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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AA Auditors and Actuaries > AA-4 Actuarial Reports > AA-4.2 Types of Actuaries
  • AA-4.2 Types of Actuaries

    • AA-4.2.1

      For purposes of Chapter AA-4, the CBB recognises two types of actuaries:

      (a) Registered ActuariesG as per Article 74 of the CBB Law; and
      (b) Signing ActuariesG that are DirectorsG or employeesG of the insurance firmG for which an actuarial report is prepared.
      Added: October 2007

    • AA-4.2.2

      The CBB’s authorisation requirements for Registered ActuariesG are contained in Module AU (Authorisation).

      Added: October 2007

    • AA-4.2.3

      A Signing ActuaryG is a controlled functionG and is subject to the CBB’s approval, as per Section AU-1.2, as an approved personG .

      Added: October 2007

    • AA-4.2.4

      All actuariesG authorised or approved by the CBB must hold appropriate professional qualifications from a relevant, recognised professional body.

      Added: October 2007

    • AA-4.2.5

      Fellows (or members of equivalent status) in good standing of the Society of Actuaries (USA), the Institute and Faculty of Actuaries (UK) or the American Academy of Actuaries, or any other similar body with mutually reciprocal licensing arrangements with any of these bodies, will satisfy the requirement in Paragraph AA-4.2.4.

      Added: October 2007

    • CBB Approval Criteria for Registered Actuaries

      • AA-4.2.6

        The Registered ActuaryG must not be a DirectorG or employeeG of the insurance firmG for which he/she is providing the FCR and must be authorised by the CBB in accordance with Article 74 of the CBB Law, to carry on the business of an actuaryG within the Kingdom of Bahrain.

        Amended: April 2014
        Amended: October 2007
        Amended: January 2007

      • AA-4.2.7

        The Registered ActuaryG must be independent of the insurance firmG .

        Amended: October 2007

      • AA-4.2.8

        For a Registered ActuaryG to be considered independent, he, his spouse and dependant children must not be a related party to the insurance firmG .

        Amended: January 2007
        Amended: October 2007

      • AA-4.2.9

        For the purpose of this Section, a related party of an insurance firmG includes:

        (a) A controllerG of the insurance firmG as defined in Section GR-5.2;
        (b) A close linkG of the insurance firmG as defined in Section GR-6.2;
        (c) An associate of a controllerG as defined in Paragraph GR-5.2.2;
        (d) The extended family of a controllerG including a father, mother, father-in-law, mother-in-law, brother, sister, brother-in-law, sister-in-law, or grandparent;
        (e) A corporate entity, whether or not licensed or incorporated in Bahrain, where any of the persons identified in Subparagraphs (c) and (d) is a DirectorG or would be considered a controllerG were the definition of controllerG set out in Paragraph GR-5.2.1 applied to that corporate entity; and
        (f) An employeeG of an insurance firmG that is related to the insurance firmG submitting the FCR required under this Chapter.
        Amended: April 2014
        Added: October 2007

      • CBB Approval Criteria for Signing Actuary

        • AA-4.2.10

          The Signing ActuaryG may be a DirectorG or employeeG of the licensee concerned.

          Added: October 2007

        • AA-4.2.11

          Where the Signing ActuaryG is a DirectorG or employeeG of the licensee concerned, he occupies a controlled functionG , and is subject to CBB approval as per Section AU-1.2.

          Added: October 2007

        • AA-4.2.12

          The Signing ActuaryG must act independently of the insurance firmG in providing the FCR.

          Amended: April 2014
          Added: October 2007

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