Actuary’s Certificate of Authenticity of Insurance Operations for Licensing Purposes

The companies applying for a license to carry on any insurance or reinsurance business are required to appoint an actuary licensed by Insurance Regulatory Unit to inspect the insurance operation criteria, benefits, and limitations to verify their integrity and enforceability, provided that the actuary’s certificate in this regard shall be submitted with the economic feasibility study required as a part of the documents of license application.

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

What are the legal and regulatory mandates that require companies to get the actuary’s certificate of authenticity of insurance operation criteria, benefits, and limitations for licensing purposes?

Article 70, item 6-I, of the Executive Regulations of Law No. 125 of 2019 regarding the regulation of insurance stipulates the following:

The person intending to carry on any insurance or reinsurance business, their legal representative or any of the founders of a company under incorporation shall submit the license application according to the form prepared for this purpose and submit the application supported by the following information and documents, as the case may be:

1. An economic feasibility study and a five-year business plan, which must include, at a minimum, the following:

   I- A statement of technical criteria of insurance operations and certificate issued by an actuary indicating that the insurance operation criteria, benefits, and limitations are authentic and enforceable.”

What is the added value to business entities from engaging the services of an actuary’s certificate on the authenticity of insurance operation criteria, benefits, and limitations for licensing purposes?

1. Ensure that the IRU requirements regarding the license application for carrying on any insurance or reinsurance business are met.
2. Ensure that the company adheres to the legal requirements for carrying on its business.
3. Enhance the company’s ability to continue its business.

What are the services provided by Baker Tilly Kuwait?

Prepare and issue actuary’s certificate on the authenticity of insurance operation criteria, benefits, and limitations for licensing purposes.