Newsletter
INSURANCE PREMIUMS DE-REGULATED
The MOF has announced the Regulations Gov-erning Signing Actuaries of Insurance Compa-niesto set forth the required qualifications, hiring procedures, scope of duties, etc. of signing ac-tuaries retained by insurance companies. In ef-fect, the regulations also amount to a complete "deregulation" of insurance premiums. In the future, the Department of Insurance, MOF, will no longer set fixed levels for insurance premiums. Instead, the actuaries retained by insurance companies will be responsible for setting the premiums for the companies policies.
Insurance companies may hire signatory actuar-ies as their own employees, or retain them under contract as outside consultants.