Ministerial Decision No. 22/1985

Concerning the Conditions and Procedures for Registration in the Actuaries Register

The Minister of Economy and Trade,

Having perused

The Federal Law No. 1/1972 concerning the Functions of Ministries and Powers of Ministers, and the amending laws thereof;

The Federal Law No. 9/1984 concerning Insurance Companies and Agents;

The Ministerial Regulation No. 32/1984 issuing the Implementing Regulations of the Federal Law No. 9/1984 concerning Insurance Companies and Agents, and

Based on the recommendations of the Deputy Minister, and approval of the Supreme Committee on Insurance,

Decided:

Article 1

In applying the provisions of this Resolution the following words and expressions shall have the meanings assigned thereto below:

State: The United Arab Emirates.

Ministry: The Ministry of Economy and Trade.

Competent Department: The Internal Trade Department at the Ministry of Economy and Trade.

Competent Ministry Office: The office of the Ministry of Economy and Trade concerned with the Emirate where the profession is to be practised or where the place of business of the Actuary is located.

Register: The Actuaries Register.

Article 2

No person may practice the profession of Actuary in the State unless his name is recorded in the Register designated for this purpose by the competent department.

Article 3

Whoever wishes to be registered in the Register must satisfy the following conditions:

1- He should be holder of an Associate or Fellow degree from the Institute of Actuaries in London, the Faculty of Actuaries in Edinburgh, the US Society of Actuaries, or a similar institute or another society of actuaries approved by the decision of the Undersecretary of the Ministry of Economy and Trade based on Competent Department's recommendation.

2- He should have gained practical experience in the actuarial field of not less than three years.

3- His age when submitting the application for registration should be at least twenty-five years.

4- He must be of full capacity.

5- He must be of good conduct and behaviour and has not been convicted in a crime involving moral turpitude, unless he has been rehabilitated or has been pardoned by the competent authorities in pardonable cases.

6- He has never been declared bankrupt unless he has been rehabilitated.

Article 4

The application for registration in the Register shall be submitted to the Concerned Ministry Office on the designated form thereof in two copies signed by the applicant, enclosing the following documents:

1- A true copy of the academic certificate duly authenticated.

2- Duly authenticated certificates of practical experience along with a true copy thereof.

3- A true copy of the passport of the applicant.

4- An official certificate proving that the applicant was never convicted with a sentence involving moral turpitude, in addition to a declaration by the applicant that he had never been declared bankrupt.

Article 5

The Competent Department shall decide on the application for registration within a period not exceeding thirty days from the date of submission, and in case the application is rejected, it shall notify the applicant of the rejection decision by a registered mail letter.

In case the application is accepted, the Competent Department shall register the name of the Actuary and the application data in the Register, and shall handover a copy of the application for registration to the applicant with an annotation that the registration has been made, indicating the number and date of registration, along with a certificate of registration in the Register showing his name, address, number and date of registration. The registration certificate shall be valid for a period of one year from the date of registration. The Competent Authority in the Emirate shall be notified with a copy of the said certificate.

Article 6

The Actuaries recorded in the Register must notify the Ministry of any amendment or change that may arise in the application for registration or the documents enclosed therewith. Such notification shall be made under a request for annotation submitted to the Competent Ministry Office within thirty days from the occurrence of such amendment or change using the form designated for this purpose in two copies signed by the applicant, enclosing the documents supporting the validity of the data contained therein.

The Competent Department, in case the application is accepted, shall record the new data in the Register, with annotation on the margin of the Register showing the date of notation and its supporting document. The applicant shall be given one copy of the application with an annotation thereon stating that the amendment or change annotation was made and the date thereof.

The Department Competent may reject the request for amendment or change, provided that it must notify the applicant of the rejection decision by registered mail, within thirty days from the date of notification of the amendment or change.

Article 7

Every Actuary recorded in the Register must apply to the Ministry to renew his/her registration annually.

The application for renewal shall be submitted to the Competent Ministry Office on the designated form in two copies signed by the applicant, at least thirty days prior to the expiration of the registration certificate each year. The Competent Department shall renew the registration of the Actuary in the Register after verifying the fulfilment of the conditions for the registration renewal.

Article 8

Actuaries working in the State before the provisions of this Resolution come into effect must apply to the Ministry for registration.

The application must be submitted to the Competent Ministry Office fulfilling the requirements and in accordance with the situations set forth in this Resolution within a period of no more than three months from the date of its provisions coming into effect.

Article 9

Subject to payment of the prescribed fee, every interested party may obtain from the Competent Department an extract of the registration sheet.

Article 10

Everyone whose name is recorded in the Register must associate his name with the number of his registration in all correspondence, certificates and reports issued by him.

Article 11

The fees charged for the procedures made pursuant to the provisions of this Resolution shall be determined as follows:

S/M                                                 Procedure                                                                                                           Prescribed Fee in Dirhams

1                                                  Application for registration in the Register                                                             AED 2,000 (Two Thousand)

2                                                  Renewal of Registration                                                                                        AED 1,000 (One Thousand)

3                         Request for Annotation of Data Amendment in the Register                                                          AED 250 (Two Hundred and Fifty)

4                         Have Access to data recorded in the Register for a period of half an hour or part thereof             AED 100 (One Hundred)

5             Request of copies or extracts of the data recorded in the Register, for each page or part thereof             AED 100 (One Hundred)

Article 12

The competent authorities must implement this Resolution.

Article 13

This Resolution shall be published in the Official Gazette, and shall come into effect from the date of its publication.

Issued in Abu Dhabi,

Dated: 15 April 1985

Saif Ali Al Jarwan

Minister of Economy and Trade