |
| RESERVING SEGMENT - Vehicles - Comprehensive | √ | √ | √ |
| RESERVING SEGMENT - Vehicles - Buses and Border Centers | √ | √ | √ |
| RESERVING SEGMENT - Marine | √ | √ | √ |
| RESERVING SEGMENT - Liability | √ | √ | √ |
| RESERVING SEGMENT - Personal Accident | √ | √ | √ |
| RESERVING SEGMENT - Medical | √ | √ | √ |
| RESERVING SEGMENT - Aviation | √ | √ | √ |
| RESERVING SEGMENT - Engineering | √ | √ | √ |
| RESERVING SEGMENT - Fire | √ | √ | √ |
| RESERVING SEGMENT - Credit | √ | √ | √ |
| RESERVING SEGMENT - Other | √ | √ | √ |
| Life Insurance | |||
| Assets/Liabilities of Insurance Contracts - Beginning of Period | √ | √ | √ |
| Assets/Liabilities of Insurance Contracts - End of Period | √ | √ | √ |
| Discount Rates (Non-variable) for Cash Flows | √ | √ | √ |
| Discount Rates (Variable) for Cash Flows | √ | √ | √ |
| Expense Allocation according to Insurance Portfolios | √ | √ | √ |
| Expense Allocation according to Nature | √ | ||
| Non-financial Risk Adjustments for Insurance Contract Liabilities against Incurred Claims | √ | √ | √ |
| Non-financial Risk Adjustments for Insurance Contract Liabilities against Remaining Coverage | √ | √ | √ |
CENTRAL BANK OF JORDAN البنك المركزي الأردني
| Form Name | External Auditor | Actuarial Expert | Company |
|---|---|---|---|
| Non-financial Risk Adjustments for Reinsurance Contract Assets against Incurred Claims | √ | √ | √ |
| Non-financial Risk Adjustments for Reinsurance Contract Assets against Remaining Coverage | √ | √ | √ |
| Statistical Data Patterns - Life Insurance | √ | √ | √ |
| RESERVING SEGMENT - Group Life Insurance | √ | √ | √ |
| RESERVING SEGMENT - Borrowers' Life Insurance | √ | √ | √ |
| Investment Return | √ | ||
| Investment-linked Documents | √ | ||
| IFRS No. (9) | |||
| Receivables from Reinsurers | √ | √ | |
| Recoveries and Scraps at End of Period by Insurance Branch | √ | √ | √ |
| Recoveries and Scraps at End of Period Distributed among Insurance Companies | √ | √ | √ |
| Notes | |||
| Note 100 - Insurance Contracts according to Premium Allocation Method | √ | √ | √ |
| Note 100 - Insurance Contracts according to General Method and Variable Cost Method | √ | √ | √ |
| Note 100 - Reinsurance Contracts according to Premium Allocation Method | √ | √ | √ |
| Note 100 - Reinsurance Contracts according to General Method and Variable Cost Method | √ | √ | √ |
| Note 101 - Insurance Contracts | √ | √ | √ |
| Note 101 - Reinsurance Contracts | √ | √ | √ |
| Financial Statements | |||
| Statement of Financial Position | √ | √ | |
| Statement of Profit or Loss and Other Comprehensive Income | √ | √ | √ |
| Statement of Financial Position - Takaful | √ | √ | |
| Statement of Profit or Loss and Other Comprehensive Income - Takaful | √ | √ | √ |
| Impact of Applying IFRS No. (17) on Profit or Loss | √ | √ | √ |
| Statement of Changes in Equity | √ | √ | |
| Statement of Changes in Equity - Takaful | √ | √ | |
| Agency and Mudaraba | √ | √ | |
| Changes in Liabilities | √ | √ |