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Friday 10 May 2024


Friday 10 May 2024

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Actuarial record of insurance (individual)

The process of registering a legal person (the actuarial company), who assesses the value of insurance contracts, documents and related accounts

 

Target Audience:

Actuary Individual

 

Office location: Abu Dhabi/ Dubai

Department/Section: Licensing  division

Contact Person: Licensing  division

Phone: 80042823

Fax: 97125572111

Email: l.r@cbuae.gov.ae

1.Electronically submit the application on the system, by user name and password. In the event that the user is new he shall send an email letter requesting a user name and password

2. Complete the service form and upload it along with the documents in the electronic system

3. The completed application is reviewed and approved

4. The technical staff (key employees) shall be interviewed in the Authority’s headquarters

5. Pay the fees through e-services or through a smartphone application. In case the applicant is applying in person: Payment can be made through the electronic screen at the Customer Service Center in the Authority; and in case of a system breakdown: Payment can be made by e-Dirham or credit card at the Authority

6. The customer prints the Registration Certificate

 

Service Fees:

Fee for the registration of an Actuary individual: AED 7,000 per year once at the time of the extract printout

Submission of the application electronically or through a smartphone application

Pay the fees

 

Attachments Required

  1. It is Stipulated for the license and registration of an Actuary to have the “Fellowship” degree or its equivalent by successfully passing the required tests to obtain this degree from the specialized institutes or organizations in the actuarial sciences approved by the Authority pursuant to the provisions of Article 12 of this Regulation, or to have “Associateship” degree or its equivalent by successfully passing the required tests to obtain this degree from the specialized institutes or organizations in the actuarial sciences approved by the Authority pursuant to the provisions of Article 12 of this Regulation. He must also have a practical experience of not less than two years under the supervision of an Actuary holding the Fellowship or Associateship degree.

     

  2. To be legally competent and his age is not less than 25 years old

     

  3. An official certificate proving that the applicant has never been convicted for an offence involving moral turpitude or trustworthiness along with a declaration that the applicant has never been declared bankrupt or bankrupt and rehabilitated

     

  4. Declaration that he has never been subject to disciplinary actions by the actuarial society that he belongs to, and by the supervisory authorities that he worked within their jurisdictions

     

  5. Provide a continuity certificate from the actuarial society he belongs to of membership as an Actuary.

     

  6. A certified copy of the academic and professional qualifications.

     

  7. For independent individuals, a professional liability insurance policy shall be provided in accordance with the following conditions:

     

  8. A. The policy must be issued by a company licensed and registered with the Authority, and its terms and conditions shall be subject to the approval of the Authority.

     

  9. B. To be issued in the name of the actuary.

     

  10. D. The policy shall be valid for the duration of the license and renewable by agreement of the parties (the company and the actuary). In case of non-renewal with the same company, the actuary must submit an insurance policy issued by another company that meets the same required conditions before the expiry of the existing policy by seven working days.

     

  11. C. Include the legal and insurance conditions relating to the guarantee of professional liability arising from the actuary and the practice of his professional activity and can not be canceled during the term of the policy.

     

  12. E. The insurance amount in the policy shall not be less than AED 1,000,000 (One Million UAE Dirhams) provided that the amount of the co- insurance shall not exceed AED 30,000 (Thirty Thousand UAE Dirhams).

     

  13. F. No amendment or alteration in the terms and conditions of the policy may be made without the written approval of the Authority.

     

  14. An undertaking to comply with the laws, Regulations, Instructions and Decisions issued by the Authority.

Estimated time from the submission of the application until the completion of the service:  20 days from the date of submitting the complete application :

Total transactional number

Service Name

Actuarial record of insurance (individual)

Service Category

Insurance Services

Service Type

Individual Business Services

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Last updated on: Wednesday 20 April 2022

Total visitors 873