01 December 2019
SAMA
conducts its annual review of actuarial
reserves at year-end 2019 in first quarter of this year. The review-process
continues to improve year on year, with more effective liaison between SAMA and
the company’s appointed actuary and greater participation of company management
in the discussions held around the actuarial reserves.
The
quality of actuarial reserving carried out by the appointed actuaries continues
to improve as well with better justification around the methodologies used and the
greater transparency around the results produced.
There
were a number of key observations emerging from the above review, SAMA would
like to share observations and its expectations in respect of those
observations with management, in anticipation that management will consider
these diligently, internal discussions will be held with relevant functions
and, where necessary, appropriate actions will be taken.