Central Bank of Jordan Actuary Certificate and Supervisory Forms 2024

ملحق رقم (1)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

[Logo of Central Bank of Jordan]

Form of the Certificate of the Actuary in General Insurance Business For the year. . . . .

Page 1 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

Form of the Certificate of the Actuary in General Insurance Business

I, the undersigned, __________________________ am a licensed Actuary by the Central Bank of Jordan, with __________ Actuarial Credential from __________________________ and as assigned by the Company. I have calculated contract liabilities, adhering to Actuarial Standards of Practice (ASOP’s) , for the Reporting Period __________________________ of which I have prepared a report (enclosed) I hereby declare the following:-

Yes	No	Statement
		Data validations and other checks have been carried out to review the consistency, completeness and accuracy and accordingly, the same data has been used to determine the contract liabilities as at the valuation date. Proper records being kept by the company are adequate to the purpose of the valuation.
		That the procedures followed by the Company for specifying the amount of the outstanding claims liabilities are effective and being executed by people of an appropriate level of skill, knowledge and experience.
		All the actuarial assumptions and their derivations used to produce actuarial cash flows and to set aside the contract liabilities as at the valuation date are appropriate.
		Profitability tagging assigned to the appropriate Group of Contracts has been done accurately.
		The total contract liabilities of the Company have been valued for its Financial Statements prepared in accordance with International Financial Reporting Standards (IFRS) and Local Regulations for the year ended 31 December xxxx.
		The amount of contract liabilities, including any increase in those liabilities arising from a distribution of surplus pursuant to the company's financial statements dated / / which I have valued in accordance with the provisions of relevant Instruction Issued by the Central Bank of Jordan, is appropriate and sufficient for the Company and the valuation conforms to accepted actuarial practice in Jordan and the financial statements fairly present the results of the valuation
		Actuarial items related to producing IFRS Disclosures 100 and 101 for Gross and Reinsurance Contracts are accurate.

Appointed Actuary, credentials. Signature and Date

Page 2 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

The following table presents a summary of contract liabilities by Measurement models as recommended by the appointed actuary as at the valuation date (in Jordanian Dinars):

| Measurement Models | Results Summary | Excluding Receivable/Payable | Including Receivable/Payable¹ | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | Liabilities/(Asset s) for Incurred Claims | Liabilities/(Assets) for Remaining Coverage | Liabilities/(Asset s) for Incurred Claims | Liabilities/(Assets ) for Remaining Coverage | | Premium Allocation Approach (PAA) | Insurance Contract Assets | | | | | | | Insurance Contract Liabilities | | | | | | | Reinsurance Contract Assets | | | | | | | Reinsurance Contract Liabilities | | | | | | General Measurement Model (GMM) | Insurance Contract Assets | | | | | | | Insurance Contract Liabilities | | | | | | | Reinsurance Contract Assets | | | | | | | Reinsurance Contract Liabilities | | | | | | Overall | Insurance Contract Assets | - | - | - | - | | | Insurance Contract Liabilities | - | - | - | - | | | Reinsurance Contract Assets | - | - | - | - | | | Reinsurance Contract Liabilities | - | - | - | - |

¹ Actuarial liabilities excluding receivable/payable is the primary responsibility of the Appointed Actuary however, for completeness purpose the table after incorporating receivable/payables have been added to match with the financials.

Page 3 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

The following table presents the change in methodologies and assumptions as compared to previous annual reporting:

Description of Change	Previous Year-end Assumption / Methodology	Current Assumption /Methodology
Change 1
Change 2
Change 3
Change 4
Change 5
Change (add as appropriate)

Appointed Actuary, credentials. Signature and Date

Page 4 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

The following table² presents a summary of contract liabilities by Measurement models as set aside by the company as at the valuation date (in Jordanian Dinars):

| Measurement Models | Results Summary | Excluding Receivable/Payable | Including Receivable/Payable³ | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | Liabilities/(Asset s) for Incurred Claims | Liabilities/(Assets) for Remaining Coverage | Liabilities/(Asset s) for Incurred Claims | Liabilities/(Assets ) for Remaining Coverage | | Premium Allocation Approach (PAA) | Insurance Contract Assets | | | | | | | Insurance Contract Liabilities | | | | | | | Reinsurance Contract Assets | | | | | | | Reinsurance Contract Liabilities | | | | | | General Measurement Model (GMM) | Insurance Contract Assets | | | | | | | Insurance Contract Liabilities | | | | | | | Reinsurance Contract Assets | | | | | | | Reinsurance Contract Liabilities | | | | | | Overall | Insurance Contract Assets | - | - | - | - | | | Insurance Contract Liabilities | - | - | - | - | | | Reinsurance Contract Assets | - | - | - | - | | | Reinsurance Contract Liabilities | - | - | - | - |

Appointed Actuary, credentials. Signature and Date

² This table will not be required if the company has set aside the same contract liabilities as recommended by the Appointed Actuary. ³ Actuarial liabilities excluding receivable/payable is the primary responsibility of the Appointed Actuary however, for completeness purpose the table after incorporating receivable/payables have been added to match with the financials.

Page 5 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

The following table presents a summary of contract liabilities measured under IFRS-4 recommended and booked by the Company as at the valuation date (in Jordanian Dinars):

| Line of Business / Reserving Segments | IFRS-4 Liabilities (as recommended by the Appointed Actuary) | IFRS-4 Liabilities (as booked by the Company) | | :--- | :--- | :--- | :--- | | | Gross of Reinsurance | Net of Reinsurance | Gross of Reinsurance | Net of Reinsurance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | |

Appointed Actuary, credentials.

Page 6 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

(Attachment)

The Actuary's Report in General Insurance Business

Date: / /

Name of Insurance Company	:
Branches (Inside/ Outside the Kingdom)	:
Report of the financial year ended in	:
Date of the valuation regarding this report	:
Signed off data	:
Name of the Actuary who has prepared the last valuation of the company	:

Page 7 of 21 نموذج (١/١/٠٩)

---

CENTRAL BANK OF JORDAN البنك المركزي الأردني

The Actuary's Report in General Insurance Business

First: General Data: -

1- The date to which the investigation relates (the “valuation date”) ………………

2- This Report has been made in accordance with the provisions of the relevant instructions issued by the Central Bank of Jordan: [ ] Yes [ ] No (below is a detailed clarification f or the incompatibility with the provisionsof the aforementioned Instructions).

---