PINS 9.1.2 Financial condition reports

(1) The approved actuary for the insurer must annually carry out an actuarial investigation to enable him or her to prepare a report about the insurer's financial condition (a financial condition report).

Guidance

An actuarial investigation is a full analysis of individual policy and claims data and other relevant information using actuarial techniques to estimate technical provisions.

Note Approved actuary is defined in the glossary.
(2) The insurer must ensure that the actuary is given appropriate access (that is, such access as the actuary reasonably believes to be necessary to prepare the report) to—
(a) all relevant data, information, reports and staff of the insurer; and
(b) so far as possible, any contractor of the insurer.
(3) The actuary must prepare, sign and date the report.
(4) The actuary must give the report to the insurer sufficiently in advance of the insurer's next annual return date to allow the insurer's governing body a reasonable opportunity to consider and use it in preparing the insurer's next annual prudential return.
(5) The insurer's governing body must give a copy of the report to the Regulatory Authority on or before the insurer's next annual return date.
(6) In this rule—

next annual return date for an insurer means the date on which it must give its next annual prudential return to the Regulatory Authority under rule 1.4.2.
Amended by QFCRA RM/2015-3 (as from 1st January 2016).