تعليمات هيئة النقد السعودي لتقديم تقرير الوضع المالي لعام 2018

This circular refers to the Insurance and/or Reinsurance Company’s “Company” annual Financial Condition Report “FCR” submission for 2018. Reference is made to Cooperative Insurance Companies Control Law’s Implementing Regulation Article (20) part “Second” and “Third”, Article (69) Part (1), and Article (28) of the Actuarial Work Regulation.

Submission deadlines

The Company must submit the FCR to SAMA by 28 February 2019 along with the FCR Reporting Template. However, the following documents shall be submitted as per the below

a) All companies are required to provide the required data to their Appointed Actuary in a format that allows sufficiently detailed analysis to be carried out.

b) Medical Expense Insurance claim data must be provided to the Appointed Actuary in a format that allows monthly paid and incurred claims delay tables to be constructed. The Appointed Actuary should use professional judgement to decide on the appropriate granularity of data to use.

c) If the Company is unable to provide medical claims data in a format that allows monthly paid and incurred claims delay

a) If the Company has insufficient unearned premium reserve against the corresponding projected claims and expenses under a line of business, then it must hold a Premium Deficiency Reserve for that line of business.

b) For the purpose of PDR calculation, allocation of expenses to individual lines of business must be supported by a comprehensive expense analysis. This expense analysis must form a part of the Actuarial Reserve Report as an appendix. For the purpose of this expense analysis, where the Appointed Actuary relies on the outputs produced by