The Insurance Authority has imposed an administrative penalty on a number of actuaries (technicians who set prices in insurance policies) for committing serious breaches of the actuarial licensing and registration system and regulating their work in force. The Authority explained that these violations include breaches of the basic duties and tasks of the actuarial work legally specified, and failure to comply with the performance of their duties as required professionally, as well as the inaccuracy of reports submitted on the financial or technical situation of the companies concerned. It also included violating the rules of practice of the actuaries defined by the association of actuaries to which they belong, and the penalty included suspending their license for one month until their status was rectified. She added that the administrative penalty includes the need to abide by the laws, regulations and instructions governing the insurance business in order to avoid the imposition of tougher penalties. Outgoing pursuant thereto.
The Authority affirmed that the aim of the administrative penalty is to assist in conducting business in accordance with the provisions of the relevant laws and legislations and to ensure adherence to proper professional conduct.