Regulatory Alerts2021-09-26
Added · Updated
Instructions No. (3) of 2003 for the Licensing and Regulation of Actuaries and Their Amendments
The document establishes licensing requirements for actuaries, mandating that individuals and entities obtain authorization from the regulator to perform actuarial work, including insurance valuation. It defines eligibility criteria such as professional qualifications (Fellowship or Associateship with experience), sets application procedures, and requires annual license renewal with proof of continuing education. The regulations impose strict duties on actuaries to report financial or technical non-compliance, prohibit conflicts of interest for company directors and major shareholders, and outline disciplinary measures including suspension or cancellation of licenses for violations.