Pakistan Society of Actuaries

Enterprise Risk Management Seminar - April 05, 2016


Pakistan Society of Actuaries has planned a seminar on Seminar on Enterprise Risk Management in collaboration with Hannover Re to be held on April 05, 2016. Speakers from Hannover Re and the local industry will be presenting the latest developments on the ERM arena. The seminar will be followed by lunch.

The seminar schedule can be found here.

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Annual General Meeting and Beach Picnic


The 2015 AGM and beach picnic will be held at Tushan beach on 18th September 2015.



A good number of members of the actuarial community attended this unique event. Punctuality, fun, networking and updates of the affairs of the PSOA were the main highlights of the day. Here is to some reminiscing a few moments of the day and for those who were not able to attend:




Beach 2


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 Beach 5


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Beach 8

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European Union

The EU’s Solvency II Directive will enter into force on 1 January 2016. This will update the approach taken to determine the capital required by insurers against their risk profile. It will also introduce a common European approach to prudential regulation based on economic principles for measurement of assets and liabilities.         


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The Capital Market Authority of Oman (CMA) has issued new regulations which require Omani insurers to be listed on the Muscat Securities Market and maintain capital of OMR 10 million.


The State Council in Oman also recently approved the draft Takaful Insurance Law. The law sets out the regulatory code for takaful operators, including oversight and reporting requirements, product standards and liquidity levels. The draft law also sets out that only dedicated takaful firms may operate, preventing existing conventional companies to setup takaful windows.


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The Insurance Authority, UAE has introduced financial regulations for insurance and takaful companies. This includes regulations on reserving, investment limits and solvency etc. Companies are also required to fill new prudential forms as part of enhanced reporting requirements. The actual implementation of the regulations are staggered over a number of years but companies are encouraged by the regulator to implement procedures even before the requirements becomes mandatory.


Dubai has introduced a mandatory health insurance scheme for private employees. The law makes it compulsory for employers and sponsors to provide health insurance in three phases from 2014-2016, according to the number of employees. The cost of health insurance coverage must be borne by the employer / sponsor. The minimum basic health coverage has been fixed at AED 150,000 per year with an annual premium between AED 500-700.

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The Qatar Financial Centre Regulatory Authority (QFCRA) has introduced Own Risk Self-Assessment (ORSA) as mandatory part of reporting for insurance companies. ORSA is a detailed forward-looking examination of the adequacy of an insurer’s risk management policies, procedures and controls and the insurer’s current and future solvency position. ORSA requirements is in line with the global regulatory frameworks like Solvency II.

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Saudi Arabia

The Saudi Arabian Monetary Authority (SAMA) has taken a number of steps to regulate the insurance market. Some of the recent steps have been standardisation of the Financial Condition Report content, requirement towards pricing reports for motor and medical business, and guidelines on surplus distribution under cooperative model.

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The Central Bank of Bahrain (CBB) has made production of Financial Condition Reports mandatory for all insurance and takaful companies. In addition, the actuary of a takaful firm should certify wakala fees, participant’s fund underwriting loss, distribution of surplus and earmarking of assets. The new regulations which were first made mandatory for the 2014 enhances the role of actuaries in the financial evaluation of the company.

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Unit Linked Products and Funds Rules, 2015

The Securities and Exchange Commission of Pakistan (SECP) issued the Unit Linked Products and Fund Rules in April 2015. The new rules address the investment governance process of unit-linked funds, net asset valuation methodology and disclosure of investment risk to insurance policyholders. Additionally, certain features of unit linked life insurance such as premium indexation, minimum financial protection and minimum policy term have been addressed. The link to the SECP is here.

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Annual Membership Subscription

Annual Membership Subscription Form for the year July 2015 - June 2016 can be found here.

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Innovations in Insurance - October 20, 2015


Pakistan Society of Actuaries has planned an exciting conference for the 20th of October. The theme is 'Innovations in Insurance'. There will be a small session for the AGM on the same date to discuss and approve the 2014-15 accounts. The conference will be followed by lunch and table-tennis.

The conference brochure can be found here.



Conference presentations can be found here:

Enabling Business Through Automation - Dr Mohamed Rafick Khan

Innovation Simplified! - Faisal Shahzad Abbasi

The Evolution of Risk - Jawwad Farid

Evolution - Junaid Khalid

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