1. The company carrying out any type of insurance of persons and funds accumulation operations shall examine the financial status of such type and estimate its payable liabilities once every three years by an actuary.
    
2. The assessment referred thereto in paragraph (1) of the Article herein shall include all the insurance operations concluded by the company inside and outside the State each one separately and should such activity being performed through a branch of a foreign insurance company, the assessment shall include only those insurance operations which their contract have been concluded inside the State or apt be implemented therein.

1. The Assessment referred thereto in paragraph (1) of the Article (40) of the Regulation herein shall be conducted whenever the company wanted to check its financial status to find out percentage of profit to be allotted to the shareholders or the policy holders or whenever the company wanted to announce such status.
    
2. The Authority may request the assessment referred to in paragraph (1) of the Article (40) of the Regulation herein be conducted at any time before lapse of three years as from date of the last assessment provided; lapse of one year at least as from date of that examination.

The actuary's report on the result of the examination and assessment referred thereto in Articles (40) and (41) of the Regulation herein shall contain at least the following related details:

1. Examination of the specimens of the documents, terms & conditions, and tariffs of the different types of insurances used by the company to verify extent of conformity with the specimens of the documents, terms & conditions, and tariffs approved by the Authority or communicated thereto in order to ensure adequacy and fairness of premium rates and that the company's work technique will not expose its financial status to danger and will not cause damages to those dealing with it.
    
2. Examination of the paid-up compensations to ensure their settlement according to the terms & conditions and documents and studying as well claims under settlement to verify reasons of nonpayment.
    
3. Examination of the reinsurance operations as well as the reinsurance arrangements to ensure their adequacy to protect the financial status of the company and also to ensure adequacy of the reinsurers' guarantees.
    
4. Examination of the company's investment operations to verify the company's compliance with the provisions of the Law and the executive regulation and rules issued pursuant thereto particularly those related to adequacy of the provisions' funds, their investments and that they are not been disposed without obtaining the Authority's approval.
    
5. Examination of the elements of the financial status of the company and verify whether the company is satisfying the increment rate of its assets over its liabilities at any time according to the provisions of the Law.
    
6. Examination of the company's capability to fulfill its liabilities at any time and extent of its ability to continue fulfilling its liabilities and the possibility of its failure to pay same.
    
7. Extent of the company's compliance with the licensing and registration requisites and give an account of the violations and nature of these violations, if any, and extent of their implications on the financial status of the company and the insurance market.
    
8. All insurance operations concluded or implemented by the company inside the State and their types.
    
9. All insurance operations concluded or implemented by the company outside the State and their types (for local insurance companies).
    
10. Extent of the company's compliance with the rules and principles of transparency and fairness.
     
11. Conflicts of interests whether already existed, or existing or expected to develop relevant to any of the company's board members, the general manager, or the authorized manager or any of its senior officials.
     
12. Any other information as determined by the Authority or the regulations issued according to the Law.

1. The company shall send to the Authority a copy of the actuary's report on the result of the examination and assessment referred to in Articles (40) and (41) of the Regulation herein within (60) days as from lapse of the period when the examination has been conducted accompanied with the following:
    
   1. An account of the valid insurance policies concluded by the company inside or outside the State on date of the examination and should the performer of the activity happened to be a foreign insurance company such an account shall include only the policies concluded inside the State or apt be implemented therein.
       
   2. An acknowledgment by those responsible for managing the company that all particulars and information needed to arrive at authentic report have been put at the disposal of the actuary.
        
2. On basis of a decision by the Director General after lapse of the six months period provided for in the Article herein, the company may be given an additional period to file the report provided; such period not to exceed three months.

1. Should it became evident to the Authority that the actuary's report doesn't reflect reality of the company's financial status it may order a re-examination on the company's own cost by an actuary to be chosen by the Authority for the purpose.
    
2. The actuary chosen by the Authority shall follow in his work the directives and procedures referred thereto in the Law, the Regulation herein and the other regulatory resolutions.