01 December 2018
The
Saudi Arabian Monetary Authority (“SAMA”) would like to thank your company for
its responsiveness during the course of SAMA’s review of the actuarial reserves as at
year-end 2018. Compared to last year, this year’s review-exercise ran more
smoothly and involved greater participation from the company in general.
SAMA
acknowledges that the improvements made in the quality of the technical
analysis performed by the appointed actuaries, as majority have taken on board
SAMA’s feedback on their past submissions. SAMA sees these improvements as part
of a journey and expects the appointed actuary and management to continue to
strive and enhance the reliability of the technical provisions.
In
this regard, SAMA would like to share with management the key observations from
the above review-exercise, in anticipation that management will consider each
of these observations diligently and appropriate actions will be taken in line
with SAMA’s expectations under each of these observations.