The companies licensed to carry on insurance business are required to prepare and submit their financial statements according to the requirements of the Insurance Regulatory Unit.
In this regard, insurance companies are required to appoint an actuary licensed by IRU to attest to their financial position.
It is worth mentioning that “Baker Tilly” is an actuary licensed by the Insurance Regulatory Unit.
What are the legal and regulatory mandates require companies licensed to carry on insurance business to attest their financial position by actuary?
Article 155 of the Executive Regulations of Law No. 125 of 2019 regarding the regulation of insurance stipulates the following:
The financial year of companies licensed to carry on insurance business shall begin on the first day of January and end on 31st of December of each year, except the new companies, as their first financial year shall begin from the date of their registration in the commercial registry and end on 31st of December of the same year. The company shall submit annually to IRU within ninety (90) days following the end of the financial year, its financial position attested by the board of directors, the auditor, and the actuary.
What is the frequency of attesting the financial position of insurance companies by actuary?
The financial position of insurance companies is attested annually.
What is the deadline for attesting the financial position of insurance companies by actuary?
Within ninety days from the end of the financial year of the insurance company.
What is the added value to business entities from engaging the services of attestation of the financial position of companies licensed to carry on insurance business by actuary?
- Ensure meeting the requirements of IRU regarding preparing and submitting the financial statements of companies licensed to carry on insurance business.
- Enhance the confidence of stakeholders in the financial statements of the company.
- Enhance principles of transparency and integrity.
What are the services provided by Baker Tilly Kuwait?
Attestation of financial position of companies licensed to carry on insurance business by actuary.
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