Newsletter
DOI IMPLEMENTS CERTIFIED ACTUARIES POLICY
In May 2000 the Department of Insurance (DOI) of the Ministry of Finance (MOF) reminded property insurers to properly implement the three-phase policy on training actuaries which it advised them of in June 1998. From July 2001, the MOF will no longer accept insurance policies not signed by a certified assistant actuary. From July 2004 MOF will only accept policies signed by a certified actuary.
Until the end of June 2001, the MOF allows property insurers who have not yet employed a qualified actuary to provisionally designate personnel with potential to qualify as actuaries to sign policies. However, they should, by offering increased salaries or by other means, encourage such personnel to qualify at least as assistant actuaries by the end of June 2001.
According to figures from the DOI, by the end of March 2000, 15 property insurance companies had designated 32 potential actuaries to sign policies under the provisional arrangements.