Actuarial consulting is crucial for the insurance industry as it contributes to enhancing the companies’ financial performance, ensuring their ability to meet obligations towards the clients, and developing competitive and sustainable insurance products.
Actuarial consulting serves as the backbone of the insurance industry through ensuring that companies strike a balance between delivering reliable services to customers and achieving sustainable profitability. Furthermore, actuarial consulting plays a strategic role across all aspects of insurance operations, from product design to risk management and financial planning.
What is the added value to insurers and reinsurers from Licensed Actuarial Consulting Services?
Engaging a licensed actuary enables insurance and reinsurance companies to attain balance between risk and return, enhance their financial and operational efficiency, and gain a robust competitive edge in a dynamic and complex market, including the following:
- Ensure regulatory compliance with the Insurance Regulatory Unit’s requirements.
- Enhance risk management within insurance and reinsurance companies.
- Strengthen the ability to make informed strategic decisions.
- Ensure credibility and foster trust among stakeholders.
- Support the development of innovative products and services.
Is Baker Tilly Kuwait accredited as a licensed actuary by the Insurance Regulatory Unit?
Yes, Baker Tilly Kuwait is a licensed actuary by the Insurance Regulatory Unit for providing actuarial consulting services.
What are the services offered by Baker Tilly as a Licensed Actuary?
| S. | Service Name | Service Reference | Service Frequency | Report Submission Deadline |
|---|---|---|---|---|
| 1 | Actuarial Technical Reserves Report | Executive Bylaw of the Insurance Regulation Law, Article 137 and Article 145 | Annual | – |
| 2 | Actuarial Solvency Margin Report | Executive Bylaw of the Insurance Regulation Law, Article 137 | Annual | – |
| 3 | Actuarial Report on Employee Benefits | International Accounting Standard 19 | Annual for financial statements purpose | – |
| 4 | Actuary’s Study if the company doesn’t comply with the prescribed percentages for calculating technical reserves | Executive Bylaw of the Insurance Regulation Law, Article 146 | – | – |
| 5 | Actuary’s Report on Examining the Financial Position of companies carrying on life insurance business | Executive Bylaw of the Insurance Regulation Law, Article 161 and Article 164 | Every three years or earlier if requested by the IRU | 60 days from the end of the examined period |
| 6 | Actuary’s Certificate of Authenticity of Insurance Operations for Licensing Purposes | Executive Bylaw of the Insurance Regulation Law, Article 70, Subclause 6, i) | Upon filing the application for a license with the IRU | – |
| 7 | Actuarial Attestation of Financial Position of Insurance Companies | Executive Bylaw of the Insurance Regulation Law, Article 155 | Annual | 90 days from the end of the financial year |
| 8 | Actuary’s Certificate for Licensing a Foreign Insurer | Executive Bylaw of the Insurance Regulation Law, Article 171, Subclause 8 | Upon filing the application for a license of foreign insurer’s branch with the IRU | – |
| 9 | Actuary’s Certificate indicating that criteria, benefits and limitations of insurance operations are authentic and implementable for acquisition purposes | Executive Bylaw of the Insurance Regulation Law, Article 104 | Upon filing the acquisition application with the IRU | – |
| 10 | Actuary’s Report on Mergers | Executive Bylaw of the Insurance Regulation Law, Article 100, Subclause 5 | Upon filing the merger application with the IRU | – |