Actuary’s Certificate for Licensing a Foreign Insurer

The insurers intending to establish a foreign insurer in the State of Kuwait are required to follow the prescribed procedures of incorporation by getting a foreign insurer license from the Kuwait Direct Investment Promotion Authority (KDPIA), then getting the license to carry on the business activity from Insurance Regulatory unit.

In this regard, the insurers applying for a license foreign insurer in the State of Kuwait should appoint an actuary licensed by the Insurance Regulatory Unit to examine the calculation criteria of premiums, adequacy of technical reserves, and solvency margin in case the foreign insurer carries out the life insurance and cash accumulation line of business, provided that the actuary’s certificate shall be submitted as part of the documents for licensing a foreign insurer.

It is worth mentioning that “Baker Tilly” is an actuary licensed by the Insurance Regulatory Unit.

What are the legal and regulatory mandates that require companies to get the actuary’s certificate of life insurance and cash accumulation line of business for licensing a foreign insurer?

Article 171 of the Executive Regulations of Law No. 125 of 2019 regarding the regulation of insurance stipulates the following:

The application for licensing a foreign insurer branch shall be accompanied by the documents attested and translated into Arabic as follows:

1. A certificate from an Actuary in case of life insurance and cash accumulation line of business, includes the following:
   a- His approval of calculation criteria of premiums.
   b- Adequacy of technical reserves, the possibility of complying with solvency margin and minimum amount of guarantee.”

What is the added value to business entities from engaging the services of an actuary’s certificate of life insurance and cash accumulation business for licensing a foreign insurer?

• Ensure that the IRU requirements regarding the application for licensing a foreign insurer are met.
• Ensure the company’s compliance with the legal requirements of carrying on the life insurance and cash accumulation line of business.

What are the services provided by Baker Tilly Kuwait?

Prepare and issue the actuary’s certificate of life insurance and cash accumulation for licensing a foreign insurer.